Finastra has launched Fusion Essence in the cloud, a fully integrated core and digital solution, localized for the UK Market.
Deployed on Azure, Microsoft’s enterprise-ready, trusted cloud platform, it is available to all banks, but is particularly suited to ambitious challenger banks, enabling them to come to market with velocity and allowing them to launch personalized offerings first and fast, maintaining a competitive edge.
Anand Subbaraman, General Manager, Retail Banking at Finastra said, “The launch of our first fully integrated cloud-based retail solution in the UK, operated by us - as opposed to licensed by us - is a significant step for Finastra. It reflects our progressive journey from a product-centric organization five or six years ago, to a solution and service driven Fintech company. Embracing a tailored retail banking solution in the cloud that gives challenger banks quick access to a comprehensive end-to-end technology offering provides them with the speed that is critical to their success. This is essential in a competitive UK market where more banks secure licenses and others look towards consolidation with larger traditional institutions.”
Fusion Essence in the cloud frees banks from the burden of IT operations with a pay-as-you-go subscription model. Covering all UK core and digital banking requirements, including lending, digitally originated deposits, payments and regulatory reporting, it is fully integrated with third-party providers for credit reference checks as part of AML and KYC processes and regulatory reporting. An accelerated onboarding approach powered by Fusion Essence in the cloud enables banks to launch first and, importantly, to drive fast customer adoption and business growth once live.
Feargal de Burca, Technology Director at KPMG, which worked alongside Finastra to build the solution said, “It’s been great to work with Finastra and Microsoft to create something innovative that supports the UK banks and building societies. The sector is changing at pace and in order to stay ahead of customer expectations, banks need to be agile, efficient and creative. I’m proud of our involvement in this unique banking service proposition.”
Craig Focardi, Senior Analyst at Celent, reflects on the move to cloud, “Innovative banks of all sizes are seeking to achieve ‘first mover’ advantages by migrating some or all of their IT services to the cloud in the pursuit of greater agility and cost competitiveness.”
Prospects joining the Fusion Essence customer community do so at a time of increasing interest in Finastra’s new open platform for innovation, FusionFabric.cloud. Customers can now join the journey and co-create the future of finance together with Finastra and its vibrant partner ecosystem.