Seattle Bank, a single branch boutique bank with $650 million in assets, has selected Fusion Phoenix from Finastra to be the open, modern core to run its banking operations, enabling the bank to better serve clients.
The core banking system will be integrated with additional Finastra solutions, including Fusion Mortgagebot, Fusion Card Payments, Fusion Analytics, Fusion Item Processing Services, Fusion LaserPro, and Fusion Digital Banking.
“Changes in technology and consumer behavior are creating immense opportunities to redefine the banking experience for our clients. However, banks that are dependent on legacy core technology are at a disadvantage because those solutions do not allow fast, economical innovation. Our partnership with Finastra is the avenue to overcome this challenge and take back control of how we use technology to support the unique banking experience that our team works hard to deliver every day,” said John Blizzard, President and CEO of Seattle Bank.
“We are on a journey to deliver more, better, and different solutions to clients. To do that we need partners whose business models align with our need to innovate and more easily collaborate across the entire fintech ecosystem. We believe that Finastra, working together with Microsoft, is that partner. Changing core banking systems is the hardest project a bank can undertake, hence less than 2% of banks in the US will typically switch cores in a given year. Our team is up for the challenge and very energized about the opportunities these investments will open up for our clients,” continued Blizzard.
Using Fusion Phoenix in combination with FusionFabric.cloud, Seattle Bank will recognize immediate benefits and build future capacity. Built on Microsoft Azure, the FusionFabric.cloud open banking platform provides advantages, including improved usability, lower cost of service, and open database architecture - providing a better ability to integrate and develop custom solutions. With Finastra, Seattle Bank will streamline its banking processes and deliver a superior customer experience, helping it to continue to differentiate itself as a unique financial resource to its community.
Seattle Bank was attracted to Finastra’s Open Banking vision and the FusionFabric.cloud platform, which gives the bank the freedom to develop its own solutions that will integrate seamlessly with its core technology. Using this Platform-as-a-Service (PaaS) solution, Seattle Bank will have access to an open platform, enabling the bank and third parties to develop applications. Finastra’s cloud-based solutions and FusionFabric.cloud are underpinned by Azure, which is a key differentiator, offering one of the industry’s highest standards of security, performance and operating excellence.
“Seattle Bank was looking for a vendor to provide it with more than just technology to run its operations. It sought a partner to ensure that its technology investment would be nimble in support of future innovative client solutions” said Mike Dionne, Senior Vice President, Community Markets, Americas, Finastra. “Working together, we will make sure that Seattle Bank remains innovative and open to the change taking place all around us, giving their digitally-savvy clients access to the services they desire through better integrations, resulting in better outcomes and a superior customer experience.”
Jamie Tozzi, General Manager, Microsoft Corp. said, “By using solutions hosted on Microsoft Azure, Seattle Bank will realize faster access to innovation and speed to market. The bank will consume rather than own and run core applications, freeing up IT resources to focus on competitiveness and growth, confident that the industry’s highest security, performance and operating excellence standards are being met.”