Fusion Essence For Neobanks: Taking FinTech to a New Level

By CIOReview | Friday, August 16, 2019
Anand Subbaraman, General Manager

Anand Subbaraman, General Manager

New regional “neobank” to execute the Fusion Essence in the cloud to power end-to-end digital banking capabilities for seamless workings.

FREMONT, CA: Fusion Essence, a cloud-based end-to-end core banking service, is now empowering the Manchester-based neobank for regional businesses and savers in the UK. Finastra’s fusion essence will support the revverbank as it launches its services to SMEs and retail savers in the UK. The bank provides them maximum flexibility and scalability to expand their businesses. 

The financial institution Finastra provides solutions which are modern, digital, open, and possess end-to-end capabilities. The company caters to all customers from corporate, institutional, and retail in an era where the choices and responsibilities are ever-increasing. The scalability and the benefits of Microsoft Azure-trusted and secure cloud platform is the perfect match for revverbank. Anand Subbaraman, General Manager, Retail Banking at Finastra, said, “As a new entrant in the UK business banking sector, revverbank has spotted an opportunity to harness digital technologies and a lower-cost operating model. This helps set it apart from more traditional banks by offering the type of services and speed of response that SMEs really want.”

Finastra’s approach allows the bank to benefit from its low cost of entry, secure handling, and speed of deployment. The strategy also gives businesses the ability to increase volumes and diversify its product-set cost-effectively. All while benefitting from an ongoing software update. 

“Fusion Essence in the cloud is ideally suited to the needs of this market, which means revverbank can achieve a speedy return on investment and will be continuously supported by highly experienced teams at both Finastra and Microsoft. This is a breakthrough deal in the UK market for Finastra’s Retail Banking Cloud offering, and we look forward to working closely with the revverbank team as they prepare for launch,” adds Anand, while in the discussion.

Finastra was recognized as one of the Top 50 Most Promising FinTech Solutions Providers in 2018 by CIOReview Magazine. It will showcase that in due time, revverbank will be able to benefit from further innovation via FusionFabric. Cloud, the company’s platform for open innovation. For “neobanks,” it is vital to have a core business model centered on its customers. By choosing Fusion Essence, powered by Microsoft Azure, revverbank showcases its focus on offering first-class customer experience. The delivery of new services at speed and handling data in a secure and compliant method. The company is always one step ahead in the provision of agility, innovation, integration, and security to its customer.

Finastra also delivers flexible, organized software that enables the clients to upgrade existing systems through open interfaces gradually. The team at Finastra believes in long-lasting relationships, which is why the revverbank was chosen. The neobank's unique plan of action shares the fusion essence services as the bank launches its retail savers and SMEs in the UK.