Finastra and Corvallis boost instant payments for Italian banks

Finastra and Corvallis boost instant payments for Italian banks

Finastra, a dominant force in the global financial software space, has today extended its partnership with Corvallis, Tinexta Group, a luminary in IT services within the Italian financial landscape.

The partnership is tailored to expedite the modernisation of IT structures and the integration of real-time payments, ensuring Italian banks stay ahead of the EU’s impending mandatory transition to instantaneous credit transfers.

Finastra, with its significant global imprint, offers pioneering financial software applications and marketplaces. Its Essence, a SaaS digital banking solution, is now enhanced to incorporate Finastra Payments To Go, a holistic SaaS payment processing solution, and Global PAYplus, a feature-loaded payment hub solution. These developments are intended to simplify SEPA and international payments, enabling Italian banks to align with the forthcoming European instant payments regulations.

Corvallis, part of the Tinexta Group, stands out with its profound implementation know-how, offering value-added solutions in arenas like anti-money laundering (AML), payment and settlement, and fraud management.

With this collaboration, there’s an expanded focus from just Finastra’s Essence to also cover Finastra Payments To Go and Global PAYplus. The goal is to modernise outdated banking IT systems and ensure compliance with upcoming EU instant payments regulations.

Payments To Go offers a streamlined process for banks to expedite their instant payments service rollouts. On the other hand, Global PAYplus provides a comprehensive spectrum of payment services, grounded on microservices and an ISO 20022 native data model.

Corvallis Business Solution Director Giampietro Vavassori said, “Our partnership supports the imminent entry into force of the European regulation on instant bank transfers in euros, which will make instant payments mandatory without additional costs.”

Finastra’s Managing Director EMEA, Payments Merten Slominsky remarked, “Extending our partnership with Corvallis demonstrates our mutual commitment to equipping Italian banks with the right tools to embrace the modern age.”

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