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Allied Banking Corporation migrates operations to cloud with Finastra

By Gloria Methri

January 18, 2024

  • Allied Banking Corporation
  • Digital Transformation
  • Finastra
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Finastra, Allied Banking Corporation, digital banking, Core Banking, SaaS, Cloud, Finastra Essence, FinTech news, Finastra Retail Analytics, Hong KongFinastra has announced that Allied Banking Corporation (Hong Kong) has successfully migrated its core banking operations to the cloud, at the same time upgrading from Finastra’s Equation core banking solution to its next-generation Essence solution. Allied Banking Corporation has also gone live with Finastra’s Retail Analytics solution to transform its reporting capabilities.

“Finastra’s Equation core banking solution powered our business for 15 years, and whilst our needs were being met, we wanted to future-proof our operations and open the door for expansion into new products and services,” said Lourdes A. Salazar, Chief Executive, Allied Banking Corporation. “Replacing our core system and migrating to the cloud at the same time was a significant decision, but Finastra worked closely with our team to enable a smooth transition for our customers. Acting boldly has enabled us to reap the benefits of a cloud-based SaaS model, letting us refocus our business teams towards customer management and growth activities whilst Finastra takes care of our technology.”

Finastra Essence – a next-gen cloud-driven, API-first core banking system that provides customers with comprehensive coverage of key banking products.

Finastra Retail Analytics is an easy-to-use analytics system that enables the bank to generate operational, management and regulatory reports with historic data and trends analysis. It helped the bank by automating and generating reports quickly, while allowing its internal and external auditors to view historic reports, without the need to maintain physical reports from the core banking system.

“We are delighted to help Allied Banking Corporation with their ongoing commitment to delivering a truly innovative banking experience. Transitioning their core banking operations to the cloud is the next step in this strategy,” said Siobhan Byron, EVP of Universal Banking, Finastra.

“As banks seek to modernize their core banking systems, most either host on-prem or adopt a hybrid model. The success of this project proves that it is possible to not only move directly to the next-gen systems on the cloud, gaining the efficiency, innovation and agility benefits that brings, but it is possible to do it while maintaining the highest levels of customer service. This has accelerated Allied’s digital transformation, and we look forward to helping them become even more competitive in the future.”

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