Finastra announces Banking as a Service collaboration with Microsoft for SMEs

Finastra announces Banking as a Service collaboration with Microsoft for SMEs

By Edlyn Cardoza

Finastra today announced a Bank as a service (BaaS) collaboration with Microsoft to bring new lending options to thousands of small and medium-sized enterprises (SMEs) – a severely underserved sector when accessing finance. SMBs using Microsoft Dynamics 365 will be able to access and unlock vital financing offers without leaving their business management platform.

This decision will allow SME owners to access relevant and valuable business financing in a transparent and frictionless way. Users will be able to unlock loan options in Dynamics 365. With the SMB’s consent, the solution will use information that a SMB already stores in Microsoft Dynamics 365, making it easier for them to apply for a loan. Providing banks with additional information, including accounts receivable and payable, will improve loan decisions and payment times for SMEs. Finastra’s extensive network of over 5,000 financial institutions in the United States will provide SMEs with access to the most relevant and valuable financing options for their specific business needs.

“We are extremely excited to bring this additional financing capacity to SMEs to facilitate the process of accessing capital and provide competitive financing offers in less time,” said Angus Ross, Chief Revenue Officer, Banking as a Service, at Finastra. “This loan proposal for Microsoft Dynamics 365 reinforces Finastra’s leadership in open and integrated finance. This demonstrates the enormous benefit that integrated and contextual finance will bring to the industry and the communities within it. We look forward to continuing our long-standing collaboration with Microsoft and working closely on this and future projects. »

“We are proud to further expand our relationship with Finastra to generate new value for small and medium enterprises, the backbone of job creation in the global economy,” said Bill Borden, Vice President of Global Financial Services at Microsoft. “By integrating secure access to key financial services within the context of Microsoft Dynamics 365, our SMB customers will have a faster path to the financing options and critical capital they need to thrive.

The Finastra SME integrated financial solution on Microsoft Dynamics 365 will be integrated with open APIs through Finastra’s FusionFabric.cloud platform. The solution is expected to go live in the summer of this year, with an initial focus on North American customers