Finastra powers BCB’s core banking modernisation with Essence

By Vriti Gothi

British Caribbean Bank (BCB) has gone live with Finastra’s Essence core banking platform, marking a step in the lender’s efforts to modernise its technology stack and accelerate product innovation. The Turks and Caicos–based institution said the deployment enables it to access enterprise-grade capabilities traditionally used by larger banks, supporting greater operational efficiency and faster time-to-market.

The move reflects a broader trend across the Caribbean and other emerging markets, where smaller financial institutions are upgrading legacy systems to remain competitive amid rising customer expectations and regulatory demands. Modern core platforms, such as Essence, offer the scalability and modularity needed to roll out digital services more quickly and with less internal resource strain.

“In partnering with Finastra, we’ve been able to significantly transform our core banking operations,” said Marcus Moxey, Managing Director of BCB. “Essence’s comprehensive functionality allows us to create and deliver new products quickly and react swiftly to market shifts. The platform’s automation and ease of use mean our team can be more strategic and responsive, challenging the notion that size defines capability.”

The platform’s automated workflows and intuitive design aim to reduce operational overhead, simplify compliance processes, and guide staff through complex tasks with minimal training. According to BCB, the system enables fewer employees to manage more activity, freeing teams to focus on customer engagement and long-term growth initiatives rather than routine tasks.

For technology providers, the rollout highlights the increasing demand among smaller regional banks for cloud-ready, configurable systems that can support diversification and regulatory agility. Siobhan Byron, EVP of Universal Banking at Finastra, said,  “Essence is intended to give institutions a flexible foundation that evolves with market dynamics. It provides banks like BCB with a solid, adaptable foundation that can evolve with market innovations. This democratisation of technology ensures that all banks, regardless of size, have access to the tools needed to innovate, adapt, evolve, and thrive in a rapidly changing financial ecosystem.”

BCB’s adoption of Essence underscores how core modernisation is becoming central to competitive strategy, especially for banks operating in smaller markets, where resource efficiency and execution speed are increasingly critical.