The UK's Co-operative Bank is to migrate its treasury operations to the cloud, utilising Finastra's Kondor platform running on Microsoft Azure.
The Co-operative Bank already uses Finastra's Fusion Risk for treasury credit risk management and the vendor's banking technology for payments services.
The shift to the cloud is expected to provide a modern, scalable and cost-efficient ownership model as well as access to ongoing upgrades and innovation, says treasury manager Gary McDermott.
“Moving from an on-premises model to a cloud-based managed service is a big part of our operational strategy for treasury activity,” he says. “With Finastra’s solution and the speed and flexibility offered by the cloud, we can continue to meet business requirements whilst ensuring regulatory compliance.”
The Co-operative will additionally gain supported access to third party apps CloudMargin and eflow via Finastra’s FusionFabric.cloud platform.
“Through FusionFabric.cloud, Finastra is orchestrating an open, collaborative and innovative financial services ecosystem,” says Shilpa Bangera, chief revenue officer, platform at Finastra. “By integrating with specialised apps, CloudMargin and eflow via our platform, The Co-operative Bank will benefit from additional functionality such as automated reports, reconciliation, regulatory reporting and collateral management.”
The end-to-end implemnation at the Co-op will be undertaken by Finastra partner and software engineering firm Luxoft.