FinWise Bank selects Finastra's core solution to power its digital expansion

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Dec 21, 2022, 12:00 ET

Fusion Phoenix enables FinWise Bank to scale key business areas, increase efficiencies, and deliver a superior customer experience

LAKE MARY, Fla., Dec. 21, 2022 /PRNewswire/ -- Finastra today announced that FinWise Bank, an award-winning Utah-based community bank, has selected Fusion Phoenix as its new core banking solution. FinWise Bank, known for its strategic financing relationships with fintechs nationwide as well as being a top-25 SBA lender, will leverage its new core capabilities to better align its retail and business lending technology with its innovative fintech lending program.

"FinWise is a unique bank doing innovative things in the fintech space," said Dawn Cannon, EVP and Chief Operating Officer, FinWise Bank. "We needed to find a core provider that could match our needs for flexibility and growth, as well as one that has the experience and stability we could put our trust in. We feel that Finastra is that provider."

FinWise Bank selected Finastra's Fusion Phoenix core banking solution to modernize its banking infrastructure and to propel its banking business with leading-edge capabilities and a focus on adapting to a fast-moving market. Fusion Phoenix empowers the Bank to build upon its fintech partnership lending program, supporting new accounts on a national level while delivering superior customer service both locally and nationally.

With the banking industry rapidly evolving, FinWise Bank required a truly digital core solution with sophisticated banking functionality powered by open APIs, the cloud, and microservices, making it fully adaptable to new and emerging technologies. As the Bank continues to expand its digital footprint, Fusion Phoenix offers needed flexibility, increases efficiencies, and fully integrates customer data, allowing for more personalized campaigns and customer interactions.

"Fusion Phoenix provides FinWise Bank the open architecture and flexibility it needs to achieve its exciting digital expansion," said Keith Redding, Chief Revenue Officer, Universal Banking at Finastra. "Our core solution's open model creates results and extensibility today, while futureproofing technology and enabling future growth. FinWise's innovative leadership team recognized that it needed the right partner to help scale the business for the future, and we're pleased to work with them as they deliver their successful banking model across the United States."

About Finastra

Finastra is a global provider of financial software applications and marketplaces, and launched
the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions
of all sizes, providing award-winning software solutions and services across Lending, Payments,
Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world's top 100 banks.
For more information, visit finastra.com

About FinWise Bank

FinWise Bank is a Utah state-chartered bank and a wholly-owned subsidiary of FinWise Bancorp, a Utah bank holding company headquartered in Murray, Utah. FinWise leverages strategic relationships with third-party loan origination platforms, proprietary loan analytics technology, and its seasoned management team to efficiently deliver innovative lending solutions to small businesses and individuals. FinWise currently operates one full-service banking location in Sandy, Utah. For more information on FinWise Bank, visit www.finwise.bank

North American headquarters

744 Primera Boulevard
Suite 2000
Lake Mary, FL 32746
United States
T: +1 800 989 9009

SOURCE Finastra