Finastra has completed the migration of its Fusion Phoenix core banking system customers to cloud computing service Microsoft Azure.

The programme involved the migration of 62 community banks and credit unions in the last one year.

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The migration to cloud eliminates the need for the financial institutions to own and operate core applications.

Rather, the banks and credit unions can consume applications thereby freeing up IT resources. It will also enable them to mine data to procure key insights and determine their ability to scale services.

Finastra Community Markets Retail vice-president John Weinkowitz said: “Cloud technology is a big enabler for financial institutions, particularly smaller ones, as it provides a low-cost path for innovation and Open Banking, levelling the playing field for them to compete with the large banks and non-bank fintech.

“This initiative also enables Finastra to run large financial institutions on the Fusion Phoenix platform and will provide many other benefits to our existing customers, such as improved availability, security and system monitoring.”

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Microsoft Banking Industry director David Koscheski said: “Migrating to a cloud-based core solves a number of problems inherent to legacy cores, including the issue of interconnectivity between different banking channels and solutions.

“Fortunately, cloud-based core migrations are far simpler than previous core transformations, due to the streamlined efficiency of the process.”

Recently, NICE Actimize, a financial crime, risk and compliance solutions provider, has entered into a new partnership to deliver Xceed cloud-native financial crime platform to Finastra customers.