BKN301 Group adopted Finastra’s Essence core banking platform to modernize its digital banking infrastructure with a cloud-based solution, enabling the company to enhance its capabilities and operational efficiencies, and strengthen its position in the competitive Banking-as-a-Service (BaaS) market. This case study highlights the challenge, the implementation process, and the significant outcomes achieved through its collaboration with Finastra.

BKN301 Group, a London-based Banking-as-a-Service (BaaS) technology provider, offers the innovative BKN301 BaaS Orchestrator platform. This platform enables traditional banks, fintechs, neobanks, digital banks – including blockchain banking and token platforms – to integrate secure, scalable solutions, fostering growth and market expansion. Founded in 2021, the company has a strong presence in EMEA, showcasing its dedication to transforming global financial landscapes.

Finastra is a global provider of financial services software applications. With a strong presence in both established and emerging markets, Finastra is positioned as the core banking partner for institutions aiming to modernize and streamline operations, catering to retail, commercial, and universal banks as well as building societies, fintechs and digital startups. Its next-gen digital core banking platform Finastra

“In the landscape of international providers, our compass pointed firmly to Essence from Finastra for its inherent flexibility. The fact that Finastra has a solid history and reputation for driving fintech innovation across the globe was also a huge plus.” Stiven Muccioli, Founder & CEO, BKN301 Group

Essence uniquely combines rich, broad and deep banking functionality with advanced technology, to help financial institutions reimagine banking.

The platform supports multi-entity and multi-currency operations, across deposits, lending, and payments; and also ensures compliance with regulatory requirements across jurisdictions, making it suitable for globally diversified financial institutions. Essence is cloud-enabled and API-driven, allowing financial institutions to benefit from flexibility, scalability, operational resilience, and reduced infrastructure costs, and to innovate in areas such as product development and customer experience in an ecosystem driven world.

Project and Solution Overview

BKN301, a provider of BaaS technology and acquiring services for global markets, aimed to expand its digital financial solutions globally through a SaaS model. Their portfolio includes core banking, payment processing, digital wallets, card issuing, API decoupling, cross-border services, open banking, AI, and white-label solutions. They offer API-driven payment solutions such as digital wallets, cross borders, peer-to-peer transfers, credit card programs, and prepaid cards.

To support its ambitious growth plans across Europe, North Africa, the Middle East and globally, BKN301 was looking for a core banking platform capable of handling diverse banking practices and regulatory environments while integrating seamlessly with its existing BaaS ecosystem. After evaluating several options, BKN301 selected Finastra’s Essence cloud-based platform for its flexibility, innovative capabilities, and strong global reputation, ensuring a scalable and reliable solution for its international expansion.

The Challenge

Implementing Finastra’s Essence core banking platform helped BKN301 address the challenge of transitioning from its outdated homemade system to a modern, cloud-based solution within a highly competitive and fast-paced BaaS market. The new platform enabled seamless integration with existing systems while maintaining operational stability and security. Customizing the cloud-based platform’s APIs to meet specific requirements and conducting rigorous testing under tight timelines were managed effectively through meticulous planning and execution.

Implementation Process

As competition in the Banking-as-a-Service (BaaS) market intensified, BKN301 Group prioritized the rapid implementation of the Finastra Essence cloud-based core banking platform, ensuring stability, security, and reliability throughout the process. The swift deployment of Essence provided a significant competitive edge, enabling BKN301 to accelerate its market entry. Finastra played a pivotal role in this success, providing timely technical support and direct access to dedicated subject matter experts. This strong collaboration enabled BKN301 to transition from its outdated homemade system to the new core banking platform in just six months.

During this period, BKN301 configured the system, conducted rigorous testing, and seamlessly moved to production, culminating in the launch of a fully functional BaaS solution. The comprehensive implementation process also deepened BKN301’s expertise in leveraging the system from a customer-centric perspective.

BKN301’s strategic collaboration with Finastra effectively met its unique requirements. Finastra’s proactive engagement and tailored enhancements, along with its cloud-based architecture and extensive API connectivity, provided the ideal foundation for BKN301’s innovative BaaS and payment and white-label solutions.

Benefits Achieved

Federico Zanotti, Head of Core Payments, BKN301 Group, said: “The primary factor behind BKN301 Group’s choice of Finastra was the robust cloud API functionalities offered by Essence. These APIs are specifically tailored to our needs, providing a seamless integration framework that has significantly enhanced our operational efficiency. By utilizing these customized API solutions, we have achieved both flexibility and scalability, enabling us to quickly respond to evolving market demands. Over the past year, it has become evident that the capabilities of Essence’s APIs are integral to our long-term growth and success.

Finastra also ensures we remain current with a quarterly patching system, delivering critical bug fixes and feature updates informed by client feedback. For any issues, their efficient ticketing system connects us directly with product specialists who promptly address our concerns.

Our overall experience has been extremely positive, especially in terms of support. Finastra’s availability through traditional channels and additional options like mobile and WhatsApp for after-hours assistance ensures we receive exceptional service and quick responses whenever needed. This high level of support has been instrumental in fostering a smooth and reliable operational environment.”

Conclusion

BKN301’s journey to modernize its core banking infrastructure and expand its presence in the Banking-as-a-Service (BaaS) market has been a testament to its commitment to innovation and growth. By selecting Finastra’s Essence core banking platform, BKN301 successfully transitioned to a robust, cloud-based system that integrates seamlessly with its existing ecosystem, offering flexibility, scalability, and operational efficiency. Moreover, the strong partnership with Finastra and their exceptional support ensured a smooth transition to the new cloud-based core banking platform in a matter of months.

Today, BKN301 is well-positioned to compete globally, offering cutting-edge financial solutions tailored to the evolving needs of its customers. This successful collaboration with Finastra marks the beginning of a strategic partnership that will continue to drive innovation and enable BKN301’s future growth in the international BaaS arena.

Key Facts

Supplier: Finastra
Headquarters: London, UK
Client: BKN301
Solution Implemented: : Finastra Essence 2022.9
Timeline: 9 months with go-live in Feb 2023