Finastra, the London-based financial technology company, has brought its core banking platform, Fusion Phoenix, to the cloud. Commerce National Bank & Trust and Commencement Bank are the first US banks to access the core solution via public cloud.
Commerce National Bank & Trust of Winter Park, Florida, and Commencement Bank of Tacoma, Washington have gained access to Finastra’s modern core banking solution in the cloud Lake.
Go deeper with GlobalData
Fusion Phoenix is built completely on Microsoft technology to be future-proof. It provides lower cost of ownership, open database architecture and improved usability, Finastra says.
Most existing core banking systems were built in the 1970s. So their ability to integrate with emerging technologies is restricted and cumbersome.
“Bringing core banking to the cloud in the United States marks an important milestone in core delivery,” said Vincent Pugliese, Senior Vice President and General Manager, US Retail & Lending, Finastra.
Customers of Fusion Phoenix can choose to access it via Microsoft’s enterprise-ready, trusted Azure cloud platform. This provides faster access to innovation, transformation at scale, and accelerated time to market, Pugliese added.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataInstitutions can consume rather than own and run core applications, freeing up IT resources to focus on competitiveness and growth. They can also access enhanced capabilities to mine data for meaningful insight and scale services to keep pace with bank and evolving technology needs.
“Legacy cores are often a roadblock to innovation,” said Pat Sideman, Vice President, Deposit Operations Officer, Commerce National Bank & Trust.
“With an open core, using a platform approach, we can easily integrate new solutions and cutting-edge capabilities – developed internally or externally – into our core. Combined with a cloud delivery model, access to innovation becomes even easier, with updates being managed by Finastra and pushed out in real-time,” Sideman said.
Finastra selected Azure as the platform to provide its cloud-hosted solutions. Fusion Phoenix already includes Finastra’s Fusion MortgagebotLOS, Fusion uOpen, Fusion Global PAYplus, Fusion Essence and FusionFabric.cloud.
The addition of Fusion Phoenix is part of Finastra’s ongoing commitment to offer its clients choice when it comes to cloud deployment for all major products, the company said.
A Microsoft-supported solution for strength
Together with Microsoft, Finastra can offer some of the highest standards of security, resiliency, performance and operating excellence.
“The future of banking technology is in the cloud,” said Bill Borden, corporate vice president of Worldwide Financial Services at Microsoft Corp.
“As financial institutions push to digitally transform their businesses to successfully compete, the cloud is unlocking and accelerating new opportunities to optimize operations, empower employees, transform products, and deliver the differentiated customer experiences that drive competitive advantage,” he added.
“Banks want to take products to market faster but are often hampered by long and expensive IT costs associated with change,” said Stephen Greer, Senior Analyst, Celent.
“Banks are considering the needs of a platform from a customer-centric design viewpoint, where new products, changes, and integration are seamless. The cost of innovation is reduced by de-risking the build process and shortening time to market.”
