London, UK – November 22, 2022 – Today Finastra announced a collaboration with Fragmos Chain, a blockchain platform which digitalizes interactions between financial institutions, to provide Finastra customers with out-of-the-box integration with Finastra Summit, its over-the-counter (OTC) derivatives market solution. The API-first integration, via FusionFabric.cloud, enables banks globally to digitalize their OTC derivatives products to reduce the costs and risks associated with manual processes.
Daniel Ivanier, CEO at Fragmos Chain said, “Our partnership with Finastra is transforming the way banks interoperate. By digitalizing the confirmation process of all derivatives, automating all post-trade processes and arduous documentation, such as for the International Swaps and Derivatives Association (ISDA), and eliminating paper, we are helping banks to streamline their operations, trade efficiently and securely, and reduce their risks, capital and costs. We are excited to collaborate with Finastra and bring a value-added service to banks using its industry-leading capital markets software.”
Fragmos Chain is a blockchain platform, hosted in the cloud, which provides next generation post-trade derivatives. Integrated with Finastra’s capital markets solution, banks will benefit from trade synchronization through smart contracts and large datasets to drive efficiencies and improve regulatory reporting. Through cloud deployment and distributed ledger technology (DLT), banks can match their trades, events and cash flows for seamless and timely settlement in a collaborative way. They also can store their data securely and exchange it with counterparties in real-time.
About Finastra
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning solutions and services across Lending, Payments, Treasury & Capital Markets and Retail & Digital Banking for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world’s top 100 banks. For more information, visit finastra.com.
About Fragmos Chain
Fragmos Chain develops and operates a Blockchain platform which automates interactions between financial institutions on Derivatives. Based on ISDA CDM and Corda DLT, its cross-asset and cross-product platform encompasses all kinds of uncleared OTC derivatives. It brings security, fluidity and efficiency to the post-trade management of these products through the automation of matching, reconciliation and confirmation of trades, events and cash-flows, and provides a dramatic reduction of risks, capital and costs. For more information, visit fragmos-chain.com
See Finastra press release here
