Revverbank, a Manchester-based new bank for regional businesses and savers in the UK, has selected Fusion Essence in the cloud to power its end-to-end core banking capabilities.
Set up by former McKinsey man Arpan Gautam, and originally operating under the name Ursa Finance, revverbank is aiming to provide financing and business banking services to regional SMEs in the Northern Powerhouse cities, differentiating itself from the London-centric big banks by championing the cause of regional economic development
Says Gautam: "Finastra’s Fusion Essence in the cloud solution will give us the ability to serve customers personally and efficiently, allowing us to focus on regional lending relationships and great saving rates. Our proposition will be underpinned by Microsoft’s Azure platform, which gives us comfort that our content is in secure hands.”
Revverbank will operate under an on-demand software model, allowing low cost of entry and the ability to scale up as the business grows.
Anand Subbaraman, general manager, retail banking at Finastra, bills the contract as a breakthrough deal for the firm's retail banking cloud offering.
“As a new entrant in the UK business banking sector, revverbank has spotted an opportunity to harness digital technologies and a lower-cost operating model," he says. "This helps set it apart from more traditional banks by offering the type of services and speed of response that SMEs really want. Fusion Essence in the cloud is ideally suited to the needs of this market, which means revverbank can achieve a speedy return on investment and will be continuously supported by highly experienced teams at both Finastra and Microsoft.”