Mechanics Cooperative Bank in core banking tech revamp with Finastra
Mechanics Cooperative Bank, a savings bank in the US state of Massachusetts, has selected a suite of front-to-back solutions from Finastra (formerly DH Corporation), including the Fusion Phoenix core banking system (formerly PhoenixEFE).
Finastra says its products will form the bank’s “new technology foundation”, creating a “single environment that is more easily managed in the back-office, providing greater workflow and interface efficiencies for the bank’s staff, and ultimately customers”.
Fusion Phoenix is based exclusively on Microsoft technology, which, the vendor points out, “will enable Mechanics Cooperative Bank to use commodity hardware, lowering the total cost of ownership, while also exposing the banking system to the many capabilities inherent to Microsoft technologies”.
Management consultancy firm The NBS Group assisted with system selection and will also be working with the bank and Finastra throughout the implementation.
“The banking core is the single most important technology investment a financial institution can make,” notes Tom Grottke, CEO of The NBS Group.
“By upgrading our core technology, we are making a statement to our customers and employees,” says Joseph T Baptista Jr, president and CEO, Mechanics Cooperative Bank. “This is an investment in our future.”