US banks debut cloud-based Finastra Phoenix platform
Two US-based banks have become the first to deploy Finastra’s Fusion Phoenix core banking solution in the cloud.
Florida-based Commerce National Bank & Trust and Washington-based Commencement Bank are accessing the Finastra platform via the public cloud.
Finastra uses Microsoft Azure as a host for its cloud-based solutions, which already include Finastra’s Fusion MortgagebotLOS, Fusion uOpen, Fusion Global PAYplus, Fusion Essence and FusionFabric.cloud.
Pat Sideman, president and deposit operations officer at Commerce National Bank & Trust, says that legacy core systems are often a “roadblock to innovation.”
He adds: “With an open core, using a platform approach, we can easily integrate new solutions and cutting-edge capabilities – developed internally or externally – into our core.”
For Vincent Pugliese, senior vice president and general manager for US retail and lending at Finastra, core banking in the cloud marks “an important milestone in core delivery.”
Institutions can “consume rather than own and run core applications”, he says, something that results in “freeing up IT resources” to focus on competitiveness and growth.
“They can also access enhanced capabilities to mine data for meaningful insight and scale services to keep pace with bank and evolving technology needs.”
The London and Toronto-headquartered vendor has experienced a go-live and a customer win so far this year, both in East Asia.
Guotai Junan International (GTJAI), a subsidiary of one of China’s largest investment banks, went live in Hong Kong with a derivatives system from Finastra earlier this month.
Philippines-based digital bank Tonik, the first of its kind in the country, signed for Fusion Essence in January.