In 2017, Finastra introduced FusionFabric.cloud as an open innovation platform for the financial industry. Since then, it has become a leading platform in this space. One of the notable products offered by Finastra is LaserPro, which is used by over 2,500 financial institutions. LaserPro is designed to enhance and expedite the loan processing journey for borrowers.
The recent development is the introduction of LaserPro into the cloud environment, making it accessible through cloud infrastructure. This move aims to simplify loan document compliance management for financial institutions by employing a Software as a Service (SaaS) model. It offers several benefits, such as expedited decision-making, streamlined processes, and seamless integration with various vendors and services.
Some key points about LaserPro in the cloud:
- Access Through Cloud: Financial institutions can now access LaserPro through cloud infrastructure, which simplifies loan document compliance management.
- SaaS Model: The solution is delivered as a service, reducing IT costs and improving loan operation profitability.
- Agility and Scalability: LaserPro in the cloud provides financial institutions with the agility and scalability needed for expansion.
- Streamlined Access: It enables streamlined system access and accelerated compliance adjustments.
- Integration: LaserPro in the cloud facilitates integration with core systems, e-signature solutions, and document management platforms, enhancing technological adaptability.
- Compliance and Regulatory Adherence: The solution includes standard product templates and mandatory data fields to address evolving compliance requirements, expediting document preparation and ensuring regulatory compliance.
- Competitive Edge: Its cloud deployment strengthens regulatory adherence, allowing for swift adaptation to regulatory changes, reducing compliance costs, and building trust with customers and stakeholders.
David O’Connell, a Strategic Advisor at Datos Insights (formerly Aite Novarica Group), highlights the importance of cost-effective, uniform, and automated document generation for lenders, particularly smaller banks in North America.
Finastra’s introduction of LaserPro in the cloud demonstrates its commitment to delivering cutting-edge technological solutions to financial institutions, streamlining operational processes, ensuring compliance, and enhancing the borrower experience.
Finastra is a global provider of financial software applications and marketplaces, serving a wide range of institutions and offering software solutions and services across various financial domains, including lending, payments, treasury and capital markets, and universal banking. These solutions empower banks to foster direct customer relationships while expanding through indirect channels like embedded finance and banking-as-a-service.