Climate First Bank Selects Finastra Software to Deliver Values-Based Banking

By AIT News Desk On Feb 8, 2021

Climate First Bank Appoints a Technology Partner That Shares Its Vision While Delivering an Open and Flexible Suite of Cloud-Based Solutions

Finastra announced that Climate First Bank, the nation’s first climate-focused bank, has selected a complete suite of banking software from Finastra. Using Finastra’s Fusion Phoenix core banking system, Fusion Digital Banking, Total Lending, and other solutions for payments, analytics and more, the de novo bank will be prepared to launch as a full-service community bank in Spring of 2021.

Initially servicing the Tampa/St. Petersburg region, Climate First Bank (I/O) will not only provide world-class, traditional banking services to its customers but will invest in the future by offering climate-focused programs, including an unrivaled solar loan option. The bank’s mission is to elevate the typical banking model by supporting local communities, encouraging green infrastructure and promoting sustainable business practices. Carbon neutral from the day it opens, the bank’s programs will Drawdown levels of atmospheric CO2 to reverse the existential climate crisis that threatens our planet and our lives. By fulfilling a growing demand for more socially responsible institutions, Climate First Bank (I/O) will expand to become the largest and most profitable eco-conscious and values-based institution in the Southeastern United States.

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“As a de novo bank committed to fighting the global climate crisis, it is imperative that we not only work with the best providers for our needs, but that their vision aligns with and supports our mission,” said Ken LaRoe, Chairman and CEO, Climate First Bank (I/O). “With Finastra, we found a vendor that delivers on both fronts. We evaluate our vendors through an ESG (Environmental, Social, and Governance) lens, and Finastra stood out for its clear and tangible commitment to redefining finance for good. Its open platform approach and cloud delivery model – which is among the greenest means of technology consumption – ensures we will remain at the forefront of technology as we carry out our mission.”

In addition to the value of Finastra’s complete suite of banking solutions and strong CSR program that aligns with Climate First’s corporate mission and values, Finastra’s strategy and commitment to Open Finance was an important factor in the bank’s decision process. It is vital that the bank has the agility and flexibility to work with fintechs that enhance its ecosystem of customer-facing solutions. Finastra’s FusionFabric.cloud developer platform and marketplace for financial solutions, as well as the Fusion Phoenix core banking system, are built entirely on Microsoft technology with a progressive open API architecture, which fits well with the bank’s vision. As a result, the bank will be able to continue to evolve its product offering, leveraging third-party fintechs that meet the bank’s needs. Climate First has already selected the Allied Bill Payment app from Allied Payment Network, a third-party provider of real-time bill payment, which is available through the FusionFabric.cloud store and integrates seamlessly with Fusion Digital Banking.

“Climate First’s mission to fight the global climate crisis is crucially important and Finastra is honored to work with the bank to further this important cause,” said Chris Zingo, SVP and GM of Americas Field Operations, Finastra. “At Finastra, we are striving to redefine finance for good. As an established fintech, we recognize the responsibility to minimize impact on the environment, and to reduce emissions in the financial services sector. Through the digitization of banking processes or the digitalization of financial services, our solutions can aid the reduction of employee travel, paper consumption or energy, and we are committed to reducing emissions within our sector, in collaboration with our customers and partners.”