Finastra has joined The Payments Association as a member, extending its engagement with the UK payments industry.
The financial services and payments technology provider has become a member of the trade body, which represents companies across the payments value chain. The move brings Finastra into a network of organisations working on issues affecting payment service providers, banks, and technology firms operating in the UK and beyond.
Finastra provides financial services and payments technology to customers across more than 100 countries, according to the company, with its client base including a number of large banks. The company is backed by Vista Equity Partners, a private equity firm, and works with financial institutions on technology intended to support their operations as they adapt to changing market conditions. Finastra's business spans core banking, lending, and payments software, and the company has previously reported deals involving payment hub platforms and modernisation projects with financial institutions of varying sizes.
In addition, membership of The Payments Association gives Finastra access to the organisation's working groups and industry engagement activities, which cover areas such as regulation, financial crime, cross-border payments, and digital currencies.
The Payments Association operates communities in the UK, the EU, and Asia, and its membership includes close to 300 companies spanning payment service providers, banks, fintechs, technology vendors, and infrastructure providers. The association engages with regulatory and policy bodies including the Bank of England, the Financial Conduct Authority, HM Treasury, the Payment Systems Regulator, and Pay.UK, and it publishes industry research alongside running member events and working groups.
The association's stated purpose is to represent the interests of payments firms and to facilitate collaboration across the sector, without acting as a regulator or supervisory body itself.
Implications for the payments ecosystem
Finastra's membership adds a technology provider with a broad international customer base to an association whose activities are concentrated on the UK and, increasingly, international payments policy. For The Payments Association, the addition reflects its ongoing efforts to broaden its membership base as it looks to extend its influence beyond the UK market. Furthermore, for Finastra, participation in the association's working groups may provide a channel for engagement with regulatory developments affecting payments infrastructure, including areas such as open banking, digital currencies, and cross-border payment standards that are relevant to its software offering.
Neither company has disclosed further details regarding specific initiatives or projects planned as part of the membership.
