Solarisbank migrates customer base to in-house core banking system
By Megha Bhattacharya
Solarisbank today announced that it has successfully migrated its entire customer base from an externally sourced core banking solution to its own core banking system. According to the company, the new development has enabled it to optimize its infrastructure to meet the specific requirements of a Banking-as-a-Service platform. It can now perform core processes such as account openings and SEPA credit transfers at a fraction of the time and with far greater stability, equating to a drastic increase in the scalability and cost-efficiency of the platform.
“Running our own core banking system allows us to offer all of our partners improved service level agreements and grants us full control over performance. I am incredibly proud of what our product and tech teams have achieved. The swift execution of the project and especially the smooth migration demonstrate the professionalism and deep expertise of Solarisbank’s tech organization,” said Dr. Jörg Howein, CPO of Solarisbank.
Removing the dependency on a third-party provider also enables Solarisbank to automate formerly manual processes connected to the ledger in the areas of operations and customer support. This both reduces the operational maintenance and allows new features to be added with ease. The first partners to launch solely on the new system were Vivid Money and Samsung Pay, who started offering their services together with Solarisbank last year.
“With the activation of local IBANs in France, Italy and Spain, Solarisbank is cementing its position as Europe’s Banking-as-a-Service leader. Thanks to the in-depth automation in our entirely self-developed software architecture, we have set a new European benchmark in terms of cost efficiency and service quality,” said Dr. Roland Folz, CEO of Solarisbank.