Misys today unveiled its Platform-as-a-Service (PaaS) strategy, which will see the company open up its FusionFabric platform and core systems to third parties to drive innovation and collaboration across financial services.
“FusionFabric.cloud is the future of financial services software,” said Robin Crewe, Global Head of Product Development at Misys. “I am very excited to launch our PaaS strategy as it brings something completely different to the marketplace. Creating a platform that enables the financial services community to build on top of our trusted solutions and services will not only reduce banks’ costs, it will also facilitate open collaboration, agility and innovation.”
The PaaS solution from Misys, FusionFabric.cloud, will enable banks, fintechs, consultants and students to develop, deploy and operate apps in the Misys FinCloud or on-premise.
John Easton, Senior Cloud Advisor at IBM, said: “As the technology and business needs of the financial services industry evolve at an accelerating pace, there is a growing need for banks, fintechs and partners to collaborate. By opening up its platforms through FusionFabric.cloud, Misys is facilitating the sharing and fostering of innovation that will add value to our clients and create new revenue streams.”
Srikanth Velamakanni, Co-founder and CEO, Fractal Analytics – an analytics start-up that sees value in building on top of Misys core solutions using PaaS – said: "Building Fractal's Customer Genomics on the Misys PaaS platform will be very valuable to banking clients. It will enable banks to truly incorporate all customer data in driving incremental revenue through more customer interactions and recommendations."
Built on FusionFabric technology, the Misys PaaS offering will encourage the development of third-party apps which can also be commercialised via the Misys FusionStore portal.
A recent McKinsey & Company paper reports: “Adopting a cloud-based solution allows digital players to scale up their cost structure along with revenues, thus achieving a faster breakeven point. It also adds further flexibility, especially if the architecture is designed with open APIs to enable collaboration with potential financial-technology partners.”
FusionFabric.cloud ties closely to this approach, encouraging collaboration across the whole financial services ecosystem. It will also be available for individual developers, including students, through the FusionCampus programme. A pilot with selected partners in the education field is already underway.
Professor Donald Lawrence, Computational Finance Director at UCL, said: “Our graduate students are highly motivated to engage in new and exciting technology but are hampered by lack of access to industry systems and real data. Providing students with an opportunity to develop and deploy applications in real time on a platform which is proven and trusted by the world’s leading financial institutions gives them invaluable real world experience. We hope this new platform will further encourage a new generation of fintech entrepreneurs.”