Finastra, a provider of financial software applications and marketplaces, has joined forces with Tesselate, a digital transformation consultancy and integrator, to unveil an all-encompassing pre-packaged service aimed at expediting and simplifying trade finance digitalisation.

Dubbed Tegula Trade Finance as a Service, this innovative offering leverages Finastra’s Trade Innovation and Corporate Channels solutions to empower US banks in streamlining manual processes and adapting swiftly to evolving market demands.

With a focus on achieving faster time-to-market and enhanced value delivery, Tegula Trade Finance as a Service stands as a testament to the ongoing commitment towards digital transformation within the financial sector.

Powered by Finastra’s, the platform allows banks to seamlessly integrate cutting-edge fintech applications harnessing advanced technologies such as artificial intelligence, blockchain, and automation tools.

Finastra managing director and Americas enterprise sales and strategic partnerships head Jim McMahon said: “Trade finance is a complex industry that is still reliant on manual and often fragmented processes.

“Our combined service with Tesselate delivers the automation and intelligence needed to increase efficiencies and decrease processing times, risk, errors, and total cost of ownership. Importantly, the all-in-one solution promotes interoperability of trade finance processes to reduce friction and complexity, while giving banks the agility to enhance existing or launch new services.

“We are bringing together Finastra and Tesselate’s industry-leading solutions, services, and expertise to make digitalization as seamless as possible for banks.”

Corporate Channels, a cornerstone of the platform, serves as a comprehensive digital banking solution, providing banks with a unified portal to manage trade, cash, supply-chain finance, lending, and treasury services for corporate clients.

Complementing this, Trade Innovation offers an end-to-end solution for frictionless trade and supply chain finance, facilitating seamless processing, digitisation, and data analytics to support growth and agility.

Tegula, the cloud-hosted and fully-managed Trade Finance as a Service platform, stands out for its scalability and ease of integration within a bank’s existing infrastructure. This combined with the cloud-based service and access to Finastra’s extensive fintech ecosystem equips US banks with the tools to future-proof their business, drive revenue growth, explore new markets, and fortify security measures.

Tesselate chief revenue officer and managing partner Alexandre Arnoux said: “Adopting new technology can be costly at every stage, and it can be challenging to resource IT teams with the right skills to manage it.

“By delivering our all-in-one joint solution as a highly secure managed service, banks do not need to invest in significant amounts of additional resources or take them away from their core business to pursue digitalisation.

“Banks can take a modular approach to implementation for better cost and resource control, and we provide the ongoing updates, enhancements, and new capabilities at speed. Finastra and Tesselate are natural partners; we are working together to accelerate trade finance digitalisation for any size of bank.”