Silvergate Bank, a San Diego, California-based bank supporting fintech and cryptocurrency businesses, as per recent reports, has chosen Finastra, a London-based third largest fintech company in the world, for Finastra Total Payments solution. The San Diego-based bank plans to expand its financial infrastructure with Finastra’s Total Payments solution that comes API-enabled, for payment processing.
Chris Lane, chief operations officer, Silvergate Bank, said, “With more than 500 digital currency and fintech customers using our platform to scale their business, Silvergate understands the importance of providing its clients with robust technology solutions”. Adding further Lane said, “Finastra’s API-enabled payment platform running in the cloud reinforces our deep-rooted commitment to regulatory compliance while ensuring we are offering the most progressive solutions in the market.”
The Total Payments solution is based on the Microsoft Azure platform. The London-based fintech claims its platform ensures regulatory compliance across the solution with regular updates around standards, regulations, and clearing connections, all monitored and managed by Finastra.
Furthermore, the solution platform also provides connections to multiple channels, consolidated payment systems, and reduced complexity and number of back-office interfaces. Earlier, in Mar. 2017, Silvergate implemented FIS (Fidelity National Information Services, Inc.) suite in a major technology shift – from a new core banking system to branch, digital and mobile banking, regulatory compliance, and risk management.