NEW YORK, June 15, 2020
As Sterling Federal Bank expands into commercial banking, it sought a one-stop shop with the flexibility to evolve with its business needs
NEW YORK, June 15, 2020 /PRNewswire/ -- Finastra announced that Sterling Federal Bank (Sterling, IL) has selected Finastra's Fusion Phoenix to support the bank as it expands its business from one focused primarily on consumer banking and mortgages to one with a strong presence in commercial banking. Fusion Phoenix, run from the Azure cloud, was chosen for its ability to evolve with the bank's needs, and integrate seamlessly with its existing loan technology from Finastra.
"As we looked to expand our business, we recognized a need to replace our core with one that better aligns with our business strategy," said Dean Ahlers, President & CEO, Sterling Federal Bank. "The Fusion Phoenix core has robust commercial banking capabilities, and the fact that it integrates with our existing lending solutions from Finastra was very appealing. From our point of view, using a single vendor not only means improved efficiencies, but also a stronger relationship with a vendor that understands our business. Finastra's open platform strategy also gave us the confidence that the system would adapt as our technology needs evolve."
Sterling Federal Bank already uses Finastra's Fusion Mortgagebot and Fusion LaserPro for consumer loan and mortgage origination, servicing and documentation. Fusion Phoenix will provide exceptional integration with these platforms, saving the bank over 50 hours of redundant data entry per month. Fusion Phoenix was also favored for its ability to service various loan types in a single system, as opposed to needing to use various systems with the current vendor. This means that bank staff only need to be proficient in a single system and will have all the information they need in one place.
Because it is built on Microsoft technology, Fusion Phoenix is an open core that works well with other solutions that banks may use - offered by both Finastra and other vendors. Sterling Federal Bank is evaluating a third-party solution from Monotto called Robosave, that is integrated with Finastra's solutions through the FusionFabric.cloud platform. "We take comfort in putting ourselves in a position to be flexible enough to do some of the things that bigger banks are able to do if we have a technology partner like Finastra," said Bo Mays, Chief Operating Officer, Sterling Federal Bank.
"Finastra knows that as a bank's business evolves, so too do its technology needs," said Chris Zingo, SVP and GM of Americas Field Operations, Finastra. "Where other cores are built on antiquated technology, closed to integrating with other solutions, and often standing in the way of innovation, Fusion Phoenix is built on a modern Microsoft technology stack, developed with openness and the ability to innovate at its heart. We're excited to support Sterling Federal Bank today as it enters the next phase in its business, and in whatever tomorrow brings to the bank."
This announcement builds on Fusion Phoenix's strong momentum in the past year, with multiple banks, including Seattle Bank and FNBT, selecting the core. Increasingly, banks realize the value of a comprehensive, dynamic core system that can future-proof a bank's business, rather than limit innovation.
Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world's top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers. Learn more at finastra.com
For further information please contact:
Public and Analyst Relations Lead
Global Head of PR
T +44 (0)20 3320 5892
4 Kingdom Street
London W2 6BD
North American headquarters
744 Primera Boulevard
Lake Mary, FL 32746