UK-based financial services software applications provider Finastra has announced an integration with fintech company Prelim, for its Finastra Phoenix core solution.
The partnership aims to enhance the retail and commercial deposit account opening experience.
Prelim enables financial institutions to digitise the customer experience by automating the application process and internal operations such as reviewing, underwriting, and servicing.
Its technology speeds up account opening, reduces back-office complexities, and provides a more easy and enhanced customer experience for account holders.
The company helps financial institutions from onboarding deposit customers to provisioning treasury services and originating select credit products.
Prelim CEO and co-founder Heang Chan said: “Customers expect an easy-to-use, real-time onboarding process when applying for a new financial product or service.
“We’re excited to be partnering with Finastra to help accelerate retail and commercial deposit account opening for financial institutions around the world.”
Through Finastra’s Open Finance ecosystem, Prelim will easily integrate with Phoenix APIs.
It will enable the creation of new accounts for both new and existing account holders, which are then reflected within the digital banking solution, providing a consistent user experience.
Also, the integration allows financial institutions to effectively onboard new accounts and services, ensuring a smooth and streamlined process, said Finastra.
Finastra US mid-market banking solutions product management vice president Peter Longo said: “In a digital-first society, consumers and businesses expect their financial solutions to be agile and transform as needed to keep pace with their needs.
“As we look to continuously enhance our offerings, Prelim is a trusted partner to support this transformation and our Open Finance ecosystem.
“We look forward to working together to deliver the innovations community banks and credit unions across the United States need to stay ahead of the competition.”
Last month, Finastra partnered with Indian IT firm Tech Mahindra, which will serve as Finastra’s exclusive global implementation partner for its cash management platform.
