Community banks see value migrating to Finastra's Fusion Phoenix modern, open core banking system

Among the migrations recently completed or underway, banks are already seeing material results

LAKE MARY, Fla., March 30, 2022 /PRNewswire/ -- Finastra announced that 27 community bank customers are working with Finastra to upgrade their legacy core banking solutions to Fusion Phoenix. This is in addition to 15 banks which went live last year.

Among the banks that have recently gone live on Fusion Phoenix is Deerwood Bank.

"When it came time to upgrade our core banking platform, we were pleased to continue our long-time, strategic partnership with Finastra by implementing Fusion Phoenix. They are ticking all the boxes," said Mark Hausauer, Chief Information Officer, Deerwood Bank.

Fusion Phoenix offers community banks and credit unions an open and modern core that can easily integrate with new technology via a progressive open API architecture, enabling financial institutions to take advantage of emerging trends and opportunities.

"Community banks recognize that, in order to remain competitive, they need a core than can adapt to rapidly evolving technology expectations as well as the bank's growth requirements," said John Weinkowitz, Global Head of Product Marketing, Universal Banking at Finastra. "Built on Microsoft technology, Fusion Phoenix's open APIs ensure it is fully adaptable to new emerging technologies and scalable to meet the bank's needs. Cloud delivery enables banks to consume – rather than own and run – core applications, freeing up IT resources to focus on competitiveness and growth."

Available in the cloud via Microsoft's Azure cloud platform, financial institutions have faster access to innovation, transformation at scale and accelerated time to market. Cloud technology is a significant enabler for community banks and credit unions, providing a low-cost path to innovation and open banking – something considered a must-have to 94% of financial institutions globally.

Additionally, Fusion Phoenix offers seamless connectivity to a suite of Finastra's best-of-breed solutions for digital enablement, lending, mortgage, payments, and more. Integration with Finastra's FusionFabric.cloud open developer platform provides access to a growing ecosystem of apps, to empower the institution to evolve beyond traditional banking business models and enhance their customers' experience.

For further information please contact:
Caroline Duff
Global Head of PR
T +44 (0)7917 613 586
E [email protected]

finastra.com

About Finastra

Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world's top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers. Learn more at finastra.com

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SOURCE Finastra