What Is Core Banking System

corebankingsystem

The new core banking system: the facts?

The backend platform used to carry out key banking procedures like account registration, account opening, and transaction processing is called the core banking system. These systems are known as “core” because they oversee crucial banking operations.

Many of these platforms are outdated often, locked systems constructed using mainframe technology. However, newer cloud-based, digitally-based core banking systems have already been developed that integrate with the existing banking ecosystem better.

What advantages does a fresh core banking system give businesses?

The new core banking systems make use of an open API-based architecture and are built on cloud and digital technologies for better integration with other internal and external systems and services.

New core banking systems have advantages like lower costs, quicker time to market, and simpler integration with various services that can improve customer experience.