Last year Finastra signed 25 financial institutions for its core banking platform Fusion Phoenix
MARY LAKE, Florida., 17th August 2021 / PRNewswire / – Finastra announced that it has signed 25 financial institutions for its merger Phoenix Core banking platform in the 2021 financial year (end of May 31, 2021). These institutions include a mix of banks and credit unions who chose the software for its ability to meet their unique needs with a flexible core that is easy to scale and evolve. New clients who recently selected Fusion Phoenix include Peoples Credit Union, First National Bank of Manchester (KY) and Fowler State Bank.
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“Financial institutions have long viewed core legacy technology as a barrier to innovation,” said Stephen Greer, Senior Analyst, Celent. “They realize that an open, cloud-based core has the ability to actually facilitate innovation and remove the barriers and inefficiencies caused by lack of integration with other technology solutions used within the institution.”
merger Phoenix offers community banks and credit unions an open and modern core that can be easily integrated into new technologies via an advanced open API architecture and enables financial institutions to take advantage of emerging trends and opportunities. In addition, Fusion Phoenix provides seamless connectivity to a range of Finastra’s best-of-breed solutions for digital enablement, lending, mortgage, payments and more. The integration into Finastra’s open developer platform FusionFabric.cloud provides access to a growing ecosystem of apps to give the institute the opportunity to develop beyond traditional banking business models and improve the experience of its customers.
“We needed a core that could provide a foundation for innovation and scalability,” said Jordan Hensley, CEO, People’s Credit Cooperative. “We are confident that Fusion Phoenix will meet our current needs and grow with us in the years to come. The way it is built means that as new technology goes to market, we can benefit from easier integration than with a legacy core built on top of old technology. An open technology platform will keep us relevant and even enable us to meet future expectations of banking as a service. “
The story goes on
Available in the public cloud via Microsoft’s Azure cloud platform, financial institutions have faster access to innovation, scaled transformations and shorter time to market. Cloud technology is a major enabler for community banking and credit unions, providing a cost-effective route to innovation and open banking – something that is considered essential for 94% of financial institutions worldwide.
“The momentum we are seeing in the market has been tremendous and 2021 has really shown us that the bold moves we are taking – both with Fusion Phoenix and as a company – are resonating with the market,” said John Weinkowitz, VP, Retail, Community Markets at Finastra. “We have made our cloud journey and open platform strategy a top priority at Finastra, and banks and credit unions understand the immediate and long-term benefits this will have for their ability to serve their customers. With Banking as a Service (BaaS.)) And embedded banking services set to make a notable impact on the industry over the next 12 months, Fusion Phoenix is configured to help financial institutions capitalize on this exciting development. “
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About Finastra
Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Backed by the broadest and most comprehensive portfolio of financial services software, Finastra delivers this vital technology to financial institutions of all sizes around the world, including 90 of the world’s top 100 banks. Our open architecture approach brings together a range of partners and innovators. Together, we lead the way in how financial services applications are written, deployed, and used to adapt to changing customer needs. Find out more at finastra.com
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