4 Cloud-based Banking platforms driving transformation in Europe

By Gloria Methri

The banking industry is experiencing a significant shift driven by changing customer expectations, the rise of digital-only banks, and the entry of tech companies into the financial services sector. Banks have started embracing digital core banking platforms and cloud-based banking solutions to develop comprehensive roadmaps to thrive in this evolving landscape.

Cloud-based core banking solutions play a pivotal role in digital banking, offering scalability, flexibility, and cost-effectiveness. Such platforms enable banks to optimize their infrastructure, reduce operational costs, and enhance their agility. These cloud-based solutions provide a secure and compliant environment, ensuring data privacy and protection while facilitating seamless banking experiences for customers.

Let’s look at 4 cloud-based banking platforms that are helping banks achieve modernization in Europe:

• Advapay

Advapay is a provider of Core Banking platform Macrobank and Banking-as-a-Service solutions for Electronic Money Institutions, digital banks, e-wallets, and other FinTech companies offering payment services. Macrobank is a front-to-back banking software platform that comprises an engine, API, web and mobile front ends, and back end with all banking and payment functionalities in place. Besides the technical infrastructure, the company provides licensing and fintech consulting services, including assistance in building payment infrastructure.

• Bankifi

BankiFi’s technology transforms digital bank channels from fulfilling transactional roles for Small and Mid-sized Businesses (SMBs) to the place where they manage all business finances. With a suite of microservices ranging from Invoicing, Accounting and Payments to Collections, Cash Forecasting, Working Capital Optimisation and more, BankiFi’s Embedded Banking approach empowers banks to protect, acquire and engage SMBs by providing valued financial management workflows.

• Crassula

Crassula is a cloud-based banking platform that provides a technological core for financial institutions to build and launch their products. The platform helps companies create financial products, including online banks, payment systems, banking, PSP, and FX products. Crassula’s platform consists of 3 main offerings: Core Banking System, Crypto Banking System and PSP. Founded in 2017 by Daria Dubinina, Alex Novozhenov, and Vlad Nikolayev, the company has over 150 clients, including Paysend and Moniv.io.

• Fimple

Fimple’s cloud-native core banking platform is secure, flexible, and easy to use, helping banks and financial institutions deliver banking services quickly. Established in January 2022, Fimple is a product-focused company that addresses the problems of financial sector players by creating a cloud-based system that meets the new generation of technology and business needs. Using Fimple Transaction Composer, banks and FIs can develop/reconfigure products and services and offer them to their customers and FinTech partners.