Finastra integrates with Prelim to streamline retail and commercial deposit account opening

The new partnership makes account opening faster and more efficient, unlocking cost savings and an enhanced customer experience

LAKE MARY, Fla., Sept. 16, 2024 /PRNewswire/ -- Finastra, a global provider of financial services software applications, today announced an integration with Prelim, an industry-leading fintech, for its Finastra Phoenix core solution, enhancing the retail and commercial deposit account opening experience.

Prelim empowers financial institutions to digitize the customer experience by automating the application process and internal operations such as reviewing, processing, underwriting, and servicing. From onboarding deposit customers to provisioning treasury services and originating select credit products, Prelim's technology helps make account opening faster, reduces back-office complexities, and provides a more seamless and enhanced customer experience for account holders.

"Customers expect an easy to use, real-time onboarding process when applying for a new financial product or service," said Heang Chan, CEO and co-founder of Prelim. "We're excited to be partnering with Finastra to help accelerate retail and commercial deposit account opening for financial institutions around the world."

Through Finastra's Open Finance ecosystem, Prelim integrates seamlessly with Phoenix APIs, enabling the creation of new accounts for both new and existing account holders. These accounts are then reflected within the digital banking solution, providing a cohesive user experience. This comprehensive integration allows financial institutions to efficiently onboard new accounts and services, ensuring a smooth and streamlined process.

"In a digital-first society, consumers and businesses expect their financial solutions to be agile and transform as needed to keep pace with their needs," said Peter Longo, vice president of product management, US Mid-Market Banking Solutions at Finastra. "As we look to continuously enhance our offerings, Prelim is a trusted partner to support this transformation and our Open Finance ecosystem. We look forward to working together to deliver the innovations community banks and credit unions across the United States need to stay ahead of the competition."

About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of open finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world's top 50 banks. For more information, visit finastra.com.

About Prelim

Prelim is a leading Silicon Valley fintech company providing digital account onboarding solutions for more than 100 financial products and services. Prelim empowers banks, credit unions, and other financial institutions such as Axos Bank, City National Bank of Florida, and Banc of California and more to digitize the customer journey from onboarding to servicing, making it easy for employees to better serve customers by automating operations. Built by banking experts, Prelim's flexible, open architecture platform delivers a better customer experience through process automation for identity verification, issuing services from the core, and so much more. For more information, please visit prelim.com.

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SOURCE Finastra