A global leading provider of global data and analytics solutions, Adastra, has announced a strategic alliance with PaymentComponents, a global leader in B2B payments and fintech solutions – to provide transformative payment and Open Banking solutions in Canada and the US.

Darren Edery, President at Adastra North America, said, “We are excited to work closely with PaymentComponents to continue to bring innovative solutions to the fintech sector, in ways that will streamline the functionality and integrations of banks’ core systems. The routing and scheduling features being implemented with the solutions implemented with PaymentComponents are designed to simplify our clients’ operations while adding control to their payment processes.”

In the financial services industry, Open Banking provides financial institutions with open access to customer data through application programming interfaces (APIs), enabling greater client transparency and new financial services.

Sotiris Nossis, CEO at PaymentComponents, said, “Collaborating with a tech pioneer such as Adastra allows us to boost our position as a comprehensive fintech solutions provider in the region. The combined strengths from Adastra and PaymentComponents will offer customers exclusive solutions that they can take to market effectively.”

Adastra will now offer the full array of PaymentComponent products as part of this new partnership. These products are included such as Open Banking API Management, Account Aggregator, SWIFT MT, ISO20022, SEPA, CBPR+, TARGET2 Tools, and aplonHUB.

Through its partnership with PaymentComponents, Adastra will provide a number of payment and open banking solutions to Financial Institutions in the region. Open Banking is on the agenda for the banks, so forward-looking institutions can not only improve the service to their existing clients but also attract new customers thanks to Transparency and Competitiveness.