Unity Bank replaces its core banking system with M2P’s Turing CBS
By Leandra Monteiro
Unity Small Finance Bank Limited, a new-age digital-first bank, has replaced its core banking system (CBS) with M2P Fintech‘s Turing CBS.
The implementation entailed migration of the Bank’s Core Banking System covering 111 branches serving over 15 lakh customers. A record of sorts, the entire CBS implementation was completed in 88 days with no parallel run and all branches were migrated to the new CBS on the same day.
Turing CBS, built on Micro Services architecture, comes with native capabilities that includes low-code / no-code product capabilities, API gateway on top of the cloud-agnostic Turing platform that allows the entire bank to be ready with embeddable journeys.
“We are delighted to offer our customers the convenience and capabilities of the new digital core banking system,” said V. Vaidyanathan, Chief Information Officer, Unity Small Finance Bank. “This new system demonstrates our commitment to continuously improve the banking experience for our customers and stay at the forefront of innovation in the industry. M2P’s deep understanding of the digital banking ecosystem has been a huge advantage and we shall continue to innovate in partnership with them.”
Unity Bank has worked closely with M2P Fintech to ensure that the CBS is reliable, nimble, secure, and is built to cater to a myriad of digital initiatives that the Bank intends to introduce.
Madhusudanan R, Co-founder of M2P Fintech said, “We are delighted to partner with Unity Bank in their journey to transform into a digital native Bank. By working with our teams to replace the entire technology stack of the bank in record 88 days, Unity Bank has reset the innovation cycle times for banks in India. In most markets, a CBS migration runs in quarters and years – we have changed the narrative to months and weeks. We thank the Bank’s leadership team for the confidence and trust placed in M2P.”
M2P’s TURING CBS is a modern core banking system that offers security, lightning-fast processing, and ease of data migration. The comprehensive platform comes bundled with Enterprise Service Bus and an API manager to cater to embedded journeys, Treasury platforms, natively integrated Payment processing systems to cater to burgeoning payment ecosystem including cards, AEPS (Aadhaar Enabled Payment System), UPI (Unified Payments Interface), IMPS (Immediate Payment Service) et all. Banks also have the option to leverage distinct features around AI/ML capabilities for financial risk management, low-code platform, and agility to hyper-personalise offerings.
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