Allied Banking Corporation migrates core banking operations to the cloud with Finastra

Allied continues 15 year relationship with Finastra, upgrading from Equation to Essence

HONG KONG, Jan. 17, 2024 /PRNewswire/ — Finastra has today announced that Allied Banking Corporation (Hong Kong) has successfully migrated its core banking operations to the cloud, at the same time upgrading from Finastra’s Equation core banking solution to its next-generation Essence solution. Allied Banking Corporation has also gone live with Finastra’s Retail Analytics solution to transform its reporting capabilities. The investment marks a major shift towards modern, future-proof technology that creates new potential for future growth whilst reducing costs and increasing efficiency.

“Finastra’s Equation core banking solution powered our business for 15 years, and whilst our needs were being met, we wanted to future-proof our operations and open the door for expansion into new products and services,” said, Lourdes A. Salazar, Chief Executive, Allied Banking Corporation. “Replacing our core system and migrating to the cloud at the same time was a significant decision, but Finastra worked closely with our team to enable a smooth transition for our customers. Acting boldly has enabled us to reap the benefits of a cloud-based SaaS model, letting us refocus our business teams towards customer management and growth activities whilst Finastra takes care of our technology.”

Finastra Essence – a next gen cloud-driven, API-first core banking system that combines rich, broad and deep banking functionality with advanced technology – provides customers with both comprehensive coverage of key banking products today and the agility to shape the future of banking tomorrow. Finastra Retail Analytics is an easy-to-use analytics system that enables the bank to generate operational, management and regulatory reports with historic data and trends analysis. It transformed the bank by automating and generating reports quickly and easily, with the ability to allow its internal and external auditors to view historic data and reports, without the need to print and maintain physical reports from the core banking system.

“We are delighted to help Allied Banking Corporation with their ongoing commitment to delivering a truly innovative banking experience. Transitioning their core banking operations to the cloud is the next step in this strategy,” said Siobhan Byron, EVP, Universal Banking, Finastra. “As banks seek to modernize their core banking systems, most either host on-prem or adopt a hybrid model. The success of this project proves that it is possible to not only move directly to the next gen systems on the cloud, gaining the efficiency, innovation and agility benefits that brings, but it is possible to do it while maintaining the highest levels of customer service. This has accelerated Allied’s digital transformation and we look forward to helping them become even more competitive in the future.”

About Finastra

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. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by over 8,000 institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com

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SOURCE Finastra