Financial software provider Finastra has partnered with consultancy Tesselate to launch a new service called Tegula Trade Finance as a Service. The solution, powered by Finastra’s Trade Innovation and Corporate Channels, offers US banks a single, flexible, and easily scalable trade finance platform. Tegula enables banks to automate manual processes and adapt to new demands, with a focus on faster and easier trade finance digitisation.
The Tegula service can be used in conjunction with applications that use artificial intelligence, blockchain, and automation tools, providing banks with the latest technologies to enhance their services. The solution aims to simplify trade finance processes, reduce complexity, increase efficiency, and decrease processing times, risk, errors, and total cost of ownership.
The cloud-based service can integrate seamlessly with Finastra’s wider fintech ecosystem, helping US banks future-proof their business, increase revenue streams, expand into new markets, and strengthen security. Finastra and Tesselate are working together to accelerate trade finance digitisation for banks of all sizes, providing ongoing updates, enhancements, and new capabilities.
In addition to the launch of Tegula Trade Finance as a Service, Finastra is on a mission to unify trade, cash, supply-chain finance, lending, and treasury services for corporates through a single, integrated portal. The company’s Corporate Channels and Trade Innovation platform already delivers frictionless trade and supply chain finance, leveraging digitisation and data analytics for growth and agility.