UK-based financial technology firm Finastra has introduced a new fully integrated cloud-based retail solution, Fusion Essence.
Image: Finastra has introduced Fusion Essence cloud-based retail solution. Photo: courtesy of KROMKRATHOG / FreeDigitalPhotos.net.
Designed for the UK market, the core and digital solution is available to all banks in the country and can be deployed on Microsoft’s Azure enterprise-ready trusted cloud platform.
Fusion Essence will allow challenger banks to launch personalized offerings first and fast, enabling to maintain competitive edge.
Finastra retail banking general manager Anand Subbaraman said: “The launch of our first fully integrated cloud-based retail solution in the UK, operated by us – as opposed to licensed by us – is a significant step for Finastra.
“It reflects our progressive journey from a product-centric organization five or six years ago, to a solution and service driven Fintech company. Embracing a tailored retail banking solution in the cloud that gives challenger banks quick access to a comprehensive end-to-end technology offering provides them with the speed that is critical to their success.”
Fusion Essence cloud-based solution will help banks to simplify their IT operations with a pay-as-you-go subscription model
Fusion Essence will cover all UK core and digital banking requirements, including lending, digitally originated deposits, payments and regulatory reporting.
The solution can be fully integrated with third-party providers for credit reference checks, under AML and KYC processes and regulatory reporting.
Finastra said an accelerated onboarding approach supported by Fusion Essence in the cloud allows banks to drive rapid customer adoption and business growth once live.
KPMG has worked with Finastra and Microsoft in developing the solution.
Commenting on the need for building Fusion Essence, KPMG technology director Feargal de Burca said:“The sector is changing at pace and in order to stay ahead of customer expectations, banks need to be agile, efficient and creative.”
In 2017, Finastra was established by combining Misys and D+H. The firm offers financial services software, which can be used in retail banking, transaction banking, lending and treasury and capital markets.