Finastra has successfully migrated its Fusion Phoenix core banking system customers to Microsoft Azure, giving them access to the scalability, security and data capabilities of the cloud.
Finastra set out its plan to move Fusion Phoenix to the cloud in February 2020, with Florida-based Commerce National Bank & Trust and Washington state’s Commencement Bank becoming early adopters of the cloud-based version. Now, all Fusion Phoenix customers that opted for cloud delivery have been migrated to Azure. Finastra says that these organisations can “now consume – rather than own and run – core applications, freeing up IT resources to focus on competitiveness and growth”.
“Cloud technology is a big enabler for financial institutions, particularly smaller ones, as it provides a low-cost path for innovation and open banking, leveling the playing field for them to compete with the large banks and non-bank fintech,” said John Weinkowitz, vice president of retail and community markets at Finastra. “This initiative also enables Finastra to run large financial institutions on the Fusion Phoenix platform and will provide many other benefits to our existing customers, such as improved availability, security and system monitoring.”
Mark Nelson, executive vice president at Horicon Bank, a Fusion Phoenix user, echoed these sentiments: “The cloud is all about the scalability and the ability to access innovation much faster and much more cost effectively.”