Finastra, a global provider of financial services software applications, has announced a new integration with Prelim, a leader in FinTech innovation.
This partnership is set to revolutionise the retail and commercial deposit account opening experience.
The collaboration between Finastra and Prelim is aimed at making account opening processes faster and more efficient, unlocking significant cost savings and enhancing the customer experience. This integration represents a strategic move to adapt to the increasing demands of digital-first financial services.
Finastra offers a broad spectrum of financial services software spanning Lending, Payments, Treasury and Capital Markets, and Universal Banking. Its commitment to unlocking the potential of people, businesses, and communities is foundational to its mission, making it a trusted partner for about 8,100 financial institutions worldwide, including 45 of the world’s top 50 banks.
Prelim specialises in digitising the customer journey by automating the application process and internal operations such as reviewing, processing, underwriting, and servicing. Prelim’s technology is pivotal in streamlining the account opening for deposit customers, provisioning treasury services, and originating select credit products.
The integration utilises Finastra’s Open Finance ecosystem and Phoenix APIs, allowing seamless creation of new accounts which are then integrated within the digital banking solution to provide a cohesive user experience. This enables financial institutions to efficiently onboard new accounts and services, ensuring a streamlined process throughout.
Heang Chan, CEO and co-founder of Prelim, 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.”
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