ZB Financial Holdings (ZBFH), a Zimbabwe-based financial services group, has integrated Finastra Essence on cloud for its suite of digital services.
With this partnership, ZBFH aims to upgrade its core banking infrastructure while consolidating its operations and increasing automation, system availability, speed to market, and resource readiness to drive developments.
Financial inclusion for Zimbabwe
Finastra Essence is a cloud-based, next-gen core banking solution, combining broad functionality with advanced tech to increase productivity, reduce costs, and improve efficiency. Powered by an open microservices architecture and APIs, it enables institutions to deploy products and services faster. Additional services from Finastra include onboarding, online applications, integrated digital channels, a user-friendly digital wallet, and a payment gateway.
Finastra’s solutions support teller operations and simple access to new channels, which provide the group’s customers with a better online and mobile banking experience. Essence enables it to further contribute to Zimbabwe’s financial inclusion mission, as ZBFH will leverage modular architecture and an API-driven ecosystem to offer its clients a base for deploying applications like lending platforms or digital wallets.
Simplifying core integration and offering analytics and customer engagement solutions, fintechs can have their own offerings tailored for different demographics. The solution also assures compliance with local frameworks such as The Banking Act, and payment standards such as ISO 20022, PAPSS, and SADC-RTGS.
As the country has a fast-growing, digitally savvy, and environmentally conscious population, the demand for modern banking is increasing. ZBFH needed a scalable and secure core banking solution that optimises operational efficiency and omnichannel banking, while supporting its growth. Finastra was chosen for its customer-centric approach, as well as its reliability, as the companies have been working together for two decades. Its service ensures that the group can build stronger relationships with its customers while remaining future-proofed.
