Finastra and Belize Bank have extended their partnership under which the UK-based fintech company helped the latter in migrating the business of Scotiabank (Belize) onto its Fusion Essence core banking platform.

In April 2021, Scotiabank completed the sale of its banking operations in Belize to Caribbean Investments Holdings, which is the parent company of Belize Bank.

Belize Bank had moved its legacy core to the Fusion Essence platform in 2017. It has extended its partnership with Finastra to bring Scotiabank (Belize) as well to the core banking platform.

Belize Bank chief information officer Jose Cardona 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.”

Finastra said that Belize Bank chose its core banking solution for modernising its banking infrastructure and to transform its operations with advanced capabilities along with a renewed focus on the customer experience.

Finastra universal banking chief product officer Narendra Mistry said: “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.”

By enhancing its operational efficiency and by developing innovative mobile banking services, Belize Bank is expected to grow in a market that is dominated by a small group of banks as well as to counteract the financial effect of the Covid-19 pandemic on the Belizean economy, said Finastra.