Navigating The Future: The Power Of Core Banking Applications
A core banking application is a back-end system that maintains customer accounts and daily transactions, including debiting and crediting and posting updates to the general ledger. It also allows customers to complete banking procedures online or through ATMs. The new technology that banks adopt varies widely. Bigger banks want more scalability and security. This is why they prefer to use monolithic systems. Smaller banks may prefer a more agile and modular architecture.
Mifos
Mifos is an open source technology platform for financial inclusion enabling responsible access to digital financial services for the world’s 2 billion unbanked. This includes mobile money, payments and savings with a scalable, modern, connected core banking infrastructure. MFIs, SACCOs and Fintechs with a social mission benefit from low-cost access to a core banking applications system that can be customized for their specific business needs without the need to invest in custom code.
The Mifos Initiative is a U.S. based non-profit organization that supports and collectively leads the open source community powering the Mifos X platform. It provides a back-end core banking system and APIs, reference customer-facing applications and reporting for embedded finance institutions and is deployed as an end-to-end digital financial services platform. The Mifos X platform is built on Apache Fineract, an open source software architecture for financial inclusion. It is an extensible platform that can be implemented to support any type of organizational model, delivery channel or product. Its back-end provides client data management, wallet/account management, loan and savings portfolio management and integrated real time accounting in a modern connected world.
Oracle FLEXCUBE
Oracle FLEXCUBE is a leading global core banking system used by banks and financial organizations. It offers a complete range of universal banking functionality and ensures a holistic view of all consumers. This platform is a key enabler for agile banking infrastructure. However, its complex end-to-end processes and historical infrastructure are challenging for testing to keep pace with updates and migrations. Consequently, a robust testing framework is essential for successful migrations and upgrades.
Oracle’s FLEXCUBE solution helps banks innovate much faster, provide service ubiquity and support regulatory compliance. This is achieved through a micro services architecture and centralized product management. It also provides a responsive user interface and contextual clarity that improves information retrieval. Panamax Infotech is a certified and reputed Oracle Platinum Partner providing comprehensive Oracle FLEXCUBE solutions for banks and financial institutions worldwide. Its holistic approach to core banking system solutions helps transform banks into banks of the future. It also offers a variety of managed and hosted services to support the growth and performance needs of clients.
Finastra
Finastra is a global fintech company that unlocks the power of finance for everyone. The company’s solutions are designed to help people, companies and communities grow. It has over 8,500 customers, including 90 of the world’s top 100 banks. Finastra’s open platform accelerates innovation and collaboration in financial services, helping organizations achieve their goals more quickly and cost-effectively. Carissa oversees the Finastra global finance organization and key supporting functions, including financial planning and analysis, treasury, accounting, tax, investor relations, finance transformation and sales operations. She has extensive finance, accounting, mergers and acquisitions and global leadership expertise.
Ravi leads the global technology organization at Finastra, with responsibility for technical strategy, operational excellence, cloud and platform transformation. He is an experienced and hands-on IT leader with a strong track record of driving business value through strategic partnerships and data driven, modern platform technologies. He is passionate about building high performing teams that are customer centric and innovative.
CSI NuPoint
CSI NuPoint is an integrated global liquidity and cash management system that simplifies your bank’s operations. It has a wide range of tools that support your banking technology. The platform also supports your digital experience and helps you meet regulatory compliance requirements. It is a secure cloud-based system that provides a comprehensive suite of features. CIBridge, the company’s open API catalog, enables institutions to collaborate with third parties and connect their technologies directly to CSI NuPoint. It allows for the seamless integration of a variety of digital tools that can help you attract and engage customers, improve efficiency and enhance customer service.
The CVS software is accessible through CSI NuPoint’s Assigned Services menu or through Loan Lookup. It is protected by security settings established in NuPoint Administration and the role the bank assigns to the user. These roles determine which Executive View reports the user can access. CSI requires that a user name and password be used to log on to NuPoint to use this application.
Conclusion
Core banking applications are the backbone of modern banking, driving efficiency, innovation, and customer satisfaction. With their agility and comprehensive features, they are key to delivering seamless, secure, and customer-centric banking services. As the financial landscape evolves, core banking applications remain vital for success
