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5 NextGen Core Banking platforms driving transformation in Europe

By Gloria Methri

July 21, 2023

  • API Banking
  • Embedded Finance
  • Europe
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Core BankingThe banking industry has witnessed significant transformations in past years, driven by advancements in technology and changing consumer expectations. Next generation core banking solutions are designed to meet these changing demands and provide banks with the agility and flexibility required to thrive in today’s fast-paced environment.

Such platforms use API integration, giving unparalleled levels of control and real-time access to data and information. It enables banks and financial institutions to respond to changes in the market, customer demands, and regulatory requirements and innovate/modify their product in speed to market time.

Here are five NextGen core banking platforms offering cloud-native solutions in Europe.

Oradian is a new-age core banking provider, offering clients a cloud-native core banking system. Powered by RESTful APIs, the company emphasizes scalability and growth, highlighted in the way its business model is structured. The platform also features a robust tech stack and operates using Domain Specification Language and the concept of Domain Driven Development. At least 50 financial institutions use Oradian’s platform, and the company has 10 million end users.

SaaScada is a B2B Banking SaaS platform that enables financial institutions to take their offerings to the next level. The cloud-native platform of open APIs is designed to rapidly launch and scale new services in as little as 12 weeks. It enables new entrants to launch banking services, existing financial service providers to cut the cost of running a bank, enterprises to build embedded finance solutions and wealth managers to broaden their offering.

Skaleet is a global FinTech firm that provides a cloud-native core banking platform. It is cloud-agnostic and is a high-security replacement for traditional IT infrastructures used by banks and financial institutions. Skaleet’s Core Banking is built on an open, flexible, and scalable architecture. It allows users to build efficient networks that efficiently organise engagements between finance and technology providers, allowing them to provide increasingly tailored consumer experiences.

Thought Machine has built a cloud-native core and payments technology, enabling banks and FinTechs to remain competitive. Thought Machine’s Vault Core platform is trusted by many banks and financial institutions worldwide, including JPMorgan Chase, Lloyds Banking Group, Intesa Sanpaolo, Standard Chartered, and more. Vault Payments is Thought Machine’s cloud-native cards and payments platform, which allows banks to fulfill any payment type using any product and integrate with any payment rail.

Founded in 2019 in Estonia, Tuum is a NextGen core banking platform allowing businesses to rapidly offer seamless, tailored financial services to their customers. The modern banking platform follows the microservice architecture and is composed of flexible and independent modules that cover end-to-end everyday banking processes. The platform is API-based for quick and easy integration with banks’ existing ecosystem and can run on all main cloud providers as well as on private clouds.

Also read: NextGen Core Banking: The Future of Banking Q1 2024

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