Sales League Table 2020 | Banking Technology Winners

Results Announced!

Stay up-to-date with the latest industry news and analysis.

Subscribe to BankTech Daily News today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

Core Banking Market Dynamics Report 2020

Global analysis of core banking system sales. Subscribe now

BIAN to launch Coreless Banking initiative with global banks

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.

Related IBS Intelligence Research

Related Posts

BNY Mellon to boost real estate fund administration services for Deka Immobilien

BNY Mellon announced today that Deka Immobilien has selected the former’s services for the provision of global fund administration coordination and oversight for its Special Purpose Vehicles (SPVs). BNY Mellon is expected to coordinate accounting data from the SPVs around the world in which Deka funds invest, review the data, translate it into the required […]

This post is only available to members.

Read More »

PPRO study shows younger generations leading the UK alternative payment method adoption

A new study by PPRO has revealed that younger generations are spearheading the adoption of alternative payment methods (APMs), including bank transfers and e-wallets. The study showed that 42% of the Millennials and 35% of the Generation Z respondents have either used the above-mentioned methods of payments before or are confident using them. UK consumers […]

This post is only available to members.

Read More »