Financial software applications provider Finastra has entered into a collaboration with compliance technology firm Advantaq to provide streamlined compliance onboarding for banks in the Caribbean.

Through the partnership, Advantaq’s compliance solutions will be directly combined with Finastra Opics, enabling Caribbean-based banks to onboard their customers in a single portal to offer a seamless customer experience.

According to Finastra, banks which are leveraging Finastra Opics would receive a smooth vendor experience as well as recurring data validation checks.

Banks can use a single vendor for know your customer (KYC) and anti-money laundering (AML) management. This will boost banks’ operational efficiencies and eliminate the need for multiple vendor relationships.

Finastra Opics is a management tool for back-office and core treasury operations. It includes all aspects of a bank’s treasury operations and has straight-through processing (STP) capabilities.

Besides, Finastra Opics offers transparency, flexibility, and functionality on a single platform to make treasury operations more cost-effective.

Finastra treasury and capital markets Opics product head Chandrasekhar Chingacham said: “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.

“As banks work to ensure their compliance procedures are both efficient and centralised, this new partnership gives back-office teams the tools they need to simplify client onboarding and manage processes effectively.

Advantaq’s cloud-based solution can be implemented quickly and efficiently through Finastra’s and is supported by open application programming interfaces (APIs).

The compliance technology partner offers KYC quality assurance, digital onboarding and advanced customer analytics as part of an end-to-end AML compliance management platform.

Advantaq CEO Bruce Bowen said: “To support our growth, Finastra is the ideal partner to help us reach new customers by providing a new route to market.

“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.”