London-based fintech services provider Finastra announced that its Fusion Essence has been selected by Gravity, a new bank seeking authorisation to serve SMEs with lending, credit card and deposit services.
Cloud-based solution Fusion Essence, will support Gravity to drive efficiency through loan and deposit book automation.
According to Finastra, its Fusion Essence was selected due to its open and digital end-to-end capabilities. It claims that the solution can support Gravity’s ambitions as it is prepared to launch its services.
Gravity chairman Tim Brooke said: “Small businesses in the UK continue to struggle when it comes to choosing a bank that can support their needs. Traditional banks are failing to keep up with the agility these firms require and instead restrict their access to capital, stifle them with bureaucracy, and provide little or no support.
“By partnering with Fusion Essence in the cloud we will bring to market an agile, customer-oriented service that will make business banking fairer and simpler. We believe that Finastra is the trusted provider we need to support our ambitious plans for growth.”
Fusion Essence is built on Microsoft’s Azure cloud platform
Built on Microsoft’s Azure cloud platform, Fusion Essence is flexible and secure. It is expected to help Gravity in growing its business at scale, diversifying its product offerings with ease, and benefit from exhaustive software updates. Further down the line, integration with FusionFabric.cloud will give the bank access to a collaborative platform for open innovation.
Finastra retail banking general manager Anand Subbaraman said: “An aspiring new entrant in the UK business banking sector, Gravity recognized from the start of its journey that a digital, cloud-first approach was essential to its success.
“With the cloud’s lower-cost operating model and speed of deployment, Gravity will be able to immediately benefit from Fusion Essence and differentiate its services from traditional banks. The cloud-based solution has been built to serve the unique needs of this market, enabling the bank to focus on more strategic growth and achieve timely return on investment.
“We are excited to be working alongside Microsoft with yet another aspiring UK bank, and look forward to supporting Gravity as it launches in the coming months.”
Last month, Manchester-based revverbank had selected Finastra’s Fusion Essence to power its end-to-end core banking capabilities. The solution is expected to support the new bank as it launches its services to SMEs and retail savers in the UK.
