finova delivers core banking servicing upgrade for Redwood Bank

By Gloria Methri

Redwood Bank has implemented a new servicing uplift through its technology provider finova as part of a renewed contract and long-term technology roadmap. The update is focused on strengthening Redwood’s back-end servicing capabilities and is aligned with the bank’s broader goal of increasing agility and efficiency across operations.

The bank’s systems are now hosted on Microsoft Azure via finova’s cloud infrastructure, allowing for improved scalability and operational stability. The uplift also supports Redwood’s plans to introduce a new broker origination process in the commercial real estate space.

In addition, Redwood is shifting to a more frequent, iterative release cycle for its servicing software—moving away from annual upgrades. This change is expected to reduce disruption while allowing quicker adoption of features such as in-day general ledger processing, live data streaming to internal data platforms, and more dynamic infrastructure management through containerisation.

Richard Marsh, Chief Operating Officer at finova, said, “After years of collaboration, we are excited to continue our partnership with Redwood, a company that consistently embraces innovation, and we are pleased to have renewed our contracts for the next phase. With this latest servicing uplift, we are further modernising Redwood’s systems and building in greater agility. By establishing an iterative release cycle, we hope that the upgrade will deliver maximum business benefits with minimal disruption, enabling them to adopt Apprivo and open up new business lines.”

David Kennedy, Chief Operating Officer at Redwood Bank, added, “We are delighted to continue our relationship with finova as our lead technology provider. We are transforming our service experience by utilising new solutions from finova that will deliver service benefits to our customers and brokers. The recent servicing upgrade facilitates our transformation strategy. It allows us to make service improvements incrementally, minimising disruption for our customers and managing the risk of change down for our ourselves.”