5 Core banking platforms disrupting the banking ecosystem in India
By Gloria Mathias
Core banking refers to the central or core system that processes and manages a bank’s most fundamental and essential functions, such as deposit processing, lending operations, credit processing, account management, transaction processing, etc. It serves as the backbone of a bank’s operations, ensuring the seamless execution of key financial transactions.
In India, core banking platforms have played a pivotal role in revolutionising the banking landscape. These platforms leverage the latest technologies, employing cloud-based systems and open API architectures. This modernization facilitates seamless integration with diverse internal and external services, enhancing the overall operational efficiency of banks. This transformative shift marks a significant stride towards a more interconnected and technologically advanced banking ecosystem in the country.
Listed below are 5 core banking systems transforming the banking sector:
C-Edge is a joint venture between Tata Consultancy Services Ltd. (TCS) and the State Bank of India (SBI) to provide capability to Indian financial services and emerging markets. C-Edge has invented Comprehensive Core Banking Services on an outsourced Application Service Provider (ASP) model to enable banks to integrate all branches and have a single view of the bank for effective management and control. It combines IT services, networking, and core banking application infrastructure in a bundle, which helps to run your bank efficiently and cost-effectively.
Finacus Solutions’ core banking solution, FinCORE, is designed to redefine banking ecosystems and offer efficiency, security, and customer satisfaction. FinCORE supports various banking operations while being highly scalable and capable of managing large transaction volumes. Finacus Solutions’ core banking solution helps banks expand their reach, improve their functioning, reduce operational costs, and provide a single interface to control banking activities.
Infosys Finacle Core Banking is a universal banking solution that helps financial institutions with core banking, lending, digital engagement, payments, cash management, wealth management, treasury, analytics, AI, and blockchain requirements. Finacle Core Banking is offered by EdgeVerve Systems, a subsidiary of Infosys.
PureSoftware’s Arttha is a cloud-based, unified banking platform that offers core banking services for virtual banks. Arttha is an omni-channel, cloud-ready platform based on a completely modular and microservices architecture. It has been uniquely offering value propositions such as core banking for virtual banks, digital wallet and payment solutions, loan lifecycle management, merchant management, and agency banking.
TRUSTBANKCBS is a comprehensive, integrated, yet modular core banking solution that caters to all the needs of a modern banking and financial institution. TRUSTBANKCBS has helped BFSI organisations reduce costs and, in turn, improve the bottom line and stakeholder rewards. TrustBankCBS Core Banking Software’ offers the experience of serving BFSI for 20+ years, a footprint in 25+ countries, a strong global network of sales and service partners, an agile approach with flexibility in localization and customisation, licence purchase, as well as software as a service model, and 24 x 7 banking services with minimal capex and opex costs.
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