Intelligent CIO North America Issue 8 - Page 69

INTELLIGENT BRANDS // Green Technology

Climate First Bank selects Finastra software to deliver values-based banking

Climate First Bank ( In Organization ), the US ’ s first climate-focused bank , has selected a complete suite of banking software from Finastra .

Using Finastra ’ s Fusion Phoenix core banking system , Fusion Digital Banking , Total Lending and other solutions for payments , analytics and more , the de novo bank will be prepared to launch as a full-service community bank in the spring of 2021 .
Initially servicing the Tampa / St . Petersburg region , Climate First Bank will not only provide world-class , traditional banking services to its customers but will invest in the future by offering climate-focused programs , including a solar loan option . The bank ’ s mission is to elevate the typical banking model by supporting local communities , encouraging green infrastructure and promoting sustainable business practices .
Carbon neutral from the day it opens , the bank ’ s programs will drawdown levels of atmospheric CO 2 to reverse the existential climate crisis that threatens our planet and our lives . By fulfilling a growing demand for more socially responsible institutions , Climate First Bank will expand to become the largest and most profitable ecoconscious and values-based institution in the Southeastern US .
“ As a de novo bank committed to fighting the global climate crisis , it is imperative that we not only work with the best providers for our needs , but that their vision aligns with and supports our mission ,” said Ken LaRoe , Chairman and CEO , Climate First Bank ( I / O ).
“ With Finastra , we found a vendor that delivers on both fronts . We evaluate our vendors through an ESG ( Environmental , Social and Governance ) lens and Finastra stood out for its clear and tangible commitment to redefining finance for good . Its open platform approach and cloud delivery model – which is among the greenest means of technology consumption – ensures we will remain at the forefront of technology as we carry out our mission .”
In addition to the value of Finastra ’ s complete suite of banking solutions and strong CSR program that aligns with Climate First ’ s corporate mission and values , Finastra ’ s strategy and commitment to Open Finance was an important factor in the bank ’ s decision process .
It is vital that the bank has the agility and flexibility to work with fintechs that enhance its ecosystem of customer-facing solutions . Finastra ’ s FusionFabric . cloud developer platform and marketplace for financial solutions , as well as the Fusion Phoenix core banking system , are built entirely on Microsoft technology with a progressive open API architecture , which fits well with the bank ’ s vision .
As a result , the bank will be able to continue to evolve its product offering , leveraging third-party fintechs that meet the bank ’ s needs . Climate First has already selected the Allied Bill Payment app from Allied Payment Network , a third-party provider of real-time bill payment , which is available through the FusionFabric . cloud store and integrates seamlessly with Fusion Digital Banking .
Chris Zingo , SVP and GM of Americas Field Operations , Finastra , said : “ At Finastra , we are striving to redefine finance for good . As an established fintech , we recognize the responsibility to minimize impact on the environment and to reduce emissions in the financial services sector .
“ Through the digitization of banking processes or the digitalization of financial services , our solutions can aid the reduction of employee travel , paper consumption or energy and we are committed to reducing emissions within our sector , in collaboration with our customers and partners .” p
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