Climate First Bank develops green banking with Finastra

By William Girling
Leading fintech Finastra has been selected by Climate First Bank as its tech partner for a new, full-service, eco-friendly community bank...

Based in the Tampa/St. Petersburg area in Florida, Climate First Bank (CFB) is positioning itself as “the only [bank founded] to fight climate change.” As such, it is committed to not only providing best-in-class banking services but also environmentally-conscious investment programmes and an “unrivalled solar loan option.”

Furthermore, CFB will be carbon neutral upon commencing operations, it will support local communities and promote ‘green infrastructure’. The bank hopes that by adhering to these values it can become the largest values-based institution in the US' southeast.

Finastra: Bringing flexibility, agility and shared goals

For its part, CFB’s new partner Finastra will be providing core, cloud-based banking systems via its Fusion Phoenix product, as well as Fusion Digital Banking, Total Lending, and more.

However, the company is more than just a tech supplier: Finastra shares a mutual interest in CSR initiatives that complement CFB’s goals. 

“At Finastra, we are striving to redefine finance for good. As an established fintech, we recognise the responsibility to minimise impact on the environment, and to reduce emissions in the financial services sector,” said Chris Zingo, SVP and GM of Americas Field Operations. 

“Through the digitisation of banking processes or the digitalisation 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.”

Finance against climate change

CFB is intended to launch in Spring 2021. Its focus on eco-friendly banking reflects similar developments taking place across other aspects of finance, such as payments solutions and investment.

Regarding the bank’s mission, Ken LaRoe, Chairman and CEO, also emphasised the need for close collaboration with partners highlighted by Zingo, “As a de novo (from new) 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.

“We evaluate our vendors through an ESG 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.”

Image: Climate First Bank's values (Source) 

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