Finastra brings core banking platform Fusion Phoenix to the cloud

Vincent Pugliese, Senior Vice President and General Manager, US Retail & Lending at Finastra

Vincent Pugliese, Senior Vice President and General Manager, US Retail & Lending at Finastra

Financial technology supplier Finastra has launched its core banking platform Fusion Phoenix on a public cloud, implementing the systems with Florida bank Commerce National Bank & Trust and Washington bank Commencement Bank of Tacoma.

The two banks are the first ones in the US to access the solution in what Finastra calls a milestone in core delivery.

The platform runs on Microsoft’s cloud Azure, which is also the host of other Finastra solutions, including Fusion MortgagebotLOS, Fusion uOpen, Fusion Global PAYplus, Fusion Essence and FusionFabric.cloud.

Vincent Pugliese, Senior Vice President and General Manager, US Retail & Lending at Finastra, said: “Institutions 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.”

He commented that the platform will allow for faster innovation, transformation at scale and accelerated time to market. It is also a part of the supplier’s ongoing commitment to offer its clients cloud deployment choices.

Pat Sideman, Vice President, Deposit Operations Officer at Commerce National Bank & Trust, said: “Legacy cores are often a roadblock to innovation.”

“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.”

Also commenting, Bill Borden, corporate vice president of Worldwide Financial Services at Microsoft Corp said: “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.”

At the end of January, Finastra’s end-to-end equities derivatives trading and cross-asset risk solution Fusion Sophis was selected by Guotai Junan International (GTJAI) to enable trading operations.

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