British Caribbean Bank Limited (BCB) has selected Finastra Essence, deployed on Microsoft Azure cloud, to modernise its core and transform its back-office operations. According to the official press release, the move is aimed at enabling 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. The announcement continues to state that 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. Officials from the British Caribbean Bank noted that Finastra Essence empowers the bank by positioning its team to deliver both an enhanced customer experience and innovative products, all while being agile.

By modernising its core, the bank is able to benefit from a simplified back-office, reducing costs and increasing productivity. Essence, a cloud-first, next-generation banking solution that combines functionality and technology to increase enterprise agility. Its deep retail and commercial banking functionality seeks to enable financial institutions around the world to adapt to local needs while deploying market-leading products and services.

About Finastra Finastra is a global provider of financial software applications and marketplaces, and launched an open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes with software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as Embedded Finance and BaaS. .