Finastra recently announced that The Belize Bank Limited, one of Belize’s largest banks, providing personal, corporate and corporate banking services, has successfully migrated the operations of Scotiabank (Belize) Limited to the platform. main bank Fusion Essence following an acquisition facilitated by its parent company. company, Caribbean Investments Holdings Limited (CIHL).
After migrating its legacy core to Fusion Essence in 2017, Belize Bank expanded its collaboration with Finastra to bring Scotiabank (Belize) to the next-generation core banking solution.
“Fusion Essence provides a visionary solution for a visionary bank,” said Jose Cardona, Chief Information Officer, Belize Bank. “Our transformation required a platform that would allow us to expand our presence both locally in Belize and in the wider region. Fusion Essence provides this platform; this allows us to quickly launch products on the market.
Belize Bank chose Finastra’s Fusion Essence core banking solution to modernize its banking infrastructure and reinvent its business with cutting-edge capabilities and a renewed focus on customer experience. To grow in a market dominated by a small group of banks and to counter the financial impact of COVID-19 on the Belizean economy, the bank saw opportunities to increase operational efficiency, develop innovative mobile banking services and grow its business through acquisitions.
“Fusion Essence has given Belize Bank the flexibility and agility to expand to accommodate planned acquisitions,” said Narendra Mistry, Chief Product Officer, Universal Banking at Finastra. “When we first started working with the bank, our joint success depended on a solid 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 to the platform, which enabled a seamless transition in an aggressive time frame of less than 12 months.