Payment Schemes

A payment scheme is a set of rules and technical standards for making payments through specific payment instruments (e.g credit transfer, card payments, cheques, direct debit, etc). Payment schemes are operated by companies called Payment System Operators (PSOs). PSOs usually oversee and run payment systems - technical infrastructure that process transactions in line with the … Continue reading Payment Schemes

Identity Verification for Core Banking Systems

Identity verification (IDV) is required during the customer onboarding process, when a core banking system needs to create and store an identity for the prospect. Providing a great user experience during identity verification is important, and reducing the time it takes to correctly verify a prospect's identity is a key part of the value proposition … Continue reading Identity Verification for Core Banking Systems

Cloud native core banking systems and multitenancy

Multitenancy is an important feature of modern cloud native core banking systems (CNCBS). Customers looking to adopt a new CNCBS need to look out for this from the get-go. Typically, core banking systems are targeted at two broad categories of clients - fully regulated banks and fintechs. Fully regulated financial institutions usually want to run … Continue reading Cloud native core banking systems and multitenancy

Core Banking Glossary

Payments Accrued Interest "Accrued interest is the accumulated interest that has been recognized and recorded but has not been paid as of a specific date... The total accrued interest should be recognized and recorded in the income statement even before the payment is received. The amount of interest that has been recognized as an expense … Continue reading Core Banking Glossary

5 Searching Questions for Core Banking vendors

The next generation cloud-native core banking platform space is very competitive. Here are 4 key questions I think each vendor needs to have very clear answers for. What is the problem (in first principles) this core banking platform is trying to solve?How have competitors tried to solve this problem in the past ?In what areas … Continue reading 5 Searching Questions for Core Banking vendors

Nubank and double entry

Nubank's presentation - 'Architecting a Modern Financial Institution' is quite interesting. Double entry accounting should be at the heart of the model for a core banking platforms general ledger and they do this at Nubank: "And so, what we've done that is different from what most people do is model the double entry accounting system … Continue reading Nubank and double entry

Interesting Banking APIs

Here I keep a collection of core-banking related APIs I find interesting. Synapse https://docs.synapsefi.com/docs Moov https://api.moov.io/v1/ | https://github.com/moov-io/api | https://moov-io.github.io/accounts/api/#overview Mambu https://api.mambu.com/ Galileo https://docs.galileo-ft.com/ Solaris Bank https://docs.solarisbank.com/ Rails Bank https://docs.railsbank.com/ Griffin https://docs.griffin.sh/ . I like the Griffin API design https://docs.griffin.sh/reference#api-reference Wealth Kernel https://docs.wealthkernel.com/#introduction Clear Bank Developer Portal https://clearbank.github.io/docs/introduction/#overview Temenos API Catalogue: https://apidocs.temenos.com/api-catalog

An Introduction to Core Banking Systems

[Work in progress] What is a Core Banking system ? According to Gartner, a core banking system is responsible for processing banking transactions and updating accounts. Core banking systems generally support deposit accounts, loans, mortgages and payments. These services are usually made available via different customer channels - bank branches, mobile banking, internet banking and … Continue reading An Introduction to Core Banking Systems

Core Banking Platform providers

Cloud Native Core Banking Providers ThoughtMachine provides the Vault platform. Leveris offers the Leveris Digital Banking platform. 10X Future Technologies offers the 10X Super Core platform. Mambu offers the Cloud Banking Platform. Integrated.finance provide the IF Core digital banking platform, and the IF Connect solution for configuring workflows and integrating with financial service providers. Ohpen … Continue reading Core Banking Platform providers

Can banks differentiate via their core banking systems ?

"You don't necessarily differentiate via your core banking system as a financial institution. To me, the fact that every single bank is building their own core banking system doesn't necessarily make sense. We all know how complex and how costly it is to build and implement a new core banking system". - Jeff Tijssen Quoted … Continue reading Can banks differentiate via their core banking systems ?