AccessPay has partnered with Finastra to facilitate traditional corporate banking host-to-host connectivity and deliver corporate-to-bank connectivity.
The partnership aims to strengthen corporate relationships by enabling the bank to offer direct payment connections to a wider network of corporate customers. Finance teams in corporates will have manual processes that are usually time-consuming and manual, as banks can now offer simplified connectivity to their corporate clients through enterprise resource planning (ERP) methods, payroll/human capital management (HCM) systems, treasury management systems ( TMS) and other back office systems.
Embedded business banking functionality is available through Finastra’s FusionFabric.cloud platform and the AccessPay app which, to enable quick deployment and ease of implementation, connects to Finastra’s Fusion Global PAYplus and Fusion Payments To Go payment solutions.
AccessPay officials have stated in a press release that so far, only the largest corporate customers have benefited from a direct connection for payments with their bank, as implementation is time-consuming and challenging. In addition, they also added that their company’s vision is to facilitate the integration between corporate and bank financial systems, eliminating the complexity associated with this process, the partnership marks a step forward in their vision to bring simplified corporate-to-bank connectivity.
AccessPay and Finastra product offers
AccessPay is a corporate-to-bank integration fintech that is looking to eliminate the challenges that come with traditional corporate banking integration. The company automates payment flows and cash management data between corporates and banks, helps empower bank connectivity with more corporates, and enables corporate finance and treasury teams to be more efficient, save money and reduce risk.
Finastra is a financial and market software application provider serving institutions of all sizes and providing solutions and services across lending, payments, treasury and capital markets and universal banking (digital, retail and commercial banking), aiming to help banks support direct banking relationships and expanding through channels such as embedded finance and Banking-as-a-Service.