Core banking platforms are the backbone of modern financial institutions. These systems handle essential banking operations like processing transactions, managing accounts, and generating reports.
As technology evolves, banks are looking for more efficient and flexible solutions to meet customer needs.
Core banking systems are crucial for processing daily transactions and updating financial records. They typically include features for deposits, loans, and credit processing.
Many community banks and retail banking institutions are adopting new platforms to stay competitive in the digital age.
Top providers like Fiserv, Mambu, and TCS BaNCS offer advanced solutions for banks of all sizes. These platforms often support open banking initiatives and cloud-based services.
Some companies, like Wipro, even provide core banking as-a-service options. NCR Corporation’s digital banking solutions are also gaining popularity among financial institutions looking to modernize their operations.
Temenos Transact
Temenos Transact is a leading core banking solution that offers a wide range of features for financial institutions. It provides a single platform to handle various banking operations efficiently.
The software supports both retail and corporate banking needs. For corporate clients, it offers integrated capabilities such as payment processing, collection automation, and cash management services.
Key features of Temenos Transact include:
- Real-time transaction processing
- Multi-currency support
- Automated regulatory compliance
- Scalable architecture
Temenos Transact also comes with a Data Hub, which is a real-time data platform embedded within the core system.
This allows banks to access and analyze data quickly, enhancing decision-making and customer service.
The platform is designed to be flexible and adaptable. It can be deployed on-premises or as a cloud-based solution, giving banks options to suit their specific needs.
Temenos Transact integrates with other Temenos products and third-party solutions. This helps banks create comprehensive banking services and stay competitive in the fast-changing financial industry.
Oracle FLEXCUBE
Oracle FLEXCUBE is a leading core banking platform used by financial institutions worldwide. It offers a comprehensive suite of banking solutions to help banks modernize their operations.
The platform serves 10% of the world’s banked population. Over 600 financial institutions in more than 140 countries use Oracle FLEXCUBE for their banking needs.
Key features of Oracle FLEXCUBE include:
- Modular architecture
- Scalable design
- Support for multiple currencies
- Real-time processing
- Customizable workflows
Oracle FLEXCUBE helps banks reduce operational costs and increase efficiency. It also enables them to launch new products and services quickly.
The platform has gained recognition in the industry. Oracle was named a Leader in the 2022 Gartner Magic Quadrant for Global Retail Core Banking. This shows its strong position in the market.
Oracle FLEXCUBE offers solutions for various banking segments:
- Retail banking
- Corporate banking
- Islamic banking
- Private banking
Banks can choose to deploy Oracle FLEXCUBE on-premises or in the cloud. This flexibility allows institutions to select the best option for their needs.
Infosys Finacle
Infosys Finacle is a leading core banking solution developed by EdgeVerve Systems, a subsidiary of Infosys. It offers a wide range of banking services to financial institutions worldwide.
Finacle provides a cloud-native solution suite that helps banks engage customers, innovate products, and transform operations. Its platform is designed to support banks of all sizes and types.
Key features of Infosys Finacle include:
- Comprehensive out-of-the-box capabilities
- Broad platform functionality
- Support for digital banking services
- Cloud-based architecture
The solution has received high marks from industry analysts. Omdia researchers noted Finacle’s wide solution breadth and strong core platform capabilities.
Finacle aims to help banks stay competitive in the rapidly evolving financial services landscape. It offers tools for customer engagement, product innovation, and operational efficiency.
Many financial institutions use Finacle to modernize their core banking systems. The platform supports both emerging and established banks in their digital transformation efforts.
T24 Transact by Temenos
T24 Transact is a core banking system developed by Temenos. It offers a wide range of banking features for different types of financial institutions.
The system supports retail, corporate, and wealth management banking. It also handles Islamic banking needs.
Key features of T24 Transact include:
- Deposit processing
- Internal account sweeping
- Interest calculations
- Cash management
T24 Transact is built to be flexible and scalable. This helps banks adapt to changing industry demands.
The platform uses modern technology to improve:
- Resilience
- Security
- Overall performance
Many banks, including large US-based institutions, have chosen T24 Transact for their core banking needs.
Temenos offers training courses to help users learn the T24 Transact system. These cover topics like system architecture and key modules.
In 2020, Temenos renamed T24 to Temenos Transact. This change reflects the company’s ongoing efforts to improve and update their product.
FIS Profile
FIS Profile is a global and digital core banking system designed for retail and commercial financial organizations. It offers a wide range of configurable features to help banks launch new products quickly.
The system is built for agile and global delivery. It currently supports hundreds of institutions in over 30 countries across four continents.
Profile boasts impressive scalability and performance. It can handle:
- Millions of accounts worldwide
- High-volume transactions in real-time
- Efficient batch processing
The platform operates on multiple infrastructures, including:
• Private cloud
• Public cloud
• On-premises systems
FIS Profile aims to help banks stay competitive in the digital age. It allows financial institutions to:
- Modernize their operations
- Improve customer service
- Launch innovative products rapidly
The system’s flexibility makes it suitable for various types of financial organizations. It can serve both established banks looking to update their systems and new digital banks aiming to scale quickly.
Jack Henry SilverLake System
The SilverLake System is a leading core banking platform from Jack Henry & Associates. It serves many banks across the United States.
SilverLake uses cloud solutions to help banks run their operations. This setup can lower IT costs and risks for banks.
Key features of the SilverLake System include:
- Cloud-based infrastructure
- Scalability for business growth
- Integrated services like wires and ACH
- Online banking capabilities
The platform helps banks manage their core functions efficiently. It also allows them to add new services as they expand.
Many banks choose SilverLake for its reliability. In 2016, it led in new core system adoptions among U.S. banks.
Jack Henry keeps improving SilverLake. They plan to invest in it for years to come. This shows their commitment to the product’s future.
Banks using SilverLake can adapt to changing needs. The system supports mergers and integrations with other services.
nCino Bank Operating System
The nCino Bank Operating System is a comprehensive cloud-based solution for financial institutions. It aims to streamline banking operations and improve customer experiences.
This platform offers a wide range of features for different banking needs. It includes tools for loan origination, account opening, and customer relationship management.
One key benefit is its end-to-end loan processing capability. The system manages everything from application to approval, using automated workflows and document management.
nCino supports various types of loans. It can handle complex commercial loans as well as simpler consumer loans. This flexibility makes it useful for many different banks and credit unions.
The platform also focuses on regulatory compliance. It helps banks stay up-to-date with changing rules and requirements.
Real-time reporting is another important feature. It allows banks to track performance and make data-driven decisions quickly.
nCino integrates with existing core banking systems. This integration helps banks modernize without completely replacing their current setup.
The system aims to improve efficiency in banking operations. It replaces manual processes and separate point solutions with a single, unified platform.
Backbase
Backbase is a leading provider of digital banking platforms. The company offers an Engagement Banking Platform that helps financial institutions modernize their services.
This platform allows banks to create user-friendly mobile and web applications. It can cover up to 80% of the basic functions needed for modern banking apps.
Backbase’s technology is used by many major banks worldwide. Some of its clients include Barclays, Credit Suisse, Deutsche Bank, and ING.
In 2024, Backbase introduced Responsible Generative AI solutions for core banking. These tools aim to improve efficiency and customer experiences while prioritizing security.
Key features of Backbase’s platform include:
- Omni-channel capabilities
- Customizable design
- Integration with existing core banking systems
- Support for retail, business, and corporate banking
Backbase’s approach allows banks to innovate quickly. It helps them compete with newer, digital-only banks while leveraging their existing infrastructure.
Skaleet
Skaleet is a modern core banking platform designed for financial institutions. It offers a cloud-based, modular solution that’s 100% API-driven.
The platform helps banks and other financial companies launch new products quickly. It also improves customer experiences and cuts operational costs.
Skaleet’s system is flexible and can grow with a business. It uses a “Best-of-Breed” approach, picking top products and services to add to its platform.
Key features of Skaleet include:
- SaaS (Software as a Service) model
- Cloud-based architecture
- Modular design
- Full API integration
- Real-time processing
The platform serves 30 customers across 20 countries, supporting millions of users.
Skaleet aims to simplify complex banking technology. It lets financial institutions focus on their customers while the platform handles the tech side.
The Skaleet core banking solution can integrate with many other systems. This helps banks build a custom ecosystem that fits their needs.
HES Core
HES Core is a digital lending engine designed for creating customized loan management solutions. It combines the benefits of out-of-the-box lending software with custom development capabilities.
This platform offers a set of prebuilt components that can be adapted to various business needs. These components cover loan origination, loan servicing, and debt collection.
HES Core is highly versatile, supporting multiple lending types:
- Banking
- Commercial lending
- Consumer lending
- P2P lending
- POS lending
- Mortgage lending
- Microfinance
One of the key advantages of HES Core is its speed. It allows businesses to launch new lending products or transform existing systems in just 3-4 months.
The platform is fully configurable, enabling the creation of modular solutions tailored to specific requirements. This flexibility makes it suitable for various financial institutions and non-financial businesses looking to add banking capabilities.
HES Core leverages AI technology to enhance its lending software development process. This advanced approach contributes to faster and more efficient solution creation.
By using HES Core, businesses can benefit from a balance between ready-made solutions and custom features. This approach helps organizations stay competitive in the rapidly evolving financial technology landscape.
Kernolab Core
Kernolab Core is an out-of-the-box banking solution designed to simplify online banking for fintech and non-finance businesses. It aims to bridge the gap between these sectors by making financial services more accessible.
The platform offers a next-generation core banking engine built for speed and flexibility. This allows companies to launch innovative financial products quickly and at scale.
Kernolab Core’s key features include:
- Custom financial feature embedding
- Reduced launch timelines
- Scalability for fintech businesses
- Risk mitigation and enhanced security
One of the platform’s strengths is its ability to simplify migration from legacy core banking systems. This process is designed to cause minimal disruption to ongoing business operations.
Kernolab Core also enables businesses to create bespoke banking and payment experiences within their products. This can be done without the typical hurdles associated with traditional banking.
For retailers, the platform offers tools to grow average order value and customer lifetime value. This is achieved by providing various payment options to customers.
Kernolab Core’s development was informed by years of collaboration with banks. The goal was to create a unique tool suited for retail banking needs.
Advapay
Advapay is a provider of digital banking solutions for fintech companies. They offer a core banking platform called Macrobank designed to help businesses build digital banks from scratch.
The platform includes features essential for modern banking operations:
- Web and mobile banking applications
- Payment processing capabilities
- Customizable user interfaces
- Robust database management
Advapay’s web and mobile banking apps prioritize user experience. They provide intuitive interfaces and advanced functionalities to enhance customer satisfaction.
The platform supports various payment types, including:
- SEPA
- SWIFT
- FPS
- CHAPS
- Internal payments
Advapay’s system offers real-time control over payment processing and risk scoring for each transaction. This helps maintain security and efficiency in financial operations.
The Macrobank platform is designed to handle high transaction volumes and complex queries. It provides a solid foundation for data-driven banking services, supporting the growth of fintech businesses.
Advapay aims to empower Electronic Money and Payment Institutions, digital banks, e-wallets, and other fintech companies. Their solutions are tailored to meet the evolving needs of the digital banking landscape.
SDK.finance
SDK.finance is a leading core banking software provider. It offers solutions for banks and fintech companies looking to modernize their systems.
The company provides an open-source core banking platform. This platform can be deployed on-premise, giving banks control over their infrastructure.
SDK.finance’s system is designed to be:
- Efficient
- Easy to monetize
- Scalable
- Agile
These features help banks become the main hub for their customers’ banking needs.
The platform supports popular payment integrations. Banks can process utility bills, internet payments, and mobile transactions through local providers.
SDK.finance also offers a cloud-based banking platform. This option is ideal for startup financial institutions and those with high transaction volumes.
Benefits of SDK.finance’s cloud platform include:
• Quick launch and scaling
• Increased operational resilience
• Better customer service
• Lower operating costs
• Continuous innovation
• Pay-as-you-go pricing
By using SDK.finance, banks can modernize their systems and offer improved services to their customers.
Tuum
Tuum is a next-generation core banking platform that’s changing how banks operate. It was started in Estonia in 2019, making it one of the newest systems on the market.
The platform is built using cloud-native technology and microservices. This design makes Tuum very scalable and flexible.
Tuum offers several key features:
- Modular system
- Multiple business lines from a single platform
- Pre-configured ecosystem of partner solutions
Banks can use Tuum for many services:
• Accounts
• Lending
• Payments
• Cards
One of Tuum’s strengths is its speed. The company claims it can have its product live and working in less than six months. This quick setup time is impressive in the banking world.
Tuum has grown fast since signing its first client in February 2019. It works with banks to help them move to more flexible, cheaper systems.
In early 2024, Tuum raised €25 million in funding. This money will be used for product and market growth. The funding round was led by CommerzVentures, showing investor confidence in Tuum’s approach.
