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British Caribbean Bank partners with Finastra to revamp its core technology

This strategic alliance with Finastra streamlines BCB’s back-office operations, unlocking new efficiencies, reducing costs, and boosting team productivity.

  • Editorial Team
  • April 23, 2024
  • 2 minutes

Finastra, a global provider financial software applications and marketplaces, has announced its partnership with British Caribbean Bank Limited (BCB), a Turks and Caicos-based financial institution. BCB, has chosen Finastra Essence, powered by Microsoft Azure cloud, to revolutionise its core operations and back-office functions.

This strategic move not only ensures compliance readiness but also propels the bank towards sustained expansion. With Essence, BCB gains access to cutting-edge capabilities, open APIs, and cloud features necessary to remain competitive and simplify payment regulatory changes in Turks and Caicos. Leveraging the agility and scalability of cloud technology and Finastra’s banking features, BCB can now forge better and stronger connections for improved customer experience.

Marcus Samuel, Managing Director at British Caribbean Bank Limited, commented: “To transform our core and enhance our operations, we needed an innovative partner to provide the expertise and tech stack required to complete our modernisation journey. Finastra Essence helps us go above and beyond by positioning our team to deliver both an enhanced customer experience and innovative products, all while being agile and quick to market as we grow.”

Essence, renowned for its cloud-first approach and advanced functionalities, is gaining prominence across the Caribbean region. Its robust retail and commercial banking features empower financial institutions worldwide to swiftly adapt to local requirements while offering market-leading products and services.

Siobhan Byron, EVP, Universal Banking at Finastra, commented on the growing adoption of Essence: “Finastra is pleased to see Essence growing in the Caribbean and across the Americas, as more financial institutions are seeking core solutions that support digital transformation through increased agility, the cloud, and connectivity to the financial ecosystem. Our continued and enhanced partnership with BCB and its affiliates provides the bank with the resources and support it needs to grow, thrive, and adapt to an ever-evolving financial services landscape.”