Finastra, a leading global Fintech company, has entered a partnership with the Synopsys Software Integrity Group to bring security to its app ecosystem.
In the hypercompetitive world of online banking apps, speed, flexibility, and innovation are all important.
But security is even more important. All the convenience and quality features in the world don’t matter if vulnerabilities in an app put your personal financial information—and your money—at risk.
Which is why London-based Finastra, the third-largest Fintech company in the world, with a customer base of more than 9,000 banks and financial institutions, is turning to the Synopsys Software Integrity Group to bring world-class security to applications offered through FusionFabric.cloud, the company’s open platform for developing, deploying, and consuming financial applications.
The partnership, announced this week, means that every application offered via FusionFabric.cloud will be vetted by the Synopsys application security validation program—rigorous software security assessments that will include static application security testing (SAST), software composition analysis (SCA), penetration testing, and code reviews.
“In today’s dynamic threat landscape, security is a requisite component of innovation, especially in the Fintech space,” said Steve McDonald, co-general manager of Synopsys Software Integrity Group, adding that the program “leverages Synopsys’ security testing technology and expertise to ensure that applications published on the FusionFabric.cloud platform are designed, developed, and deployed with the highest standards for security.”
FusionFabric.cloud, launched in 2018, is designed to give Fintechs, banks, students, independent developers, system integrators, consultants, and others access to a global marketplace.
Its three core components include:
- FusionCreator, a development environment for financial applications with low-code capabilities and integrated API management tools,
- FusionOperate, a system to deploy and operate applications in a secure cloud infrastructure, and
- FusionStore, an online marketplace for banks to search, try, and buy applications.
The platform’s developer portal is also designed, as the company website puts it, to enhance “established financial solutions through open APIs for easier, faster, collaborative innovation.”
The company is also out to prove that even competitors can collaborate when it is in their mutual interests. Finastra CEO Simon Paris has called it “an unprecedented shift in the way financial services businesses from across the globe collaborate, innovate and compete, with half of UK and U.S. financial institutions looking to collaborate in the cloud.”
Evidence of that, he said, is that there are more than 300 Fintechs registered on the platform, among them Accenture and Thomson Reuters.
And the partnership announced this week means that much better security will be added to speed, flexibility, innovation, and collaboration.
“Fintech providers can focus on delivering innovative solutions rapidly, and their financial services customers can rely on them with confidence,” McDonald said.
Read the press release.