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- Financial Management (FM) 8.0 delivers heightened integrated architecture and API Hub to help banks leverage open banking.
- Banks running the Strands PFM can provide the newest innovations for the SME segment through Strands BFM by upgrading to this latest core version.
- It provides Real-Time Extension with high performance processing capacity (> 60k transactions per minute) for top-tier banks.
- New generation of Strands Engager, enabling banks to provide tailored communications and solutions to each user with predefined insights across channels.
Barcelona, July 2nd, 2018. — STRANDS, the FinTech partner for financial institutions globally, today unveiled the latest release of its core white-label solution, Financial Management (FM) 8.0.
Investing in functionality to support the development and launch of financial management solutions is at the heart of STRANDS’ product strategy, as it consistently provides innovative software to its global client base.
The functional enhancements to FM 8.0 provide STRANDS’ clients with a truly comprehensive and customer-centric tool, whilst maximising efficiencies and supporting banks in improving the experience of their greatest asset —their users.
The new functional enhancements of FM Release 8.0 include:
Heightened Integrated Architecture
A new Integrated Architecture that allows banks to serve the SME segment, also known as “the missing middle”, by upgrading to FM 8.0. It also includes the API HUB as part of the FM install, helping banks to leverage open banking by allowing their customers to connect to external services such as account aggregation, accounting packages (Quickbooks, Xero, Sage…) and many more to come.
Fig. 1 New Integrated FM architecture
Fig. 2 API Hub provides banks with a single, easy-to-use interface and uses a combination of Open Banking API, screen scraping and crawler technologies to connect to thousands of institutions worldwide.
Real Time Extension (RTE)
The RTE is a system that uses real-time processing to handle large data sets, allowing top tier banks to process up to 60K transactions per minute. With RTE, banking users’ accounts will automatically be updated whenever a transaction is processed.
By offering the most up-to-date account information available, RTE will also help further protect users from potential fraud.
Web version developed in React JS
The new FM 8.0 web version is developed in React JS technology to increase customization speed, and extensibility to mobile native development (React Native).
New BFM User Interface
The new BFM User Interface enables customers to enhance their banking experience through beautiful, simple, and functional design. The money management tools for SMEs embrace an intuitive, user-centric design, as well as the integration of leading external Accounts/Receivables and Accounts/Payable software in order to facilitate and automate the reconciliation process.
In FM Release 8.0, STRANDS has placed a great deal of emphasis on helping banks offer a best-of-breed financial management solution, and has set the precedent for a new Engager generation —an advanced platform that enables banks to provide tailored communications to their users with more than 200 predefined insights for retail and SME customers.