Teachers Building Society selects Finastra owned Fusion Essence Cloud

By Joy Dumasia

Finastra announced that the UK-based specialist building Society, Teachers Building Society, has selected Fusion Essence Cloud, its next-generation Software as a Service (SaaS) core banking solution, to deliver a new core and digital banking service.

Fusion Essence Cloud will help Teachers Building Society (Teachers BS), the first-ever UK building society customer to invest in the solution, process significantly higher volumes of mortgages, savings applications, and money transfers, enabling the firm to continue to grow its member base through an enhanced customer experience.

Fusion Essence Cloud, a SaaS solution on Microsoft Azure, gives Teachers BS the flexibility to quickly bring new products to market and respond to new demands while unlocking access to data and analytics for a personalized customer experience. Fusion Essence will enable the building society members to easily open and manage savings accounts and transact digitally with a cutting-edge experience.

Simon Beresford, CEO of Teachers Building Society, said, “After a rigorous global selection process, Finastra is the standout partner for us. Finastra’s commitment to responsible business and social innovation held strong appeal. Its deep expertise, innovative solutions, and proven experience with 90 of the world’s top 100 banks left us in no doubt about the benefits of the appointment. Investing in the new platform will ensure we can deliver best in class products and service to brokers and their clients, as well as teachers, providing enhanced engagement experiences to both our core audiences.”

Teachers BS is the first UK building society to invest in Fusion Essence SaaS to serve its core audiences effectively. The new platform, powered by Finastra, which aims to unlock the power of finance for everyone, will enable the Society to continue its mission and grow its business across both groups.

Recently, IBS Intelligence reported that Finastra announced Oren Marmur in the role of General Manager, Payments. Based in Israel, with a global remit, Oren will lead the Payments Growth business, delivering end-to-end Payments solutions to customers globally and promoting the product modernization journey towards a cloud-based platform and ecosystem.