Tonik Strengthens Finastra Partnership as It Surpasses 1 Million Users

Philippines’ digital bank Tonik announced that it has renewed its partnership with financial services software and cloud solutions provider Finastra.

Through this partnership, Finastra’s Essence core banking platform will continue to power Tonik’s end-to-end banking operations.

Essence is cloud-enabled and delivers next-generation, comprehensive retail and commercial banking capabilities, both conventional and Islamic.

The solution delivers an omnichannel experience with all essential components pre-integrated, leading to a lower cost of ownership and reduced operational risk.

Finastra will also deploy dedicated consultants to help Tonik develop and launch new products and services.

Greg Krasnov

Greg Krasnov, CEO of Tonik said,

“From the start, Essence’s open architecture and sophisticated functionality have given us the flexibility to build the right technology stack for our needs – whether that was launching the bank on time and on budget or fueling our rapid growth – as well as the agility to develop revolutionary new products and bring them to market quickly.

This has been key to our success, helping us reach one million customers in less than three years, and with new dedicated resources from Finastra we will be able to accelerate our innovation even further.”

John Guest

John Guest, Managing Director, APAC, Universal Banking, Finastra said,

“Tonik’s remarkable success shows what can be achieved with truly innovative thinking, backed by the right technology, and we are proud of the contribution our partnership and open platform have made.

As well as being grateful for Tonik’s continued confidence in us and our technology, we are excited to help the bank bring cutting-edge digital banking and financial inclusion to even more people in the Philippines.”