Cache Valley Bank in front-to-back office tech revamp with Finastra
Cache Valley Bank, a community bank with $2.9 billion in assets serving Utah and Southern Idaho, USA, is modernising its front-to-back office technology with Finastra’s solutions.
Cache Valley Bank modernises front-to-back office tech with Finastra
The bank is already a long-standing customer of Finastra, running the legacy Sparak core banking system, FinTech Futures understands. The system resided with D+H Corporation, a North American banking, lending and payments technology provider. D+H was purchased by Vista Equity Partners in 2017 and subsequently merged with the PE firm’s other financial services tech companies to form Finastra.
Cache Valley Bank is now moving to the Phoenix core banking system – another long-standing core offering in the US, also previously part of D+H.
The bank is also implementing Finastra Digital Banking for consumer and business mobile banking and a suite of ancillary solutions. These include Fusion Analytics for business analytics, enterprise content management, item processing, and rapid wires.
As part of the bank’s migration to its new suite of services, it will gain access to Finastra’s fintech ecosystem, leveraging partners such as Glia, a digital automation platform for customer service.
Over time, the bank also plans to migrate all on-premises software to the cloud.
Mike Lemon, chief financial officer (CFO) at Cache Valley Bank, says the bank has been working with Finastra for more than two decades, using the vendor’s “innovative, thoughtful, and efficient solutions”.
He adds that it made sense to continue working with Finastra on the technology renovation initiative as the company offers “experience, stability, and access to innovation”.
