European payments processing startup Salve Financial Hub has selected financial software applications provider Finastra to address payment delays caused by over-compliance.

Finastra’s software-as-a-service (SaaS) solution Essence combined with Digital Engagement Hub, the company’s suite of digital applications, will help Salve Financial to process quick and high value payments for corporates and their beneficiaries.

It will be done by providing strict compliance checks during the onboarding process and on a regular basis, thereafter, said Finastra.

Salve Financial Hub will also utilise Finastra’s application programming interfaces (APIs) to develop and maintain integrations with custodian and central banks.

Besides, the firm will be able to quickly deploy products and services as it expands with the help of Essence’s comprehensive, broad, and deep retail and commercial banking capability, which is driven by an open, microservices architecture, said Finastra.

By integrating complex functionality and advanced technology, Essence bolsters enterprise agility, reduces costs, and enhances operational efficiency. It is a cloud-first, next-generation digital banking solution.

Finastra universal banking executive vice president Siobhan Byron said: “Salve FH is a fast-growing fintech that speeds the flow of payments between its customers, via a hub model operating within a wider ecosystem.

“Balancing compliance checks and speed is crucial for the company as it works to remove friction from payments services and deliver a seamless experience to its customers without compromising security or fraud prevention.”

Salve Financial Hub is expected to provide data-driven, insight-led customer experiences, across various areas like streamlined onboarding, seamless origination, and sophisticated, omni-channel mobile and online banking with the help of Digital Engagement Hub.

Salve Financial Hub CEO Massimo Ferracci said: “As a startup with ambitious growth plans, we need a flexible solution, underpinned by robust technology, that enables us to tackle a major driver of late payments for our customers in Europe and eventually other regions.

“Coupled with the team’s expertise and ongoing support, Finastra’s innovative, proven SaaS solution and suite of applications will help us adapt quickly to new regulatory and customer demands and implement more applications as we grow.”