Financial software applications and marketplaces provider Finastra has been selected by Turks and Caicos-based financial institution British Caribbean Bank (BCB) to transform the latter’s core and back-office operations.

Through the partnership, British Caribbean Bank will leverage Finastra Essence, which is deployed on Microsoft Azure cloud, to modernise its core technology. It is expected to allow increased readiness for regulatory changes.

Besides, the implementation of Finastra Essence is said to position the Turks and Caicos-based financial institution for continued growth.

Essence is a cloud-first, next-generation banking solution that allows financial institutions to easily adapt to local requirements along with easily implementing products and services.

Finastra universal banking executive vice president Siobhan Byron said: “Finastra is pleased to see Essence growing in the Caribbean and across the Americas, as more financial institutions are seeking core solutions that support digital transformation through increased agility, the cloud, and connectivity to the financial ecosystem.

“Our continued and enhanced partnership with BCB and its affiliates provides the bank with the resources and support it needs to grow, thrive, and adapt to an ever-evolving financial services landscape.”

According to Finastra, the bank’s selection of Essence will deliver modern capabilities, open application programming interfaces (APIs), and cloud functionality, enhancing its competitiveness in the market and streamlining the payment regulatory changes in Turks and Caicos.

The solution’s robust, cloud-based technology along with Finastra’s broad and deep banking functionality, makes it easy and optimised for British Caribbean Bank to adapt quickly and efficiently.

It will also empower the bank with increased connectivity to third-party partners for a better customer experience, said Finastra.

Furthermore, the transformation of its core will help British Caribbean Bank to benefit from a simplified back-office by reducing costs and increasing productivity for its team.

British Caribbean Bank managing director Marcus Samuel said: “To transform our core and enhance our operations, we needed an innovative partner to provide the expertise and tech stack required to complete our modernisation journey.

“Finastra Essence helps us go above and beyond by positioning our team to deliver both an enhanced customer experience and innovative products, all while being agile and quick to market as we grow.”