Central State Bank goes live on Finastra’s Fusion Phoenix core
Central State Bank, serving the Iowa City-Cedar Rapids Corridor and Northeast Iowa, has upgraded their Finastra core to the latest Fusion Phoenix offering.
“With Fusion Phoenix, the bank will enjoy seamless integration with its other Finastra-provided banking solutions, which include Fusion CreditQuest, Fusion LaserPro, and Fusion Digital Banking,” it notes in a statement.
“We chose Finastra’s Fusion Phoenix core, in part because we recognise the value of having a fully integrated, cohesively designed suite of banking products,” says Neil Havlik, executive vice president and chief financial officer (CFO) at Central State Bank.
“With a suite of best-in-class solutions provided and maintained by Finastra, we will realise increased efficiencies that will ultimately benefit our customers.”
The Fusion Phoenix core operating system’s aims to have a tight integration with the bank’s other technologies for digital banking and lending. This means Central State Bank will gain a holistic view into customer data to serve their retail and commercial banking customers more effectively.
All crucial functions, from general ledger to contact history, will be accessible from a single database, eliminating the need for complex data transfers from one system to another.
The open core will also allow the bank to expand its market in the commercial sector with enhanced offerings such as cash management, business banking and commercial lending, while hosting in the Azure cloud will deliver enhanced agility and speed for rapid innovation.
“Finastra was honoured that Central State Bank selected Fusion Phoenix for its core upgrade,” says Chris Zingo, SVP and GM of Americas field operations, Finastra.
“We’ve developed a deep relationship over the years, with a number of Finastra solutions providing value from our transformational banking proposition. Working closely with the bank, we were able to bring them live on Fusion Phoenix quickly and without disruption to their banking operations.”
Fusion Phoenix is a modern core, built entirely on Microsoft technology. As new technologies emerge, Fusion Phoenix can integrate them with its open application programming interface (API) architecture.
This allows financial institutions to take advantage of trends and opportunities quickly and efficiently.
“Through its Remote Engagement Model, Finastra was able to work remotely to ensure a seamless and successful go-live for the bank, despite challenges presented by the COVID-19 pandemic,” it notes in the statement.