Tonik extends core banking partnership with Finastra to accelerate growth

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Sep 26, 2023, 00:31 ET

Finastra and Tonik strengthen partnership to fast-track deployment of new products and services as digital bank surpasses 1 million customers

MANILA, Philippines and SINGAPORE, Sept. 26, 2023 /PRNewswire/ -- Finastra has today announced a new deal with Tonik, renewing its partnership to power Tonik's end-to-end core banking capabilities with Finastra Essence. As part of the renewal, Finastra will strengthen the partnership with the deployment of dedicated consultants to help accelerate Tonik's development and launching of new products and services.

Greg Krasnov, CEO, Tonik, said: "From the start, Essence's open architecture and sophisticated functionality have given us the flexibility to build the right technology stack for our needs – whether that was launching the bank on time and on budget or fueling our rapid growth – as well as the agility to develop revolutionary new products and bring them to market quickly. This has been key to our success, helping us reach one million customers in less than three years, and with new dedicated resources from Finastra we will be able to accelerate our innovation even further."

John Guest, Managing Director, APAC, Universal Banking, Finastra, said: "Tonik's remarkable success shows what can be achieved with truly innovative thinking, backed by the right technology, and we are proud of the contribution our partnership and open platform have made. As well as being grateful for Tonik's continued confidence in us and our technology, we are excited to help the bank bring cutting-edge digital banking and financial inclusion to even more people in the Philippines."

Essence provides a unique combination of advanced technology with rich, broad and deep banking functionality, developed with over four decades of experience helping banks in Asia and across the world. Digital to the core, Essence is cloud-enabled and delivers next-generation, comprehensive retail and commercial banking capabilities, both conventional and Islamic. The solution delivers an omnichannel experience with all essential components pre-integrated, leading to a lower cost of ownership and reduced operational risk.

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 over 8,000 institutions, including 45 of the world's top 50 banks. For more information, visit finastra.com

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SOURCE Finastra