Finastra has launched its new cloud-based banking platform Fusion Phoenix and two banks have already signed up

Commerce National Bank & Trust and Commencement Bank have become the first US banks to access Finastra’s new cloud-based core banking platform Fusion Phoenix.

“Bringing core banking to the cloud in the United States marks an important milestone in core delivery,” said Vincent Pugliese, senior vice president and general manager, US retail and lending  at Finastra.

“Now, new and existing customers of our open, modern core can choose to access it via Microsoft’s enterprise-ready, trusted Azure cloud platform, for faster access to innovation, transformation at scale, and accelerated time to market. Institutions can consume rather than own and run core applications, freeing up IT resources to focus on competitiveness and growth. They can also access enhanced capabilities to mine data for meaningful insight and scale services to keep pace with bank and evolving technology needs.”

Pat Sideman, vice president and deposit operations officer at Commerce National Bank & Trust believed the new solution would enable the lender to move away from sluggish legacy systems and to use Fusion Pheonix would enable it to “easily integrate new solutions and cutting-edge capabilities – developed internally or externally – into our core.”

Finastra selected Azure as the platform to provide its cloud-hosted solutions, which already include Finastra’s Fusion MortgagebotLOS, Fusion uOpen, Fusion Global PAYplus, Fusion Essence and

“The future of banking technology is in the cloud,” said Bill Borden, corporate vice president of Worldwide Financial Services at Microsoft Corp. “As financial institutions push to digitally transform their businesses to successfully compete, the cloud is unlocking and accelerating new opportunities to optimize operations, empower employees, transform products, and deliver the differentiated customer experiences that drive competitive advantage.”

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