Finastra has extended its partnership with Corvallis, an IT services provider in the Italian financial services sector. The partnership will support Italian banks with their payment transformation journeys. The collaboration extends the scope from Finastra’s SaaS digital banking solution, Essence, to include Finastra Payments To Go and Global PAYplus, a functionally-rich payment hub solution.

Corvallis has implementation experience and offers complementary solutions, such as for anti-money laundering (AML), payment and settlement and fraud management.

Upcoming EU instant payment regulations

Italian banks must comply with the upcoming European instant payments regulation and modernise outdated and complex IT infrastructures by facilitating SEPA and international payments.

Giampietro Vavassori, Business Solution Director at Corvallis, 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. This requires a radical overhaul of current, often temporary solutions that are not suited to support the expected increase in instant payments transfers, which will gradually replace ordinary transfers.

“As payments have evolved, the introduction of additional application modules and integration layers have led to complex, layered and difficult to manage architectures. Finastra’s payments solutions help to simplify this complexity by eliminating existing legacy payments silos, streamlining processes and enabling access to new market opportunities.”

The positive reaction to the partnership was matched by Merten Slominsky, Managing Director EMEA, Payments at Finastra, who commented: “Extending our partnership with Corvallis demonstrates our mutual commitment to equipping Italian banks with the right tools to embrace the modern age. With our evergreen solutions that enable seamless integrations with third party services through APIs, Corvallis’ customers can pursue ongoing payments innovation and adapt quickly to new regulatory and customer demands. The collaboration combines technological innovation with extensive industry and regional expertise, driven by a common vision of enabling the future of payments.”

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