Users can power more sustainable business flows, tapping into automated reports to measure key data against internationally-recognized frameworks
LONDON, April 16, 2024 /PRNewswire/ -- Finastra today announced that it has integrated AI-powered ESG (environmental, social and governance) scoring capabilities into its working capital solution, Trade Innovation. The integration, with CoriolisESG by TradeSun, enables users to book and manage trade and supply chain finance with the added benefit of automated insights into ESG scoring. This results in greater understanding of the sustainability of trade and helps organizations to better monitor and manage their impact.
Iain MacLennan, Head of Trade and Supply Chain Finance at Finastra, said, "Sustainability is a growing imperative in the world of trade and with the continued emergence and development of regulations in this space, organizations must ensure they can measure their impact to help meet the worldwide ESG mandates and understand where risk can be better managed. That vision is now possible for users of our Trade Innovation technology. Delivering this out-of-the-box integration aligns closely with our company purpose to unlock the power of finance for everyone and our mantra of 'doing well by doing good'. We look forward to helping our customers gain valuable insights into their ESG data for trade."
The solution enhances enterprise intelligence and resilience by measuring key entity data against globally-recognized frameworks, such as the UN Sustainable Development Goals and the EU Taxonomy. Captured information provides insight into international business activity, risk assessment, regulation compliance, geopolitical risk, due diligence, and supply chain analysis.
Nigel Hook, Founder and CEO at TradeSun, said, "We're really pleased to be a fintech partner for Finastra. This integration of TradeSun's CoriolisESG technology into Finastra's user base provides more businesses with economical solutions that help advance their wider sustainability goals. Together we are accelerating sustainable global trade flows, with intelligent and scalable technology to measure impact and to help ensure a better future for all."
The partnership between Finastra and TradeSun encompasses the full TradeSun Intelligence platform, including OCR, document checking, real-time compliance and global markets analytics. This unique trade digitization product has ESG assessment built-in, offered in line with the ICC Principles for Sustainable Trade, Wave 2, Pilot Program.
Ines Zucchino, SVP of Strategy and ESG at Finastra said, "It's wonderful to see this solution come together to deliver our customers tools which not only help drive efficiencies in the lending space, but really have the potential to make an impact when it comes to sustainability. This integration demonstrates our commitment to helping the financial services sector on its open finance and sustainability journeys."
About Finastra
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by over 8,000 institutions, including 45 of the world's top 50 banks. For more information, visit finastra.com.
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