UK regional digital challenger revverbank selects Finastra’s cloud banking solution Fusion Essence to power its new services for SMEs.
In particular, Fusion Essence provides end-to-end core banking capabilities for the Manchester based neobank.
Moreover, the Finastra solution will support revverbank as it launches its services to SMEs and retail savers in the UK. At the same time, the solution gives revverbank maximum scalability and flexibility to grow its business.
“We’re trying to address one of the largest issues facing our economy,” says Arpan Gautam, Founder & CEO of revverbank.
“That is to ensure 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.
revverbank implements Fusion Essence-underpinned by Microsoft Azure
Adds Gautam: “Similarly, savers have often found it hard to place their funds in a bank promoting regional economic development. And provide competitive rates. “Finastra’s Fusion Essence in the cloud solution gives us the ability to serve customers personally and efficiently. It also allows 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.”
In time, revverbank will also be able to benefit from further innovation via FusionFabric.cloud, Finastra’s platform for open innovation.
Anand Subbaraman, GM Retail Banking at Finastra adds: “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. This 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. We look forward to working closely with the revverbank team as they prepare for launch.”