Finastra partners with Prelim to improve account onboarding process – Finovate

Financial services software company Finastra announced a partnership with onboarding specialist Prelim. Finastra will integrate Prelim’s technology into its Finastra Phoenix core solution to enhance the deposit account opening experience for both retail and commercial accountholders.

“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, VP of Product Management for U.S. 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.”

Prelim’s technology automates the application process, as well as internal processes such as reviewing, processing, underwriting, and servicing. This accelerates account opening and simplifies complex back-office operations. Prelim integrates seamlessly with Phoenix APIs, and newly created accounts are reflected in the digital banking solution, ensuring a cohesive, user-friendly experience.

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

Finastra was forged in 2007 as a result of the integration between Finovate alum Misys and D+H. Headquartered in the U.K., the company provides financial services software applications for payments, lending, treasury, capital markets, and both retail and digital banking. Finastra has more than 8,100 clients in 130 countries, including 45 of the world’s top 50 banks.

In recent months, Finastra has forged partnerships with technology consultancy and digital solution provider Tech Mahindra, supply chain finance platform CredAble, and full-cycle verification platform Sumsub. The company’s technology powered new offerings like cloud-first ORO Bank of Bhutan and Bank Midwest’s digital-only OnePlace.bank. Finastra introduced Mike Stawchansky as its new Chief Technology Innovation Officer in March.

Prelim made its Finovate debut at FinovateSpring 2022. At the conference, the San Francisco, California-based fintech demonstrated its white-labeled platform that helps banks build more than 100 financial apps and digital experiences for customers and members. Prelim’s clients use the platform to add deposit accounts, treasury services, credit cards and more to their offerings. Point-to-point integrations enable Prelim to orchestrate and automate KYC, KYB, and AML in real time.

Earlier this year, Prelim announced a partnership with The Harbor Bank of Maryland. Founded in 2017, Prelim has raised more than $4 million in funding from investors including EJF Capital and Y Combinator.

Photo by Engin Akyurt

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