New challenger revverbank picks Fusion for core banking capabilities
revverbank, a Manchester-based new bank for regional businesses and savers in the UK, has selected Fusion Essence in the cloud to power its end-to-end core banking capabilities. 
The solution will support revverbank as it launches its services to SMEs and retail savers in the UK, giving it maximum scalability and flexibility to grow its business.
Arpan Gautam, Founder & CEO of revverbank says: “We’re trying, in our own small way, to address one of the largest issues facing our economy by ensuring access to capital and resources for businesses to grow, invest and develop in the regions.”
“Our proposition will be underpinned by Microsoft’s Azure platform, which gives us comfort that our content is in secure hands,” he adds.
“As a new entrant in the UK business banking sector, revverbank has spotted an opportunity to harness digital technologies and a lower-cost operating model. This helps set it apart from more traditional banks by offering the type of services and speed of response that SMEs really want,” says Anand Subbaraman, general manager, retail banking at Finastra.
“For neobanks, the core business model is centred around their customers. By choosing Fusion Essence, powered by Microsoft Azure, revverbank demonstrates that they are focused on offering a first-class customer experience, delivering new services at speed and handling data in a secure and compliant way,” says Richard Peers, senior director of worldwide financial services at Microsoft.
Gautam finds Finastra’s Fusion Essence in the cloud solution will give them the ability to serve customers personally and efficiently, allowing revverbank to focus on regional lending relationships and great saving rates.
Finastra Essence and its cloud offering is a failed products. Many banks which opted for this solution never went live, or if it went live they are having all sort of troubles like incorrect balances, books not tallying etc and moved out of Essence or in the process of moving out. Anyone considering Essence offering should be careful