5 Core Banking suppliers to watch out for in Europe
By Joy Dumasia
The Core Banking system is the software used to support a bank’s most common transactions. It’s the behind-the-scenes engine that processes customer data, daily banking transactions, deposits, payments, loans, and posts updates to accounts and other financial records. Core Banking solutions rely on computer and Internet technology to deliver the kind of financial service experience today’s customer’s want. Core Banking technology allows a bank to centralize its record-keeping and allows customers to access their information and stay connected using their computer or mobile device 24/7.
CORE is an acronym for “Centralized Online Real-time Exchange”; thus, the bank’s branches can access applications from centralized data centres. Other than retail banking customers, Core Banking is now also being extended to address the requirements of corporate clients and provide a comprehensive banking solution. Core Banking software also helps the overall operation of a bank. It gives all bank employees a standardized process for receiving customer information, posting transactions, and making changes to an account.
Core Banking always brings down operational costs considerably, ensuring lesser staffing requirements for execution. It also enables greater accountability of the customers. The benefits of Core Banking systems are multi-faceted, keeping pace with the fast-evolving market, simplifying banking processes and making it more convenient for the customers, and expanding the outreach of the banks to remote places.
The following are 5 Core Banking suppliers to watch out for in Europe:
Combining technological innovation and FX market expertise, iBanFirst is reinventing the multicurrency payment experience. Offering the clients all they deserve, from simple, transparent transactions, that move beyond banking borders to daily support from the expert team.
IBS Intelligence reported that iBanFirst is further enhancing its services with the rollout of new open-banking capabilities in its ambition to become the European leader in B2B cross-border payments. The iBanFirst Open Banking Barometer evaluates the open banking coverage across Europe for SMEs. This tool will provide a country-by-country effective measurement of the availability of both account aggregation and payment initiation.
Mambu started with the ambition to bring banking and financial services technology into the digital-first world and to make it accessible for all. Mambu began servicing microfinance institutions and FinTech startups; within two years, the engine was adopted by 100 microfinance organizations in 26 countries worldwide.
Recently, IBS Intelligence reported that Mambu, the market-leading cloud-native SaaS banking platform, combined with Rich Data Corporation’s (RDC) cutting edge AI-powered decisioning SaaS platform, is set to enable innovative credit solutions in the local financial services sector.
Ohpen aims to give financial institutions limitless freedom to exceed customer expectations by creating the best cloud-native SaaS Core Banking platform in the world. Ohpen has been active for 10 years and has changed banking and FinTech by bringing a bank fully to the cloud.
IBS Intelligence reported that FinTech Ohpen had announced the appointment of Jerry Mulle as its new UK Managing Director. In this role, Jerry will be dedicated to bringing Ohpen’s serverless, microservices-based solutions to all types of UK financial institutions, from lenders and building societies to pension providers. He joins a growing team of senior executives, with his hire coming shortly after Xandra Niehe as Chief People & Culture Officer (CPCO).
Sopra Banking Software design tech solutions for financial institutions worldwide to provide services accessible to everyone, everywhere, anytime. The mission is to contribute to the financial world of tomorrow, helping banks to navigate challenging and changing times by guiding them through their digital transformation with solutions and a strong commitment to collaboration.
Recently, IBS Intelligence reported that Cake and Sopra Banking Software (SBS) announced that Cake for Banks Solution will now be available for SBS European Customers through Marketplace. Belgian banking app, Cake, allows consumers to manage accounts from different banks in an intuitive way through a single bank-independent app.
TietoEVRY creates a digital advantage for businesses and society, are a leading digital services and software company with a local presence and global capabilities. Headquartered in Finland, TietoEVRY employs around 24 000 experts globally. The company serves thousands of enterprise and public sector customers in more than 90 countries.
IBS Intelligence reported that Nordea had appointed TietoEVRY as the bank’s provider of a complete set of payment card production and personalization services in Finland, Sweden, and Norway. The long-term agreement benefits the bank’s customers with quicker access to new card features provided by TietoEVRY.
ALSO READ: Global Core Banking Vendors & Landscape Report Q3 2021
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