ConnectCore – Core bank

The global banking industry has changed significantly from the days not so long ago when transactional product based systems were the solution of choice. Today the industry is undergoing a fundamental and rapid transformation, mainly due to new technology and digital channels, the need for greatly improved customer relationship management and the burden of onerous regulatory reporting. Whilst systems and processes in Banks and Financial Institutions have kept pace with these challenges and developments, core banking applications have not.

The core banking systems in use today, and in some cases still being sold, are the hand-me-downs from an earlier era of banking technology – conceived, designed and developed for an altogether different banking environment, where transactions and accounting were the focal point of your operations. 

Now is the age of the customer, and systems have to rapidly evolve and adapt to enable the retention of competitive edge in the market-place. Service based platforms are the future of banking. It is time to reap the real benefits of multi-channel capabilities and take a customer-centric approach to creating & delivering real Value. As technologies and channels change, you need the benefit of an advanced, flexible and future-proof core banking system. You need the ConnectCore™ - Core bank advantage.

 

ConnectCore - Core bank: Functional overview

 

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ConnectCore - Core bank highlights

Platform independence - ConnectCore™ - Core bank provides you with absolute independence in choosing your own infrastructure platform and can work with licensed as well as open source application servers, databases and browsers.

Modularity - ConnectCore™ - Core bank is highly modular and allows you to choose the components that are needed for your architecture whilst other vendors deploy an entire solution with few modules switched on/off, ConnectCore™ - Core bank’s modularity extends all the way to the database object level.

Truly service orchestrated - ConnectCore™ - Core bank comes with a library of +5500 fine grained REST web services. Each function in the system is provided as a web service API to interact with other systems. As a result ConnectCore™ - Core bank seamlessly interacts with your existing IT environment or any new peripheral systems you choose to add in the future.

Master data management - ConnectCore™ - Core bank follows a logical separation of tasks between transaction capture, transaction processing and data management needs, without any duplication of data. ConnectCore™ - Core bank ensures that all data related to the bank are kept in one place resulting in a single version of the truth.

Real-time enablement - ConnectCore™ – Core bank allows banks to truly be ready for 24/7 business. It has zero-down time during EOC thereby ensuring 24/7 access to transaction processing from any channel. For example, a bank that has its Head Office in UK, with its data center in Singapore, can have the customer making a transaction in the USA and it will be processed in real time irrespective of the EOC timings of the bank.

Quick time-to-market - Quick time-to-market is achieved if the service end and the regulatory end are reconciled before launching a product. In ConnectCore™ - Core bank any newly created business offerings e.g. a new loan product, are immediately available to be consumed by any integrated channel solutions through our published API catalogues. Its key differentiator is its ability to extend beyond making the business offerings available only to the back office system, and putting them on all servicing channels in a consistent manner. On the reporting side it allows you to configure data handoffs or any data exchange to fulfill your reporting needs.

Multi-tenant architecture - ConnectCore™ - Core bank comes with a multi-tenant architecture enabling you to install more than one entity in a single installation on one database schema. Still the single installation will maintain the uniqueness of local currencies, time-zones, holiday calendar, general ledger, business products…etc., for each entity. 

You can plan independent EOC for each bank based on local time zone for each entity, though within the same schema. This means that ConnectCore™ - Core bank can support multiple banks across different markets with zero down time based on only one set-up instance of the product.