UK FinTech Finastra Lands SWIFT Compatible Label For Trade Finance

Finastra, Swift, B2B Payments

U.K. FinTech Finastra is among the first tech firms to land the SWIFT Compatible Application label 2021 for trade finance, according to a press release on Monday (Aug. 16).

“We are delighted to have secured this SWIFT Compatible Application label as it demonstrates Fusion Trade Innovation’s strong capabilities to align with the extensive and complex SWIFT standards.” said Anastasia McAlpine, head of product for trade and supply chain finance at Finastra. 

See also: Banks Large And Small Turn To FinTech Friends For Modernization

Finastra’s Fusion Trade Innovation, a global trade and supply chain booking engine and processing service, not only meets SWIFT’s standards but is ready to operate now, before SWIFT SR2021 begins in November.

According to the press release, Finastra’s Fusion Trade Innovation was in place three years ago to help customers during the initial changes SWIFT was experiencing. The new tool is now fully operational and ready to “support banks with this next stage.”

Worldwide, financial institutions are being hit with new matters stemming from the global pandemic. This in turn has led to a trickier navigation when it comes to meeting compliance with the SWIFT SR2021 for Category 7 Guarantees and Standby Letters of Credit messages, according to the release. 

“The new fields and message types, introduced as part of these upcoming changes, require banks and financial institutions to review existing business and operational processes for multiple trade finance products, domestically and cross-border, including the introduction of the new Undertakings functionality,” Finastra indicated.

Finastra aims to develop an open platform that encourages advancements in technological innovation in the financial services sector. The company collaborates with worldwide financial institutions of every size.