Corvallis and Finastra partner to drive digital transformation for Italian banks

Partnership will support cloud and technology adoption, sharpening the competitive edge of Italian banks that cover local and global markets

MILAN and LONDON, April 26, 2023 /PRNewswire/ -- Finastra, a global provider of financial software applications and marketplaces, today announced its partnership with Corvallis, Tinexta Group, a leading IT provider in the Italian financial services sector, to support Italian banks with their digital transformation journeys. With Finastra's Essence, a SaaS solution deployed on the cloud via Microsoft Azure, Corvallis' customers can upgrade their business models, embrace new innovations and adapt quickly to their customers' demands.

"Cloud adoption is becoming increasingly significant in Italy for all financial institutions," said Roberto Casalini, Digital Tech Business Line Director at Corvallis. "This is bringing greater efficiencies and flexibility to the sector, enabling banks to scale as required, optimize resources and enhance security. Deploying Essence will give them the ability to quickly transform their operations at a reduced cost, while providing their customers with the end-to-end, personalized and seamless experiences they expect. Above all, Finastra will help our customers achieve success, today, tomorrow and always."

Essence is a cloud-first, next-generation digital banking solution that combines sophisticated functionality and advanced technology to increase enterprise agility, reduce costs and improve operational efficiency. Powered by open architecture and integrated with FusionFabric.cloud, Essence's rich, broad and deep retail and commercial banking functionality enables institutions to rapidly deploy market leading products and services. Banks can also tap into Finastra's Retail Analytics, a module that delivers a 360° view and turns raw data into actionable insights. Corvallis provides implementation expertise and complementary solutions, such as for anti-money laundering (AML), payment and settlement, and fraud management.

"The Italian financial services marketplace is unique, so we needed a partner with strong knowledge of local banking processes and regulations alongside deep expertise in implementation and delivery," said Saraswathy Parthasarathy, COO, Universal Banking at Finastra. "Collaborating with trusted and experienced partners is integral for Finastra's growth and success. With more than 30 years of experience in supporting Italian financial institutions, we believe that Corvallis has the skillset required to deliver our solution to a wider pool of Italian banks, through a smooth and seamless customer experience."

Finastra and Corvallis' first mutual customer went live in March 2023.

For more information about Essence, click here.

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 software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial 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 TinextaCyber SpA

TinextaCyber (Tinexta Group) is the Italian cybersecurity hub with strong vertical skills and proprietary custom solutions for digital security's risks mitigation and governance. With Italy-based services and in compliance with EU data residency, data protection and GDPR's regulations, the company assists customers with specialized assessment and advisory activities. It lays out the design, development and integration of solutions, also taking care of their monitoring and management.

The company operates through its subsidiaries Corvallis, Swascan and Yoroi. In particular, Corvallis has a long experience as a provider of high value and tailored solutions for - but not limited to - financial companies' large projects. Swascan is an innovative Italian start-up, both creator and owner of the Cloud Security Testing platform and a reference point for SMEs in terms of IT security and regulatory compliance. Yoroi provides adaptive and dynamic cyber defense integrated systems to those who want to prevent risks or reduce damage from possible cyber-attacks.

Through the Cyber Hub, these three companies guarantee the client's security with solutions for the mitigation and governance of the risks deriving from cyber-attacks, making companies increasingly competitive.

About Corvallis

Corvallis (Tinexta Group) is one of the Italian leaders in the Information Technology field, with specific solutions aimed at banking, insurance, industrial, service and public administrations sectors.

Over 30 years of experience and a deep knowledge of production processes, have strengthened its business model focused on the sharing of partnership's strategies and enriched by the consolidated wealth of skills. Corvallis pays constant attention to technological evolution with the aim of bringing highly innovative solutions to the market.

In supporting digitalization, it aids to increase the compliance and security with which its customers carry out their activities. Corvallis has become an essential player for Tinexta Cyber, the first Italian Cyber Security hub and part of Tinexta Group. Corvallis is expanding its competitive offer thanks to Advisory, Implementation and Managed Security Services. Visit Corvallis.it

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SOURCE Finastra