thirdstream aligns with Finastra to advance its payment switching solutions
thirdstream now leveraging Finastra technology to offer one-click Pre-Authorized Payment, Payroll and Direct Deposit switching at account opening
LETHBRIDGE, AB, December 18, 2017 thirdstream, Canada’s leading onboarding software provider, has once again boosted the power of its onboarding platform by aligning with Finastra, a powerhouse combination of D+H and Misys, two global fintech leaders. Finastra provides the most comprehensive portfolio of financial services software in the world today. With headquarters in Europe and North America, Finastra designs and builds innovative, mission-critical technology for financial institutions (FIs) around the globe.
thirdstream will be integrating Payment Manager from Finastra into its onboarding platform, cumulus. This will allow thirdstream to offer its financial services clients key technologies that will further streamline the account opening process in-branch and online for retail and commercial customers.
thirdstream Product Manager Jeff Coomber explains, “Opening an account is just step one in the onboarding process of a new customer. We can create a much more ‘sticky’ customer for our FI clients by enabling them to move a customer’s pre-authorized payments, payroll and direct deposits from their old FI at the click of a button during account opening. This is what the Finastra integration helps us achieve.”
This is an important integration on several levels. It satisfies the high digital expectations of consumers by offering them a mobile-first, frictionless user experience that allows them to ‘do everything’ at the moment they are opening an account. While payment-switching has been offered in the cumulus platform for some time now, integration with Payment Manager “adds another layer of depth and breadth to our payment switching solutions,” explains thirdstream’s VP Sales and Marketing Feras Nasser. ”Introducing one-click switching of payments and deposits from an account at another FI makes opening a new account incredibly easy, which is thirdstream’s fundamental mission as a developer of onboarding software.”
It also empowers thirdstream’s clients – which include a growing number of credit unions, retail banks, trust companies and wealth management firms – to gain high points from customers at the critical moment of account opening. As Coomber explains, “The integration with Payment Manager overcomes significant back-office and customer-facing barriers. Not only does it make the whole experience seamless for the customer, it creates brand affinity from the first interaction, increasing the potential for a deeper wallet share right from the start for our clients.”
About cumulus by thirdstream cumulus has gained significant momentum among Canadian FIs seeking an end-to-end, lower cost solution that can be deployed quickly and support both immediate and long-term onboarding goals. Regarded by many as the most innovative origination platform in the industry, cumulus brings together in-branch and online account opening with the assurance of 100% compliance. Not only is it fully integrated with core banking, it also aligns front and back office operations, streamlines sales and administrative processes and delivers an outstanding, consistent experience across all of its branches and online channels.
About thirdstream thirdstream, headquartered in Lethbridge, Alberta, is Canada’s leading provider of in-branch and online consumer and business onboarding solutions. Serving clients in every regulatory jurisdiction from Quebec to British Columbia, thirdstream’s onboarding experience solutions serve 29 FIs across Canada, representing more than $325 billion in assets. thirdstream is continually evolving its product line, allowing clients to pay a modest monthly fee for an onboarding solution that offers continual and seamlessly delivered improvements. To learn more, visit thirdstream.ca.