Germany-based Banking Industry Architecture Network (BIAN), a non- profit standards organization has announced the launch of its ‘Coreless Bank’ initiative. The initiative is expected to provide banks with a platform for collaborating with software vendors to develop regulatory-compliant and compatible banking infrastructure based on BIAN micro-services.

Steve Van Wyk, Chairman of the BIAN Board, said, “In an open banking world, technology is making it incredibly difficult and costly to innovate at the speeds required to fulfill customers’ needs. Migrating away from legacy technology is a big challenge. With BIAN’s Coreless Bank initiative, however, BIAN will help banks overcome these obstacles.”

According to the organization, the initiative aims to fuel modernization of banking software, adoption of new business services and aims to solve legacy core infrastructure issues for the development of relevant services for customers. The Coreless Banking platform permits functions including plug and play functionality, bank consumable API interface for the orchestration of BIAN APIs and cross-domain orchestration for reduction of network traffic.

Ian Gillard, Executive Vice President, Bangkok Bank said, “Consumer expectations are changing, new business models are shaking up the status quo, and it is becoming harder and costlier to update our technology systems in such a dynamic environment. We’re proud to be part of BIAN’s Coreless Banking Initiative and the broader community that is leading this industry development.”

The association has seen the support of 11 of its members at a pilot stage including PNC, Citi, Wells Fargo, JP Morgan Chase, Bangkok Bank, CIBC, IBM, Technisys, Infosys, Finxact and Zafin. The Coreless Banking initiative will be unveiled at SIBOS on the 25th of September.

Al Karim Somji, CEO of Zafin, said, ” It requires a commitment to open banking, investment, and collaboration between banks, vendors, and BIAN. We are excited to be playing a role in BIAN’s initiative and are committed to making Coreless Banking a reality for our clients working within the BIAN ecosystem.”

Established in 2008, the Banking Industry Architecture Network (BIAN) is an independent, member-owned, not-for-profit association, designed to build and promote a common architectural framework for banking interoperability issues. BIAN’s goal is to define operability and semantic definitions for IT services in the banking industry.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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