gravity

             Anand Subbaraman

UK-based SME focused bank, Gravity, has selected Finastra’s Fusion Essence in the cloud with an aim to enhance its core banking capabilities. The bank is currently seeking to receive authorization for enabling its lending services to the SMEs.

Tim Brooke, Chairman of Gravity commented, “By partnering with Fusion Essence in the cloud we will bring to market an agile, customer-oriented service that will make business banking fairer and simpler. We believe that Finastra is the trusted provider we need to support our ambitious plans for growth.”

According to the supplier, its solution will enable the bank to build upon its lending and deposit book automation offerings as well as support the bank in its UK launch. Built on Microsoft Azure’s platform, the solution aims to benefit the bank through software updates, product diversity, and security. The partnership will also see Gravity integrating with FusionFabric.cloud for access to a collaborative environment.

Anand Subbaraman, General Manager, Retail Banking at Finastra said, “With the cloud’s lower-cost operating model and speed of deployment, Gravity will be able to immediately benefit from Fusion Essence and differentiate its services from traditional banks. The cloud-based solution has been built to serve the unique needs of this market, enabling the bank to focus on more strategic growth and achieve a timely return on investment. We are excited to be working alongside Microsoft with yet another aspiring UK bank, and look forward to supporting Gravity as it launches in the coming months.”

Finastra, recently announced that Manchester-based revverbank has selected Fusion Essence in the cloud for powering its core banking capabilities as well as providing scalability and flexibility for launching its SMEs and retail savers- focused services.

Finastra has stated that the deals with neobanks reflect the need to help out the SMEs in the UK landscapes with the traditional banks failing to keep up with the new businesses and restricting their growth by increasing bureaucracy and restricting their access to capital.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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