Finastra has announced that British Caribbean Bank Limited (BCB), a Turks and Caicos-based financial institution offering international bank accounts and customised loan options, has selected Finastra Essence, deployed on Microsoft Azure cloud, to modernise its core and transform its back-office operations. The move enables increased readiness for regulatory changes and positions the bank for continued growth.
BCB’s selection of Essence provides the bank with the modern capabilities, open APIs, and cloud functionality needed to better compete in the market and simplify payment regulatory changes in Turks and Caicos.
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The core solution’s agile, cloud-based technology, combined with Finastra’s broad and deep banking functionality, makes it simple and streamlined for BCB to adapt quickly and efficiently, while also enabling increased connectivity to third-party partners for an enhanced customer experience.
Marcus Samuel, Managing Director at British Caribbean Bank Limited, said: “To transform our core and enhance our operations, we needed an innovative partner to provide the expertise and tech stack required to complete our modernisation journey. Finastra Essence helps us go above and beyond by positioning our team to deliver both an enhanced customer experience and innovative products, all while being agile and quick to market as we grow.”
The move delivers new efficiencies for BCB
By modernising its core, the bank can now benefit from a simplified back-office, reducing costs and increasing productivity for its team.
Essence, a cloud-first banking solution that combines sophisticated functionality and advanced technology to increase enterprise agility, is seeing an increased presence in the Caribbean. Its retail and commercial banking functionality enables financial institutions around the world to quickly adapt to local needs while rapidly deploying market-leading products and services.
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By GlobalDataSiobhan Byron, EVP, Universal Banking at Finastra, commented: “Finastra is pleased to see Essence growing in the Caribbean and across the Americas, as more financial institutions are seeking core solutions that support digital transformation through increased agility, the cloud, and connectivity to the financial ecosystem. Our continued and enhanced partnership with BCB and its affiliates provides the bank with the resources and support it needs to grow, thrive, and adapt to an ever-evolving financial services landscape.”
