Fintech PR

Finastra and ADVANTAQ announce partnership offering streamlined compliance onboarding for banks in the Caribbean

Published

1 year ago

June 22, 2023

The direct integration of ADVANTAQ’s products into Finastra Opics provides banks with increased efficiencies and enables an elevated customer experience

LAKE MARY, Fla., June 22, 2023 /PRNewswire/ — Finastra, a global provider of financial software applications and marketplaces, and ADVANTAQ, the leading compliance technology partner in the Caribbean, today announced that ADVANTAQ’s compliance solutions are now directly integrated with Finastra Opics, offering Caribbean-based banks the ability to onboard their customers in one portal, creating a seamless customer experience.

This partnership offers banks using Opics a seamless vendor experience and recurring data validation checks. With the ability to onboard customers in one portal, banks can utilize a single vendor for Know Your Customer (KYC) and Anti-Money Laundering (AML) management, enabling increased operational efficiencies and eliminating the need for multiple vendor relationships. Powered by open APIs and delivered via Finastra’s FusionFabric.cloud, ADVANTAQ’s cloud-based solution can be implemented quickly and efficiently, reducing overall time to market.

“To support our growth, Finastra is the ideal partner to help us reach new customers by providing a new route to market,” said Bruce Bowen, CEO of ADVANTAQ. “Our secure, automated compliance solutions are an ideal match for Finastra Opics clients, and we look forward to helping more banks across the Caribbean achieve increased efficiencies so they can focus more closely on the needs of their customers.”

“Partnerships are critical for Finastra’s growth in the Caribbean, and we are thrilled to work together with ADVANTAQ to expand our collective reach in the region,” said Chandrasekhar Chingacham, Head of Product for Opics, Treasury & Capital Markets at Finastra. “As banks work to ensure their compliance procedures are both efficient and centralized, this new partnership gives back-office teams the tools they need to simplify client onboarding and manage processes effectively. With its unique industry expertise and state-of-the-art technology, we know that ADVANTAQ is the right partner to help support our Opics customers in the Caribbean as they work to achieve their goals.”

Finastra Opics is a solution for managing core treasury and back-office processes. With straight-through processing (STP) capabilities, it covers all aspects of a bank’s treasury operations, from deal inception through to settlement and accounting. By delivering transparency, flexibility, and functionality on a single platform, it makes treasury operations more cost-effective, increasing overall profitability.

About Finastra
Finastra is a global provider of financial software applications and marketplaces, and launched
the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions
of all sizes, providing award-winning software solutions and services across Lending, Payments,
Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world’s top 100 banks.
For more information, visit finastra.com

About Advantaq

ADVANTAQ is the leading compliance technology partner to Financial Institutions in the Caribbean, providing KYC quality assurance, digital onboarding and advanced customer analytics as part of an end-to-end AML compliance management platform. It provides FIs of all sizes the benefit of world-class technology and AML expertise with products that can be easily and quickly integrated into existing systems and operations. With ADVANTAQ solutions FIs can focus on their customers while achieving improved quality of service, lower operational risk and lower costs. For more information visit advantaq.com.