A Strategic Partnership For Accelerating Digital Transformation in Banking – Fortech And Ross Republic
05 November 202010 September 2020 | News
- Fortech and Ross Republic join forces to help traditional financial institutions keep the pace with innovation and technology and accelerate their digital transformation.
- In cooperation, the two entities provide complete guidance for a successful shift to digital, which combines innovative service models, technology strategy, and software development.
In the new era of banking, the pressure on traditional financial institutions to accept and embrace digital transformation has increased exponentially. To match the customer’s demands of digital solutions for their financial services and keep up with the pace of innovation, many companies in the banking sector need to treat digital as a priority and start the clock on a company-wide transformation.
Fortech, a software services company and a financial software development partner for fintech and companies in the banking sector, partners with Ross Republic, a strategy and innovation consultancy with hands-on experience working with cutting-edge fintech and incumbent banks in a strategic partnership.
Fortech and Ross Republic Provide End-to-End Digital Transformation Expertise
Together, Fortech and Ross Republic provide end-to-end digital transformation expertise by connecting technology with business in a coherent strategy for the future. The offering is centered around three service segments: open banking, digital lending, the migration to microservice architectures. Both companies bring their insights to the table and work side-by-side to ensure a successful digital shift.
Through its Open Banking Strategy Canvas Ross Republic facilitates and guides the initial discussions about open banking approaches within the bank. At the same time, Fortech harnesses its financial software development know-how in developing an open banking API platform. To help our clients with PSD2 and by using both, Fortech’s and Ross Republic’s experience in this sector, we offer custom user and market research, workshops, webinars and alignment of internal teams:
- Open banking strategy development: a collaborative approach between the bank’s tech and business stakeholders to form a common open banking vision and develop an open banking strategy and roadmap
- Launching structured internal innovation processes that enable employees to strategically ideate, select, validate, and launch API-based services
- Open banking API development and integration, as well as application development leveraging third-party APIs
Fortech recently published a whitepaper on the evolution of financial services and the impact of Open Banking APIs. Download it here.
For banks, digital lending, an emerging area in the sector of lending or credit, is a significant opportunity and an irrevocable element changing the industry. Digitization of the lending process can improve performance and bring powerful benefits. Through the partnership we can integrate knowledge from both sides and offer a complete set of skills that helps our clients advance with their digital credit capabilities:
- Digital lending strategy development: a collaborative approach between the bank’s tech and business stakeholders to form a common digital lending vision and develop a digital lending strategy and roadmap
- End-to-end custom digital lending solution development and integration with core banking systems
Migration towards microservices
In this area, Fortech and Ross Republic combine their expertise once again. The Romanian software company has extensive experience in Cloud development and upgrading legacy IT systems to modern technologies and has completed several migration projects from monolith to microservices. At the same time, Ross Republic has the necessary know-how to facilitate the start of digital transformation for traditional financial services.
- Microservice strategy development: a collaborative approach between the bank’s tech and business stakeholders to form a common cloud banking and microservice vision, to develop a “service-based” internal mind-set, and to follow-up with an actionable microservice strategy and roadmap
By partnering with Ross Republic, Fortech elevates its full-stack financial software development offering and place the spotlight on next-generation financial services. This cooperation is part of a strategic direction aimed at providing superior-tech services to clients in a complete understanding of their industry niches.
Besides the alliance with Ross Republic, Fortech has recently joined the largest fintech ecosystem in Europe, Holland Fintech. As part of this community, the company has access to the latest fintech trends and the opportunity to connect and debate around various disruptive financial services for businesses and consumers. Additionally, starting with 2019, Fortech has combined its forces with the Chicago-based risk investment consultancy player Core Capital Management to form Aiperion. In less than a year, the first product resulting from cooperation was launched on the market, RiskKey® – an investment risk modeling and analytics framework for sophisticated institutional investors.
For more than ten years Fortech has been a technology partner for banks, fintech companies, trading and insurance organizations.
Fortech is a top Romanian software development company headquartered in Cluj-Napoca. With a workforce of 800 people, Fortech has been repeatedly recognized by Deloitte, EY, and Forbes for its fast-growing, entrepreneurial journey.
With expertise and a strategic focus across healthcare, financial services, automotive sectors, and more, we cover the end-to-end software lifecycle development to deliver the innovation, scalability, quality and speed our clients need.
Our approach to software engineering combines strong technology and process know-how, Agile delivery methods, and a blend of code quality practices and metrics refined in almost two decades. Since 2003, two hundred clients chose Fortech as their tech partner.
About Ross Republic
Ross Republic is a strategy and innovation consultancy, creating sustainable business foundations for financial services companies. We’re currently complementing our strategy and innovation services with an industry-leading ecosystem of technology and innovation partners for:
- banks that want to accelerate their digital transformation
- fintechs that want to build and scale their propositions
- non-banks that want to seize opportunities from embedded finance