XYB partners with IBM to modernise core banking systems

By Gloria Methri

XYB, the coreless banking platform business, has announced its plans to help banks modernise their core systems. XYB is working with IBM to provide technologies and consulting expertise that can help financial services organisations address the growing requirements for core modernisation initiatives.

XYB, working with IBM Consulting, provides a componentised core banking platform on IBM Cloud for Financial Services, an industry-specific platform designed to accelerate financial institutions’ digital transformations with security at the forefront.

XYB’s componentised core banking platform is built on a cloud-agnostic foundation with independently deployable components. This architecture aims to allow banks to modernise their existing systems or launch new propositions with minimal risk and cost.

IBM Cloud for Financial Services aims to help reduce risk throughout the supply chain by addressing resiliency, performance, and security for financial institutions. It is also designed to help clients as they work to meet their regulatory compliance obligations. Leveraging the resiliency of IBM Cloud for Financial Services, the XYB platform is load-tested to exceed peak volumes that tier 1 banks with millions of customers and transactions experience.

XYB’s core banking platform is designed to mirror a bank’s existing tech stack and switch in and out during system downtimes, helping to enable uninterrupted service for customers.

Derek Joyce, CEO of XYB, said, “We are thrilled to announce this relationship, which enables us to focus on advancing our platform to stay ahead of the market while working with IBM, a strong global innovator, to deliver our solutions to meet the needs of banks. With our core banking platform on IBM Cloud for Financial Services, we can help financial institutions enhance their operational resilience and system capacities. Our goal is to drive innovation and set new standards in the financial services industry.”

With IBM’s enterprise cloud platform designed for regulated industries, enterprises across financial services, healthcare, telecommunications, government, and more can manage mission-critical workloads while prioritising resiliency, performance, security and regulatory compliance.