finova has delivered a core servicing system upgrade for Redwood Bank, marking the first milestone in a renewed technology roadmap between the two organisations. The upgrade supports Redwood’s transformation plans and will enable the launch of a new broker origination journey in the commercial real estate sector.
Redwood’s systems are now fully hosted on finova’s Azure-based cloud infrastructure, enhancing operational resilience, scalability, and security. The servicing uplift improves Redwood’s back-end capabilities and lays the groundwork for future front-end enhancements, including the adoption of finova’s Apprivo platform.
The upgrade also marks Redwood’s shift to finova’s iterative release model, allowing for smaller, more frequent improvements and reducing operational disruption compared to annual upgrade cycles. New functionality includes in-day general ledger (GL) processing, live data feeds to client data lakes and warehouses, faster overnight processing, and containerised architecture to support autoscaling.
Richard Marsh, chief operating officer at finova, said: “After years of collaboration, we’re excited to continue our partnership with Redwood, a company that consistently embraces innovation, and we’re pleased to have renewed our contracts for the next phase.
“With this latest servicing uplift, we’re further modernising Redwood’s systems and building in greater agility. By establishing an iterative release cycle, our hope is that the upgrade will deliver maximum business benefits with minimal disruption, enabling them to adopt Apprivo and open up new business lines.”
David Kennedy, chief operating officer at Redwood Bank, added: “We are delighted to continue our relationship with finova as our lead technology provider.
“We’re transforming our service experience utilising new solutions from finova that will deliver service benefits to our customers and brokers.
“The recent servicing upgrade facilitates our transformation strategy and allows us to make service improvements incrementally minimising disruption for our customers and managing the risk of change down for our ourselves.”
