Finastra’s Core Solution to Help Belize Bank Achieve Business Expansion Goals

Finastra recently announced that The Belize Bank Limited, one of the largest banks in Belize, providing retail, corporate and commercial banking services, “successfully migrated the business of Scotiabank (Belize) Limited onto the Fusion Essence core banking platform following an acquisition facilitated by its parent company, Caribbean Investments Holdings Limited (CIHL).”

After migrating its legacy core to Fusion Essence in 2017, Belize Bank has “extended its collaboration with Finastra to bring Scotiabank (Belize) onto the next-generation core banking solution.”

Jose Cardona, Chief Information Officer, Belize Bank, said:

“Fusion Essence provides a visionary solution for a visionary bank. Our transformation required a platform that would allow us to expand our presence both locally in Belize as well as in the wider region. Fusion Essence provides that platform; it enables us to launch products rapidly into the market.”

Belize Bank selected Finastra’s Fusion Essence core banking solution “to modernize its banking infrastructure and to reinvent its business with capabilities and a renewed focus on the customer experience.”

To grow in a market dominated by a small group of banks and to counteract the financial impact of COVID-19 on the Belizean economy, the bank “saw opportunities to boost operational efficiency, develop innovative mobile banking services and grow its business through acquisition.”

Narendra Mistry, Chief Product Officer, Universal Banking at Finastra, remarked:

“Fusion Essence offered Belize Bank the flexibility and agility needed to expand to accommodate planned acquisitions. When we first started working with the bank, our joint success was dependent on a robust implementation plan built on best practices to ensure a smooth transition to the new platform. These same principles enabled the migration of accounts and data associated with Scotiabank (Belize) Limited onto the platform, resulting in a seamless transition within an aggressive timeframe of under 12 months.”

As noted in the update, Finastra is “a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017.” It serves institutions of all sizes, “providing award-winning 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 Banking as a Service.”

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