Climate First Bank (I/O) selects Finastra as a technology partner
By Pavithra R
Under the deal, the bank will leverage Finastra’s Fusion Phoenix core banking system, Fusion Digital Banking, Total Lending, and other solutions for payments, analytics and more on its preparation to launch itself as a full-service community bank in Spring of 2021.
“As a de novo bank committed to fighting the global climate crisis, it is imperative that we not only work with the best providers for our needs but that their vision aligns with and supports our mission. With Finastra, we found a vendor that delivers on both fronts. We evaluate our vendors through an ESG (Environmental, Social, and Governance) lens, and Finastra stood out for its clear and tangible commitment to redefining finance for good. Its open platform approach and cloud delivery model – which is among the greenest means of technology consumption – ensures we will remain at the forefront of technology as we carry out our mission,” said Ken LaRoe, Chairman and CEO, Climate First Bank (I/O).
Climate First Bank (I/O) will initially service the Tampa/St. Petersburg region, will provide traditional banking services to its customers and invest in the future by offering climate-focused programs, including an unrivalled solar loan option. The bank’s mission is to elevate the typical banking model by supporting local communities, encouraging green infrastructure and promoting sustainable business practices.
Besides Finastra’s complete suite of banking solutions and strong CSR program that aligns with Climate First’s corporate mission and values, Finastra’s strategy and commitment to Open Finance was a vital factor in the bank’s decision process.
“Climate First’s mission to fight the global climate crisis is crucially important, and Finastra is honored to work with the bank to further this important cause. At Finastra, we are striving to redefine finance for good. As an established fintech, we recognize the responsibility to minimize impact on the environment and to reduce emissions in the financial services sector. Through the digitization of banking processes or the digitalization of financial services, our solutions can aid the reduction of employee travel, paper consumption or energy, and we are committed to reducing emissions within our sector, in collaboration with our customers and partners,” said Chris Zingo, SVP and GM of Americas Field Operations, Finastra.
Finastra’s FusionFabric.cloud developer platform and marketplace for financial solutions and the Fusion Phoenix core banking system are built with a progressive open API architecture on Microsoft technology. As a result, the bank can continue to evolve its product offering, leveraging third-party FinTechs that meet the bank’s needs. The bank has already announced selecting Allied Bill Payment app from Allied Payment Network, which is available through the FusionFabric.cloud store and integrates seamlessly with Fusion Digital Banking.
IBSi Daily News Analysis
September 26, 2022
Climate First Bank
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