New UK regional “neobank” to implement Fusion Essence in the cloud to power end-to-end digital banking
Finastra announced today that revverbank, a Manchester-based new bank for regional businesses and savers in the UK, has selected Fusion Essence in the cloud to power its end-to-end core banking capabilities. The solution will support revverbank as it launches its services to SMEs and retail savers in the UK, giving it maximum scalability and flexibility to grow its business.
Arpan Gautam, Founder & CEO of revverbank said, “We’re trying, in our own small way, to address one of the largest issues facing our economy by ensuring access to capital and resources for businesses to grow, invest and develop in the regions. SME businesses in the UK regions have historically struggled to find a lender amongst the traditional banks that can meet all their needs in terms of agility, speed of decision making and product relevance. Similarly, savers have often found it hard to place their funds in a bank which promotes regional economic development and provides competitive rates. Finastra’s Fusion Essence in the cloud solution will give us the ability to serve customers personally and efficiently, allowing us to focus on regional lending relationships and great saving rates. Our proposition will be underpinned by Microsoft’s Azure platform, which gives us comfort that our content is in secure hands.”
revverbank values the modern, open and digital end-to-end capabilities and scalability of the Finastra solution, and the benefits of the Microsoft Azure trusted and secure cloud platform. Finastra’s approach means the solution is highly scalable, allowing the bank to benefit from a low cost of entry, ease and speed of deployment, and the ability to increase business volumes and diversify its product set cost-effectively, while also benefiting from ongoing software updates. In time, revverbank will also be able to benefit from further innovation via FusionFabric.cloud, Finastra’s platform for open innovation.
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. 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.”
Richard Peers, Senior Director Worldwide Financial Services at Microsoft said, “For “neobanks”, the core business model is centered around their customers. By choosing Fusion Essence, powered by Microsoft Azure, revverbank demonstrates that they are focused on offering a first-class customer experience, delivering new services at speed and handling data in a secure and compliant way. We’re delighted to be joining Finastra in welcoming this first “neobank” on Fusion Essence core banking platform and look forward to many more.”