Kotak Mahindra Bank taps Finastra for Kotak FYN corporate banking portal

Finastra, a provider of financial software applications and marketplaces, has entered into a partnership with Kotak Mahindra Bank to support Kotak FYN, the Indian private sector bank’s new integrated corporate banking portal by using its Unified Corporate Portal solution.

Kotak Bank and Finastra have been collaborating since last year to expand the Kotak FYN portal for corporate and business customers.

According to Finastra, Kotak Bank’s customers can utilize the new enterprise portal for carrying out all trade services.

By Q4 2022, the Kotak FYN corporate banking portal is expected to include various other services such as account services, payments, and collections to remove the necessity for multiple logins and contrasting user interfaces.

Shekhar Bhandari — Kotak Mahindra Bank President of Global Transaction Banking said: “Working together with Finastra, the Unified Corporate Portal will allow us to make the Kotak FYN portal even more revolutionary.

“We can provide intuitive, easy-to-use access to many products and user journeys through a single platform, reducing complexity and friction for our customers and providing a truly differentiated user experience.”

Kotak Mahindra Bank taps Finastra for Kotak FYN corporate banking portal. Photo courtesy of Indrajitdas/Wikimedia Commons.

Finastra said that its Unified Corporate Portal solution harnesses the power of its Corporate Channels framework to help banks develop a seamless experience for their corporate clients covering account services, trade, payments, lending, and supply chain finance.

The London-based fintech company said that banks can combine data across various, product-specific portals, and back-office systems for creating a single view of transactions, positions and balances to facilitate self-service and fuelling operational efficiency. The data is shown through persona-based dashboards, with useful widgets and the ability for users to customize their experience, said Finastra.

Manish Joshi — Finastra MAAP Managing Director said: “The user journey for corporate banking customers can be inefficient and complex, with customers often having to access different portals for different banking products, even within the same bank.

“Through collaboration and co-innovation with Kotak, we have built a unique offering that will help it gain a competitive edge in the corporate banking segment and we look forward to helping the bank to grow further in the future.”