Sparkasse Bank Malta plc, a dominant player in the custody & depositary services industry in Malta, has selected Innova, the AI platform created by the French FinTech Fortia Financial Solutions, to enhance and support its depositary duties. The platform will handle and fully automate the asset reconciliation, investment restriction checks and customer reporting requirements of the Bank’s Custody operations business.
Developed in Fortia’s Paris research lab, Innova delivers automation for complex operational processes, particularly in investment fund compliance and data processing. The platform packs in powerful AI algorithms, which have been the subject of numerous patent filings.
Commenting on the announcement,
Mr. Paul Mifsud, CEO of Sparkasse Bank Malta plc, said:
“We look forward to working closely with Fortia’s team of experts and are eager to leverage the advanced features of the Innova solution to enhance the quality of our service offering and continue to grow our business.”
Fortia CEO Mr. Réda Bouakel said:
“We are very proud to have been chosen by Sparkasse for an ambitious project of digital transformation around the Innova solution. We will apply all our expertise in AI and process automation to make the project a major success and enable Sparkasse to become more competitive and efficient.”
About Sparkasse Bank Malta plc:
Sparkasse Bank Malta plc, is licensed by the Malta Financial Services Authority as a Credit Institution. The Bank is also authorised to provide investment services, and to act as custodian of all types of collective investment schemes under its Category 2 and Category 4a Investment Services licenses. The Bank is one of the main players in the local Custody & Depositary market, servicing a substantial share of the Collective Investment Schemes registered in Malta In addition to its head office in Malta, the Bank is also present in in Austria and Ireland. In Dublin, the Bank is licensed to provide depositary services to Irish registered funds and seeks to develop its offering in Ireland.
The Bank’s vision is to continue to grow its business within the Fund industry, offering the necessary support to its fund customers and service providers alike.
About Fortia Financial Solutions:
Fortia Financial Solutions is a Paris-based software publisher specializing in AI applied to compliance management, data processing and automation of complex operational processes. We boast a headcount of over 100 associates, including 16 of the most gifted data scientists of their generation. Fortia is getting ready to follow up the launch of its first disruptive solution, Innova, by revolutionizing data and repository management and governance with its new Data Avangarde solution.
Our client roster includes major European and US banking groups. Since 2016, Fortia has enjoyed triple-digit annual growth.