Financial software provider Finastra announced that US-based FinWise Bank has selected its Fusion Phoenix as new core banking solution to support its digital expansion.
FinWise Bank is a Utah state-chartered community bank and a fully owned subsidiary of bank holding company FinWise Bancorp.
It offers advanced lending solutions to small businesses and individuals, based on its financing relationships with fintechs, loan analytics technology, and a management team.
The bank will leverage the core capabilities of Fusion Phoenix to align its retail and business lending technology with its advanced fintech lending program.
With Fusion Phoenix as core banking solution, FinWise Bank aims to modernise its banking infrastructure and boost its banking business and adapt to the fast-moving market.
FinWise Bank EVP and chief operating officer Dawn Cannon said: “FinWise is a unique bank doing innovative things in the fintech space.
“We needed to find a core provider that could match our needs for flexibility and growth, as well as one that has the experience and stability we could put our trust in. We feel that Finastra is that provider.”
Finastra said that FinWise Bank needs a digital core banking solution powered by open APIs, the cloud, and microservices, to adapt with emerging technologies in the banking industry.
Its Fusion Phoenix solution will help FinWise Bank advance its fintech partnership lending programme to support new accounts while delivering customer service.
Fusion Phoenix offers the flexibility, increases efficiencies, and fully integrates customer data, allowing for more personalized campaigns and customer interactions, said Finastra.
Finastra universal banking chief revenue officer Keith Redding said: “Fusion Phoenix provides FinWise Bank the open architecture and flexibility it needs to achieve its exciting digital expansion.
“Our core solution’s open model creates results and extensibility today, while futureproofing technology and enabling future growth.
“FinWise’s innovative leadership team recognized that it needed the right partner to help scale the business for the future, and we’re pleased to work with them as they deliver their successful banking model across the United States.”