British Caribbean Bank triggers core banking overhaul with Finastra

British Caribbean Bank is set for a core and operational overhaul as a result of its new partnership with UK-based financial software vendor Finastra. The bank, which provides international bank accounts, term deposits, loans and tourism-related development financing for the Turks and Caicos Islands, has opted for the vendor’s Fusion Essence solution to facilitate the growth of its digital ambitions.

Deployed on Microsoft Azure, the solution will be applied to the bank’s core and back-office operations as it attempts to reduce costs, increase productivity and refine its adherence to regulatory amendments through technology.

Fusion Essence comes equipped with open API connectivity to facilitate interactions with third-party partners and subsequent enhancements of the consumer experience.

Marcus Samuel, managing director at British Caribbean Bank, says the solution will enable the delivery of both “an enhanced customer experience and innovative products, all while being agile and quick to market as we grow”.

Siobhan Byron, EVP of universal banking at Finastra, adds that the partnership will connect the bank with “the resources and support it needs to grow, thrive, and adapt to an ever-evolving financial services landscape”. The deal signals the increasing proliferation of the vendor’s technology across the Americas, following its previous agreements with Mechanics Cooperative Bank, FinWise Bank, First Citizens Bank and Jefferson Bank in Texas, among others.