Allied continues 15 year relationship with Finastra, upgrading from
Finastra has today announced that Allied Banking Corporation (Hong Kong) has successfully migrated its core banking operations to the cloud, at the same time upgrading from Finastra’s Equation core bankingsolution to its next-generation Essence solution. Allied Banking Corporation has also gone live with Finastra’s Retail Analytics solution to transform its reporting capabilities. The investment marks a major shift towards modern, future-proof technology that createsnew potential for future growth whilst reducing costs and increasing efficiency.
“Finastra’s Equation core banking solution powered our business for 15 years, and whilst our needs were
being met, we wanted to future-proof our operations and open the door for expansion into new products
and services,” said, Lourdes A. Salazar, Chief Executive, Allied Banking Corporation. “Replacing our core
system and migrating to the cloud at the same time was a significant decision, but Finastra worked closely
with our team to enable a smooth transition for our customers. Acting boldly has enabled us to reap the
benefits of a cloud-based SaaS model, letting us refocus our business teams towards customer
management and growth activities whilst Finastra takes care of our technology.”
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Finastra Essence – a next gen cloud-driven, API-first core banking system that combines rich, broad and
deep banking functionality with advanced technology – provides customers with both comprehensive
coverage of key banking products today and the agility to shape the future of banking tomorrow. Finastra
Retail Analytics is an easy-to-use analytics system that enables the bank to generate operational,
management and regulatory reports with historic data and trends analysis. It transformed the bank by
automating and generating reports quickly and easily, with the ability to allow its internal and external
auditors to view historic data and reports, without the need to print and maintain physical reports from the
core banking system.
We are delighted to help Allied Banking Corporation with their ongoing commitment to delivering a truly
innovative banking experience. Transitioning their core banking operations to the cloud is the next step in
this strategy,” said Siobhan Byron, EVP, Universal Banking, Finastra. “As banks seek to modernize their
core banking systems, most either host on-prem or adopt a hybrid model. The success of this project
proves that it is possible to not only move directly to the next gen systems on the cloud, gaining the
efficiency, innovation and agility benefits that brings, but it is possible to do it while maintaining the highest
levels of customer service. This has accelerated Allied’s digital transformation and we look forward to
helping them become even more competitive in the future.”
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