3 FinTechs transforming the European core banking space

By Megha Bhattacharya

Core Banking (centralised online real-time exchange) is a banking service provided by a group of networked bank branches where customers may access their bank account and perform basic transactions from any of the member branch offices. The core banking system helps banks modernise efficiently. With the current intensifying competition, a large number of next-generation banks are gaining the upper hand by selecting core banking systems, thus forcing incumbent banks to review their legacy systems.

Check out these three Core Banking suppliers in the European FinTech space –

• Temenos

Geneva-based Temenos offers core banking systems to retail, corporate, universal, private, treasury, fund administration, Islamic, microfinance and community banks.

Recently, Temenos announced that BlueShore Financial, a credit union in Canada, is digitally transforming with Temenos. Powered by Temenos Infinity, the leading omnichannel digital banking product, BlueShore will extend its ‘HighTech-HighTouch’ experience to clients by leveraging explainable artificial intelligence (XAI). The CU will replicate the in-branch experience of its Financial Spa Branch designed around client-centred amenities, personalized service and expert advice, across all channels and devices, from onboarding to servicing through to retention.

The company also announced that Australian bank MyLife MyFinance has gone live with its front-to-back digital banking platform delivered as Temenos SaaS. The bank will be leveraging the company’s Country Model Bank methodology to replace legacy systems, simplify processes and boost customer experience.

• Mambu

Berlin-based Software-as-a-Service provider, Mambu aims to provide a powerful alternative to the costs and complexity of traditional core banking systems or custom in-house solutions. The company aims to boost investments and lending and helps clients to successfully start up new business ventures, transform existing operations, launch new products and expand into new markets. The company provides financial institutions of all sizes with the agility to rapidly design, launch, service and scale their banking and lending portfolio.

Recently, Mambu announced that Tandem Bank has gone live on its SaaS banking platform with an aim to fully rebuild Tandem’s platform. The Bank will be able to benefit from full control on all its product services and improve their understanding of customer behaviour. According to Tandem, the collaboration will enable it to provide the digital-only bank’s demographic a more curated customer experience and create more agile operations when launching new products.

Today, the Berlin-based start-up services over 180 banks, fintechs, and telecom companies with over 33 million end-users. Mambu helps prominent companies like Santander, N26, and Orange to rapidly design, launch, and scale their digital-first banking and lending services.

• Finastra

Finastra provides legacy financial technology and legacy enterprise software globally to banks, community banks, credit unions and financial services providers.

Recently, Finastra announced that Mizrahi-Tehafot Bank, among the largest banks in Israel, has chosen its pre-packaged payments solution, Fusion Payments To Go. The solution enables small and medium-sized banks looking to implement domestic and cross-border payment services, with the ability to offer its customers frictionless and immediate payments, with reduced, fixed implementation cost.

FinTech Finastra was formed in late 2017 through the combination of D+H and Misys, after Vista Equity Partners acquired Misys in June 2012 and subsequently purchased D+H in 2017. Finastra has a range of pre-integrated solutions spanning retail banking, transaction banking, lending, and treasury and capital markets.

READ MORE: Core Banking Systems and Suppliers Report 2020 by IBS Intelligence