FinWise Bank chose core banking provider Finastra in December to help update its infrastructure and enhance customer experience. 

Sandy, Utah-based FinWise aims to use the Fusion Phoenix core banking solution from London-based Finastra to expand its retail and lending business through Finastra’s cloud-based solution, Keith Redding, chief revenue officer of universal banking at Finastra, told Bank Automation News.

“FinWise needed to modernize its banking infrastructure in order to quickly adapt to emerging trends and customer expectations,” Redding said. “Although the bank is known for its innovative fintech lending program, it has an exciting opportunity to grow the retail and business lending side of its business.” 

The $380 million bank plans to introduce more client personalization as part of the partnership, by accessing “a complete view of their existing customer relationships, which will drive these more personalized campaigns,” he added. 

The partnership had been in the works for a year to build out the solution framework and business case, according to a Finastra release. The tech provider additionally logged several third-quarter wins in 2022, including: 

Financial institutions

• $2.9 billion, London-based HSBC selected Finastra’s FusionFabric.cloud to distribute HSBC’s FX services; 
• Visa chose Finastra’s payments hub solutions to produce a banking as a service and implement Visa Direct; and 
• Manchester, England-based The Co-operative Bank selected Finastra’s Kondor Cloud to upgrade reporting capabilities and enhance its treasury infrastructure. 

Fintech partnerships

• Singapore-based Silverlake Axis selected Finastra for trade solutions in southeast Asia; 
• Athens, Ga.-based FormFree integrated Finastra’s Mortgagebot into its AccountChek solution to simplify digital borrower verification for mortgage lenders; 
• Bengaluru, India-based Wipro Limited chose Finastra to help India’s corporate banks accelerate digital transformation; 
• Athens, Greece-based Uni Systems chose the tech provider to help provide European banks with personalized banking experiences for customers; and 
• Hong Kong-based ASL deployed Finastra’s Kondor treasury and capital markets solution in Hong Kong and Macau. 

Note: All dollar amounts are in USD 

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