Finastra signs 25 financial institutions to its Fusion Phoenix core banking platform in the past year
Finastra announced that it has signed 25 financial institutions to its Fusion Phoenix core banking platform during its 2021 fiscal year (ending May 31, 2021). These institutions include a mix of banks and credit unions that have selected the software for its ability to meet their unique needs with a flexible core that can easily scale and evolve. Among the new customers that have recently selected Fusion Phoenix are Peoples Credit Union, First National Bank of Manchester (KY), and Fowler State Bank.
“Financial institutions have long viewed legacy core technology as a hinderance to innovation,” said Stephen Greer, Senior Analyst, Celent. “They are realizing that an open, cloud-based core has the ability to actually facilitate innovation and eliminate the roadblocks and inefficiencies caused by lack of integration with other technology solutions used within the institution.”
Fusion Phoenix offers community banks and credit unions an open and modern core that can easily integrate with new technology via a progressive open API architecture, enabling financial institutions to take advantage of emerging trends and opportunities. Additionally, Fusion Phoenix offers seamless connectivity to a suite of Finastra’s best-of-breed solutions for digital enablement, lending, mortgage, payments, and more. Integration with Finastra’s FusionFabric.cloud open developer platform provides access to a growing ecosystem of apps, to empower the institution to evolve beyond traditional banking business models and enhance their customers’ experience.
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“We needed a core that could provide a foundation for innovation and scalability,” said Jordan Hensley, CEO, Peoples Credit Union. “With Fusion Phoenix, we are confident it will serve our current needs and grow with us for years to come. The way it’s built means that as new technology comes to the market, we will be able to take advantage of easier integration than with a legacy core that’s built on old technology. An open technology platform will keep us relevant and will even enable us to meet future expectations for Banking as a Service.”
Available in the public cloud via Microsoft’s Azure cloud platform, financial institutions have faster access to innovation, transformation at scale and accelerated time to market. Cloud technology is a significant enabler for community banks and credit unions, providing a low-cost path to innovation and open banking – something considered a must-have to 94% of financial institutions globally.
“The momentum we are seeing in the market has been tremendous, and 2021 has really shown us that the bold moves we are making—both with Fusion Phoenix and as an organization—are resonating with the market,” said John Weinkowitz, VP, Retail, Community Markets at Finastra. “We have made our journey to the cloud and our open platform strategy top priorities within Finastra, and banks and credit unions understand the immediate and long-term benefits this will have on their ability to serve their customers. With Banking as a Service (BaaS) and embedded banking services set to make a notable impact on the industry over the next 12 months, Fusion Phoenix is configured to help financial institutions take advantage of this exciting development.”
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