Finastra migrates Fusion Phoenix clients to cloud with Microsoft Azure
By Sunniva Kolostyak
Finastra has successfully migrated its Fusion Phoenix core banking system customers to Microsoft Azure, providing the benefits of cloud delivery to bank and credit unions using the solution.
By migrating 62 community banks and credit unions migrated in the past year, the banking solutions provider has moved all Fusion Phoenix customers to the cloud, running in Azure.
The migration was announced in February last year when the first two adopters, Commerce National Bank & Trust and Commencement Bank, completed the migration. Clients will now be able to consume – rather than own and run – core applications, freeing up IT resources to focus on competitiveness and growth.
Other benefits include access to enhanced capabilities to mine data for insight and the ability to scale services to keep pace with need. Each migration to Fusion Phoenix in Azure took no more than five working days per customer, without the need to rewrite any existing code.
“Cloud technology is a big enabler for financial institutions, particularly smaller ones, as it provides a low-cost path for innovation and Open Banking, levelling the playing field for them to compete with the large banks and non-bank fintech,” said John Weinkowitz, VP, Retail, Community Markets at Finastra.
“This initiative also enables Finastra to run large financial institutions on the Fusion Phoenix platform and will provide many other benefits to our existing customers, such as improved availability, security and system monitoring.”
Also commenting, David Koscheski, director of Industry, Banking at Microsoft, said: “Migrating to a cloud-based core solves a number of problems inherent to legacy cores, including the issue of interconnectivity between different banking channels and solutions.”
“Fortunately, cloud-based core migrations are far simpler than previous core transformations, due to the streamlined efficiency of the process.”
Finastra has previously selected Azure as the platform for solutions including Fusion MortgagebotLOS, Fusion uOpen, Fusion Global PAYplus, Fusion Essence, FusionFabric.cloud, and most recently, Fusion Invest.
Mark Nelson, EVP CIO/COO at Horicon Bank, one client which recently moved to the cloud, added: “The cloud is all about the scalability and the ability to access innovation much faster and much more cost-effectively. It enables us to compete with the big banks, in terms of products, service, and customer experience.”
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