Tonik, an all-digital bank that was launched in the Philippines in 2021, will be deploying dedicated consultants through its partner Finastra Essence, a core banking software provider, to expand its suite of products and services.

“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,” said Greg Krasnov, CEO, Tonik. 

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Essence provides a unique combination of advanced technology with rich, broad, and deep banking functionality, developed with over four decades of experience helping banks in Asia and across the world. Digital to the core, 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.