Banking Business Fintech News

Sterling Federal Bank Selects Fusion Phoenix as the Core to Carry it into the Future

Central State Bank goes live on Finastra's Fusion Phoenix core

As Sterling Federal Bank expands into commercial banking, it sought a one-stop shop with the flexibility to evolve with its business needs

Finastra announced that Sterling Federal Bank (Sterling, IL) has selected Finastra’s Fusion Phoenix to support the bank as it expands its business from one focused primarily on consumer banking and mortgages to one with a strong presence in commercial banking. Fusion Phoenix, run from the Azure cloud, was chosen for its ability to evolve with the bank’s needs, and integrate seamlessly with its existing loan technology from Finastra.

Read More: GlobalFintechSeries Interview with Erick Pinos, Ecosystem Lead at Ontology

“As we looked to expand our business, we recognized a need to replace our core with one that better aligns with our business strategy,” said Dean Ahlers, President & CEO, Sterling Federal Bank. “The Fusion Phoenix core has robust commercial banking capabilities, and the fact that it integrates with our existing lending solutions from Finastra was very appealing. From our point of view, using a single vendor not only means improved efficiencies, but also a stronger relationship with a vendor that understands our business. Finastra’s open platform strategy also gave us the confidence that the system would adapt as our technology needs evolve.”

Read More: GlobalFintechSeries Interview with Robin Gregg, CEO at RoadSync

Sterling Federal Bank already uses Finastra’s Fusion Mortgagebot and Fusion LaserPro for consumer loan and mortgage origination, servicing and documentation. Fusion Phoenix will provide exceptional integration with these platforms, saving the bank over 50 hours of redundant data entry per month. Fusion Phoenix was also favored for its ability to service various loan types in a single system, as opposed to needing to use various systems with the current vendor. This means that bank staff only need to be proficient in a single system and will have all the information they need in one place.

Read More: Healthfully and Paya Deliver Expanded Patient Care and Payments Through New Partnership

Related posts

Diginius Aligns with Payments Platform Adyen to Enhance Payment Solutions for Growing Brands

Fintech News Desk

Franklin Templeton Acquires Digital Wealth Leader AdvisorEngine

Credit Clear Unleashes Innovative Data-Driven Repayment Solution Powered by Sisense

Fintech News Desk