In this 32 post, I’ll review the most popular banking core systems, with a focus on small and medium sized banks, especially startups. This will be a review of each system’s capabilities and costs. 

Note that this is not an attempt to rank banking core systems or find the “best” one. These reviews are not presented in any particular order and are based on our experience assisting clients setup banks in Puerto Rico, the United States, and offshore banks in a myriad of other jurisdictions.

And, based on this experience, I don’t believe there is a best banking core system. I think that there is a specific system which is best for your particular needs. Here are a few ideas in this regard: 

• If your team wants a tried and true classic banking core, you go with Jack Henry.
• If you’re building a larger wealth management or trade bank, you probably want to go with Olympic.
• If you’re building a transactional bank and want a cloud system, you might want to go with Fiserv.
• If you want to build a totally custom deployment, and want a core with the most flexibility, you likely want to go with Mambu. And, the type of person that would love Mambu would not like Jack Henry and vice versa. 
• If you want to start with a lower cost option, and then build a big time system after proving the business model, you might want to go with iFinance, Ocean Systems, or MBanq Cloud (built by Microsoft and Temenos but focused on Fintechs).
• If your focus is to apply for Fedwire as soon as possible, then you need a major US provider from day one such as Fiserv, Jack Henry, Olympic, or Teminos. The Fedwire requirement also means that money is no object in selecting a core.

This list includes systems ranging from $25,000 to $900,000. These are not really competing products. So, the purpose is to point you in the right direction so you can take your research from here. 

The costs presented are the values reported by various providers or quotes that we have received for the base system. Any changes can increase the costs and setup time dramatically. And install times can range from one to six months based on those requirements. They are for the first year including the license and setup. There are also annual fees and a long term contract is required. 

For example, one client needed to add Chinese language to their Fiserv core. This required an upgrade to a much more expensive UI than provided by Fiserv and ultimately increased setup costs by about $210,000. Thus, one variation on your requirements can make a major difference on costs and time to market.

I also note that most large providers offer many different flavors of their core system. Thus, the costs presented below are what a small startup bank might expect to spend. Where a small bank might get a quote for one version at $300,000, a large bank might get a quote $3,000,000+. So, the numbers listed here are for my typical client and not big time banks. This is especially true in the case of systems like Temenos.

Your core system will be the majority of your setup costs in the early days. I always suggest that you start with this and then add key employees. It’s best to keep your burn rate low until you have your technology well on its way. 

In my experience, the number one item that delays time to market and the most common hurdle to get over for a new bank is building out your technology. This is especially true if your group has not previously operated a bank and does not have experience in banking core systems. 

Therefore, the purpose of this post is to point you in the right direction and give you an idea of the necessary budget based on your objectives. From here, we can work on your business plan and you can raise capital or go into meetings with providers (which are mind numbingly boring).

Many of those who acquire banks in international jurisdictions, such as Puerto Rico, do not come from a banking background. Thus, I will first cover the basis of banking core systems and then get to the specific software programs available. If you’re familiar with the industry, you might want to scroll down to the software section.

Contents

• An Introduction to Banking Core Systems
• Evolution of Core Systems
• Components of a Core Banking System
• Core Systems and Banking Services
• Role of Core Systems in Digital Transformation
• Future of Core Banking Systems
• Banking Core Systems
  • Jack Henry
  • Fiserv
  • Mambu
  • Olympic – Corporate System
  • Temenos
  • QBS
  • Data Pro
  • Oracle Flexcube
  • FIS
  • mBanq
  • FPS
  • iFinance
  • SDK Finance

An Introduction to Banking Core Systems

In the dynamic realm of finance, where every transaction has a significant impact, the bedrock of modern banking resides not in the towering buildings or the complex financial models, but in the intricate software systems humming in the background. These are the core banking systems, the unsung heroes of the industry, which streamline, automate, and secure every transaction, every second of the day.

Core banking systems are the digital heart and soul of the banking industry, a culmination of innovative technology and robust architecture that accommodates our rapidly evolving financial landscape. Their role is critical in serving an increasingly tech-savvy, diverse, and demanding clientele. Without them, the very concept of ‘instantaneous’ transactions we have become accustomed to would be an unattainable dream.

Banking core systems, often referred to as core banking systems (CBS), are the centralized software systems and infrastructures that facilitate and manage a bank’s most critical operations. These systems have fundamentally transformed the way banking services are provided and managed, forming the digital backbone of banking operations.

In essence, a core banking system is designed to manage and record transactions made by a bank’s customers to their accounts, and carry out other functions like loan processing, interest calculations, and account creation. They serve as a comprehensive database for customers’ credentials, account details, transaction histories, and balance information, among other things.

From a functional standpoint, core banking systems are responsible for a wide array of services and operations, including but not limited to:

• Account Management: This involves opening, closing, and managing all types of banking accounts, including savings, current, and term deposits.
• Customer Relationship Management: Core systems store vital customer data and support customer management processes.
• Transaction Management: They handle various types of transactions like deposits, withdrawals, fund transfers, and more, ensuring they are accurately processed and recorded.
• Loan Processing: From application to approval and disbursement, the entire lifecycle of a loan can be managed by these systems.
• Interest Calculation and Application: Interest on savings, fixed deposits, loans, and other financial products is calculated and applied to the respective accounts.
• Payment Processing: They facilitate different forms of payments, like standing orders, direct debits, and fund transfers, both within the bank and with other banks.

In recent years, with the rise of digital banking, core systems have evolved to incorporate online and mobile banking capabilities, offering 24/7 access to banking services. They can also support integrations with other software for additional functionalities like fraud detection, anti-money laundering, and customer analytics. This makes the core banking system the central hub of a bank’s operations, essential for its successful and efficient functioning in today’s fast-paced, digitally-oriented world.

A core banking system serves as the nerve center of a bank’s operational architecture, providing the software foundation that supports a bank’s primary services. These sophisticated systems are essentially large databases combined with processing capabilities, serving as the repository and processor for the bank’s daily operations and transactions.

CBS are typically integrated, real-time systems that record transactions immediately and update the system accordingly. This allows for the consistent and accurate monitoring and managing of a bank’s services. The development and evolution of core banking systems have been instrumental in facilitating the shift from physical branch-specific operations to centralized, network-based banking services that we see today.

While the core banking system is the heart of a bank’s operations, it does not exist in isolation. Its relationship with other banking operations is symbiotic.

For example, the core system often interfaces with a bank’s customer relationship management (CRM) software to provide a personalized experience to each customer. It can also integrate with security systems to enhance fraud detection and prevention capabilities.

With the advent of digital banking, core systems have expanded their reach to support mobile and online banking services. They interact with payment gateways and digital wallets to facilitate e-transactions.

Moreover, core systems provide necessary data for regulatory compliance and reporting, feeding into various financial, risk management, and auditing systems. As such, the core banking system’s functionality extends far beyond its own operations, impacting and enhancing virtually every aspect of a bank’s business.

Evolution of Core Systems

In the pre-digital era, banking operations were primarily manual and paper-based. Each branch functioned as an independent entity, with its own records and ledgers. Customers could only conduct transactions at their home branch where their account was registered. This often led to a delay in transaction processing and updates, as each transaction had to be recorded manually into ledgers and then reconciled with the overall bank’s records.

The advent of computer technology in the latter half of the 20th century ushered in a major shift in the banking sector. Banks began to computerize their operations, initially using mainframe computers to handle large volumes of data and transactions. Early core banking systems were primarily designed to digitize existing processes, providing improved speed, efficiency, and accuracy.

The true revolution occurred with the advent of network technology, enabling the centralization of banking data. With this, the concept of ‘core’ banking took root, allowing customers to access their accounts and perform transactions from any branch, not just their home branch.

Internet banking was the next major leap, enabling customers to conduct transactions from the comfort of their homes. This was quickly followed by the advent of mobile banking, further adding to the convenience and flexibility of banking operations.

Contemporary core banking systems have evolved to become highly integrated, flexible, and customer-centric platforms. They offer real-time processing, 24/7 availability, and a high degree of automation.

With advancements in technologies such as cloud computing, modern core systems have become more scalable and cost-effective, capable of handling large volumes of data and transactions with ease. The use of APIs (Application Programming Interfaces) allows these systems to integrate with various other banking and third-party services, facilitating a wide range of functions from fraud detection to analytics and customer relationship management.

Moreover, contemporary systems have incorporated advanced technologies like artificial intelligence (AI) and machine learning to enhance various aspects of banking, including personalized customer service, risk management, and predictive analysis.

Blockchain technology is also being integrated into core systems to enhance security and enable innovative services like cryptocurrencies. The evolution of core banking systems continues at a rapid pace, keeping stride with the demands of the modern banking environment and the expectations of the digital-age customer.

Components of a Core Banking System

Customer Management

A significant part of a core banking system is customer management. This component encompasses storing and handling customer information, including personal details, account data, and transaction history. It also involves managing customer relationships, often integrating with a Customer Relationship Management (CRM) system to deliver personalized services and offers. In addition, the customer management component is often responsible for ensuring compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

Account Management

Account management is a central part of a core banking system. This component is responsible for creating, maintaining, and managing all types of accounts offered by the bank. These include savings accounts, current accounts, fixed deposits, and other special accounts. Account management involves maintaining up-to-date records of account balances, transaction histories, and interest calculations. It also facilitates account-related services such as checkbook issuance, ATM card management, and account statement generation.

Loans and Credit Management

The loans and credit management component handles all processes related to lending. This includes loan origination, credit assessment, loan disbursement, interest calculation, and loan repayment tracking. This component of the core banking system is typically integrated with credit scoring systems to assess a borrower’s creditworthiness. It also manages different types of loans offered by the bank, such as personal loans, home loans, and business loans, and different credit products such as credit cards.

Transaction Processing

Transaction processing is a key functionality of core banking systems. This involves processing all types of transactions including deposits, withdrawals, fund transfers, and payments. The core banking system ensures that all transactions are accurately recorded and reflected in the respective accounts in real-time. It also helps to track and manage intra-bank and interbank transactions, facilitating a smooth flow of funds.

Payment Processing and Reconciliation

The core banking system plays a vital role in processing various forms of payments, including direct debits, standing orders, and electronic transfers. It ensures that payments are processed swiftly and securely, adhering to various regulations and standards. Following the completion of transactions, the system is responsible for reconciliation – a process that verifies that the bank’s internal records align with external statements (from other banks or payment systems). This ensures that all transactions are correctly accounted for, preventing discrepancies and potential financial losses.

Core Systems and Banking Services

Retail Banking

In retail banking, core systems handle everyday transactions for individual customers. They manage a variety of products such as checking and savings accounts, personal loans, credit cards, and mortgages. They also facilitate services like fund transfers, balance inquiries, statement generation, and more. Core systems enable retail banks to offer online and mobile banking services, allowing customers to transact anytime, anywhere.

Corporate Banking

For corporate banking, core systems manage more complex and high-value products and services. These may include corporate loans, treasury services, asset management, and trade finance. The core system’s ability to handle bulk transactions, large volumes of data, and intricate calculations is crucial in this context. It also enables seamless integration with various other systems used by corporate clients, thereby ensuring smooth transactional processes.

Investment Banking

In investment banking, core systems support a variety of services such as securities trading, portfolio management, and merger and acquisition advisories. The core banking system works closely with other specialized systems like trading platforms and risk management systems. It facilitates real-time data processing and complex calculations required for investment analysis and decision making.

International Banking

Core banking systems play a crucial role in international banking operations. They facilitate international fund transfers, foreign exchange transactions, and correspondent banking services. Core systems are designed to handle multi-currency transactions and comply with international banking regulations and standards.

Role of Core Systems in Digital Transformation

Supporting Online and Mobile Banking

As banks embrace digital transformation, core banking systems have evolved to support online and mobile banking platforms. They ensure seamless integration with digital interfaces, facilitating a multitude of banking services virtually. Customers can view account balances, make transactions, apply for loans, and more, all through their digital devices.

Real-Time Processing and 24/7 Services

Digital transformation demands round-the-clock services and real-time processing. Core banking systems have adapted to this need, providing real-time updates for all transactions and offering 24/7 banking services. This ensures that customers have up-to-date information at their fingertips at all times and can transact whenever needed.

Enabling Banking Automation and Artificial Intelligence

Modern core banking systems are pivotal in enabling automation and artificial intelligence in banking. They can automate routine tasks, reducing manual errors and improving efficiency. Additionally, with the integration of AI and machine learning technologies, core systems can facilitate personalized services, predictive analytics, and advanced risk management.

Core Systems and Blockchain Technology

With the rise of blockchain technology, core banking systems are evolving to incorporate its potential benefits. Blockchain can enhance the security and transparency of transactions, reduce costs, and improve speed, especially in cross-border transactions. Some banks are exploring the integration of blockchain technology with their core systems to facilitate services like smart contracts and cryptocurrency transactions.

Future of Core Banking Systems

Predicted Trends and Advancements (AI, Machine Learning, Blockchain)

The future of core banking systems will be shaped by advancements in technologies such as AI, machine learning, and blockchain. AI and machine learning can enhance various aspects of banking, from customer service to risk management, by enabling automation and predictive analysis. Blockchain technology, on the other hand, has the potential to revolutionize transactions and contracts with its inherent transparency, security, and efficiency.

Role in Furthering Financial Inclusion

Core banking systems will play a key role in furthering financial inclusion. By facilitating digital banking, they can reach unbanked and underbanked populations, especially in remote areas. Modern systems also support microfinance and small loans services, making banking more accessible and affordable for marginalized groups. Thus, core banking systems will not only shape the future of banking but also contribute significantly to economic and social development.

Artificial Intelligence and Machine Learning Integration

The integration of AI and machine learning into core banking systems is set to transform the banking experience. By learning from patterns and trends in data, these technologies can offer predictive analytics and personalized services. For example, AI could analyze a customer’s transaction history and recommend suitable financial products or warn about potential fraud risks.

Banks could also leverage machine learning algorithms to enhance their credit scoring models, making them more accurate and dynamic. This could lead to more efficient and fairer lending practices. Furthermore, the integration of AI into customer service, through chatbots and virtual assistants, will provide instant, 24/7 support to customers.

The Rise of Blockchain and Decentralized Finance

The potential integration of blockchain technology in core banking systems opens a new horizon for decentralized finance (DeFi). Blockchain’s inherent security, transparency, and traceability make it a suitable technology for secure and efficient transactions. Its potential uses in banking include cross-border payments, smart contracts, identity verification, and even issuing digital currencies.

Cloud-based Core Banking Systems

The shift towards cloud-based core banking systems is likely to continue. Cloud technology offers several benefits, such as cost efficiency, scalability, and flexibility. Banks can quickly scale up or down their operations based on demand. Moreover, cloud service providers regularly update their security measures, ensuring that the banking systems are protected against the latest cyber threats.

Open Banking and API Integration

The future of core banking systems lies in their ability to integrate with a variety of other platforms and services through APIs. This is the essence of open banking – a system where banks can share customer data with third-party providers (with customer consent), who can then offer a range of financial services. This could lead to a more competitive and innovative banking industry, with customers having access to a wider range of services tailored to their needs.

Sustainable and Green Banking

As sustainability becomes a more pressing issue, core banking systems will have a role to play in promoting green banking. They could be used to track the environmental impact of certain investments or loans, helping banks make more sustainable financial decisions. They could also offer green products and services, such as loans for renewable energy projects or investments in environmentally-friendly companies.

In conclusion, the future of core banking systems is set to be shaped by technological innovations and shifting customer expectations. As banks navigate their digital transformation journeys, modern, flexible, and adaptable core banking systems will be crucial for success.

Banking Core Systems 2023

In the dynamic landscape of banking and financial services, selecting the right core banking platform is a critical decision for institutions of all sizes, including small to midsize banks and international banks operating in various jurisdictions such as the U.S. territory of Puerto Rico. The platform serves as the foundation for handling key banking functions and plays a vital role in improving efficiency, optimizing customer service, and ensuring regulatory compliance.

In the following section of this article, we will delve into an overview of the most popular core banking platforms currently favored by small to midsize banks. These platforms, recognized for their comprehensive capabilities and flexibility, are equally relevant for banks operating in various geographical locales, including international territories. Each of these platforms brings its unique strengths to the table, offering a diverse range of features, functionalities, and innovations to cater to the evolving demands of modern banking.

From cloud-native solutions that ensure scalability and cost-effectiveness to platforms offering high-grade security and compliance features, these core banking systems are shaping the way banks operate in today’s digital era. Whether you’re a burgeoning banking institution in Puerto Rico or a rapidly growing bank elsewhere in the world, this overview will help illuminate the core banking landscape and guide you towards a solution that aligns with your operational needs and strategic objectives.

 

System Name: Jack Henry

Website: https://www.jackhenry.com/what-we-offer/operations/core-platforms 

Budget: $720,000

Description: 

Jack Henry & Associates is a financial technology company that provides core banking systems, payments processing, and software solutions to banks and credit unions. The company was founded in 1967 and is headquartered in Plano, Texas.

Jack Henry’s core banking systems are called Symitar and Banno. Symitar is a traditional core banking system that is used by larger banks. Banno is a cloud-based core banking system that is designed for smaller banks and credit unions. This is the version used by international banks and those located in Puerto Rico.

Jack Henry’s core banking systems are scalable, secure, and compliant. They also offer a wide range of features, including online banking, mobile banking, and fraud detection.

Here are some of the key milestones in the history of Jack Henry banking core systems:

• 1967: Jack Henry & Associates is founded.
• 1974: Jack Henry releases its first core banking system, Symitar.
• 1985: Jack Henry releases its first cloud-based core banking system, Banno.
• 2010: Jack Henry acquires FIS’s payments processing business.
• 2020: Jack Henry is one of the leading providers of core banking systems in the United States.

Jack Henry’s cloud based core banking systems are a leading choice of international banks and credit unions. The systems are scalable, secure, compliant, and offer a wide range of features. Jack Henry is committed to innovation and continues to develop new features for its core banking systems.

Jack Henry’s banking core system is a comprehensive and customizable platform that provides financial institutions with the tools they need to manage their day-to-day operations. The system includes modules for account management, payments, loans, accounting, onboarding, and anti-money laundering. It is also open and integrated, allowing financial institutions to easily connect with third-party systems and applications.

The Jack Henry banking core system is hosted in the cloud, which eliminates the need for financial institutions to invest in hardware and software. This can save financial institutions money and help them to reduce their IT costs. The system is also scalable, so financial institutions can easily add or remove users and modules as their needs change.

Jack Henry’s banking core system is a powerful and flexible platform that can help financial institutions to improve their efficiency and customer service. The system is also secure and compliant with the latest regulations.

Here are some of the key features of the Jack Henry banking core system:

• Open and integrated architecture, including an open API
• Cloud-based hosting
• Scalable and flexible
• Secure and compliant
• Comprehensive and customizable

This is the classic small to medium sized banking platform. Those who have been in the industry for decades love it. 

Here are some additional details about the Jack Henry banking core system:

• The system is used by over 1,900 financial institutions in the United States and Canada.
• The system is updated regularly to add new features and functionality.
• Jack Henry’s core systems are recognized for their solid functionality, customizability, and the company’s strong customer support. They provide comprehensive solutions, including account processing, customer management, transaction processing, and integration with other banking services.

 

System Name: Fiserv

Website: https://www.fiserv.com/en/who-we-serve/financial-institutions/banks/bank-platforms.htm

Budget: $575,000 

Description: 

Fiserv is a financial technology company that provides core banking systems, payments processing, and software solutions to banks and credit unions. The company was founded in 1984 and is headquartered in Brookfield, Wisconsin.

Fiserv’s core banking system is called DNA. DNA is a modular, scalable, and customizable system that supports all the business units of a banking institution, such as lending, retail, trade finance, branch automation, treasury, finance and accounting, payments, and regulatory compliance.

DNA is used by over 2,000 financial institutions in over 100 countries. The system is scalable, flexible, and secure. It also offers a wide range of features, including online banking, mobile banking, and fraud detection.

Here are some of the key milestones in the history of Fiserv core systems:

• 1984: Fiserv is founded.
• 1992: Fiserv releases its first core banking system, DNA.
• 1995: Fiserv expands its operations into Europe.
• 2000: Fiserv expands its operations into Asia.
• 2010: Fiserv introduces its cloud-based core banking system, DNA@Cloud.
• 2020: Fiserv is one of the leading providers of core banking systems in the world.

Fiserv’s core banking platforms stand out as the preferred choice for financial institutions of all sizes, from small credit unions to large banks. These systems provide scalability, security, and compliance, accompanied by a vast array of capabilities. Fiserv holds a strong commitment to innovation, consistently enhancing its core banking offerings with new features.

The Fiserv banking platform equips financial institutions with all necessary components to manage daily operations effectively. It incorporates diverse modules such as account management, payments processing, loans handling, accounting, customer onboarding, and anti-money laundering measures. Notably, the platform is open and well-integrated, offering easy connectivity with third-party systems and applications.

Hosted in the cloud, Fiserv’s core banking system spares financial institutions from the need for hefty investments in hardware and software. This cloud-based approach translates into significant cost savings, aiding institutions in reducing their IT expenditures. Furthermore, the platform’s scalability ensures that users and modules can be effortlessly added or removed in line with changing requirements.

As a robust, adaptable platform, Fiserv’s core banking system enables financial institutions to elevate their efficiency and customer service. Its rigorous security measures and up-to-date regulatory compliance add to its appeal.

For any financial institution considering a new core banking system, Fiserv’s platform makes an excellent choice. Its potent, adaptable, and secure features facilitate efficiency improvement and superior customer service, all while offering potential cost savings.

Some of Fiserv’s notable core banking solutions include DNA, Premier, and Signature. Here are some potential benefits of using Fiserv’s core systems:

• Comprehensive Functionality: Fiserv’s core banking systems provide a broad array of functionalities that cover most banking needs. This can include account processing, transaction processing, customer management, risk management, and more.
• Customizability: Fiserv’s systems are known for their flexibility and customizability, allowing financial institutions to tailor the system to their specific needs.
• Real-time Processing: Fiserv’s DNA platform is known for its real-time processing capabilities, which allows for up-to-the-minute, accurate account information.
• Customer-centric Design: Fiserv’s DNA platform is also known for its customer-centric design, allowing banks to have a 360-degree view of each customer’s relationship with the bank across all products and channels.
• Scalability: Fiserv’s solutions are designed to be scalable, meaning they can accommodate growth and expansion. This makes Fiserv a viable option for both small and large financial institutions.
• Integration Capabilities: Fiserv’s core systems can often be integrated with other systems and third-party solutions, which can extend their capabilities and streamline operations.
• Strong Support and Services: Fiserv is known for providing strong support and services to their clients, helping them effectively implement and manage their core systems.

 

System Name: Mambu

Website: https://mambu.com/ 

Budget: $450,000 licensing, $300,000 implementation, and $200,000 maintenance & support.

Description: 

Editor’s Note: The cost of Mambu is similar to other high level systems and will require a budget of $450,000 to $960,000. The difference is that you need to add in many different modules to get to the edition you want. Thus, the starting price is lower.

Mambu is one of the more interesting major banking core platforms and one of the fastest growing in the industry. Its unique focus on providing the sandbox to build unique experiences has set it apart from legacy systems like Jack Henry and Temenos.

For this reason, I will go into a bit of their history first and then get to the point of this post.

Mambu was founded in 2011 by Frederik Pfisterer and Eugene Danilkis, who had developed technical infrastructure for microfinanciers in Latin America and Africa. The company’s first clients were mainly from emerging markets. Early backers included Commerzbank and Berlin-based venture capitalist Point Nine.

In 2016, the German neobank N26 became a Mambu customer. This was a major turning point for the company, as N26’s rapid growth helped to showcase Mambu’s technology to a wider audience.

In 2021, Mambu raised nearly €200 million in a financing round led by EQT Partners. This valued the company at $5.3 billion, making it one of the unicorns of Germany.

In December 2021, Mambu was listed on the Frankfurt Stock Exchange. This made it one of the first “whales” on the German stock exchange, a term used to describe companies with a market capitalization of over €1 billion.

Mambu’s success is due to a number of factors, including its cloud-based platform, its open API, and its focus on customization. The company’s platform is easy to use and scalable, making it a good fit for both small and large banks. The open API allows banks to integrate Mambu with other systems, and the focus on customization means that banks can tailor the platform to their specific needs.

Mambu is well-positioned for future growth. The global banking industry is undergoing a major transformation, as traditional banks are facing increasing competition from neobanks and other digital financial services providers. Mambu’s cloud-based platform and open API make it well-suited to meet the needs of these new entrants.

Here are some of the key milestones in Mambu’s history:

• 2011: Mambu is founded by Frederik Pfisterer and Eugene Danilkis.
• 2012: Mambu’s first customer, a microfinance institution in Africa, goes live.
• 2013: Mambu raises €2.5 million in Series A funding.
• 2014: Mambu’s platform is used by over 100 microfinance institutions in 26 countries.
• 2016: N26 becomes a Mambu customer.
• 2017: Mambu raises €30 million in Series B funding.
• 2018: Mambu’s platform is used by over 200 banks and financial institutions in 50 countries.
• 2019: Mambu raises €50 million in Series C funding.
• 2020: Mambu’s platform is used by over 300 banks and financial institutions in 60 countries.
• 2021: Mambu raises €200 million in Series D funding and is listed on the Frankfurt Stock Exchange.
• 2022: Mambu’s platform is used by over 400 banks and financial institutions in 70 countries.

Mambu is a leading provider of cloud-based core banking systems. The company’s platform is used by banks and financial institutions of all sizes, from small microfinance institutions to large global banks. Mambu is well-positioned for future growth, as the global banking industry undergoes a major transformation.

The system is highly flexible and customizable, allowing financial institutions to easily create and deploy new products and services. Mambu is also highly scalable, so financial institutions can easily grow their business without having to worry about capacity constraints.

Mambu is used by a wide range of financial institutions, including banks, credit unions, microfinance institutions, and fintechs. The system is trusted by over 200 customers in over 60 countries.

Some of the key features of Mambu include:

• Cloud-native architecture
• Highly flexible and customizable
• Highly scalable
• Secure and compliant
• Comprehensive and easy-to-use
• Open API

This is the system for those who want to integrate many tools into their core rather than just take what the provider offers. It works like an Apple or Google app store where you buy want youi need and connect it into your platform.

As a cloud-native banking platform that provides a comprehensive, flexible, and modern solution for setting up banking operations. Its features may be particularly beneficial for a new bank starting up in Puerto Rico for several reasons:

1. Agility and Speed: Mambu’s cloud-native platform can be quickly set up and configured to meet your specific banking needs. As a startup bank, this allows you to hit the ground running with minimal delays.

2. Scalability: Mambu’s cloud-native platform is highly scalable, allowing your bank to expand and adapt as it grows. You can start small and scale up as your customer base increases.

3. Flexibility: Mambu’s platform is built on a modular design, which means you can choose only the functionalities you need and add more over time as your bank grows and evolves. This could include everything from deposit and loan accounts to payment processing and compliance reporting.

4. Cost Efficiency: As a cloud-native platform, Mambu can offer cost savings compared to traditional on-premise solutions. You don’t have to invest heavily in IT infrastructure, and you can adjust your subscription as your needs change.

5. Compliance and Security: Mambu is committed to meeting the highest standards of security and regulatory compliance. This is particularly important for a bank starting up in Puerto Rico, where you’ll need to comply with both local and federal banking regulations.

6. Innovation and Customer Experience: Mambu is known for embracing innovative technologies such as APIs, allowing your bank to easily integrate with fintechs and other third-party services. This could enable you to provide your customers with a modern, digital-first banking experience.

7. Open API: An open API is a significant advantage in today’s interconnected digital ecosystem. Mambu’s open API allows for seamless integration with other software solutions, third-party services, and fintech innovations. This facilitates the creation of a more cohesive and versatile digital banking environment, enhancing customer experience and enabling more efficient operations. It paves the way for future growth and adaptation as new technologies emerge.

 

System Name: Olympic Core System – Corporate Bank Version

Website: https://www.olympicbankingsystem.com/en/corporate-banking-software/ 

Budget: $300,000+ licensing, $300,000 implementation, and $130,000 maintenance and support.

Description: 

Olympic is a popular choice in Puerto Rico for banks focused on wealth management and trade finance. This is because of their corporate bank module that Olympic offers, in addition to their standard core system. 

Also, for larger banks on the island, the objective is to secure an account with the US Federal Reserve (Fedwire). One of the banks that has Fedwire recently achieved this feat using Olympic, so it has risen in popularity. 

For information with banks with Fedwire, see International Banks in Puerto Rico with Fedwire

The Olympic Banking Core System is a comprehensive software solution that provides banks with the tools they need to manage their corporate banking operations. The system covers a wide range of functions, including account management, loan origination, trade finance, risk management, and treasury management.

The Olympic Banking Core System is designed to be scalable and flexible, so it can be used by banks of all sizes. The system is also highly secure and meets all regulatory requirements.

Here are some of the key milestones in the history of Olympic Core Systems – Corporate Bank version:

• 1995: OCS-CB is first released.
• 2000: OCS-CB expands into Europe and Asia.
• 2005: OCS-CB releases a new version that is based on web technology.
• 2010: OCS-CB releases a new version that is based on cloud computing.
• 2020: OCS-CB is one of the leading core banking systems in the world.

Some of the key benefits of the Olympic Banking Core System include:

• Scalability: The system can be scaled to meet the needs of banks of all sizes.
• Flexibility: The system is highly flexible and can be customized to meet the specific needs of each bank.
• Security: The system is highly secure and meets all regulatory requirements.
• Features: The system offers a wide range of features that are essential for corporate banking operations.
• Support: The system is supported by a team of experienced professionals who can help banks get the most out of the system.
• If you are a bank that is looking for a comprehensive and scalable software solution for your corporate banking operations, then the Olympic Banking Core System is a good option to consider.

Here are some of the specific features of the Olympic Banking Core System:

• Account management: The system provides a comprehensive view of all customer accounts, including balances, transactions, and history.
• Loan origination: The system automates the loan origination process, from application to approval to disbursement.
• Trade finance: The system provides a comprehensive suite of trade finance services, including letters of credit, guarantees, and collections.
• Risk management: The system helps banks to identify and manage risks, such as credit risk, market risk, and operational risk.
• Treasury management: The system provides a comprehensive suite of treasury management services, such as cash management, foreign exchange, and investment management.

The Olympic Banking Core System is a powerful and versatile software solution that can help banks to improve their efficiency, reduce their costs, and grow their businesses.

For more, you might check out: ERI’S OLYMPIC BANKING SYSTEM WINS BEST “CLIENT LIFECYCLE MANAGEMENT” SOLUTION AND BEST “FRONT OFFICE” SOLUTION AT THE WEALTHBRIEFINGASIA AWARDS 2023.

 

System Name: Temenos

Website: https://www.temenos.com/ 

Budget: $250,000 licensing, $250,000 implementation, and $150,000 maintenance and support.

Description: 

Note that the following is their small to medium sized bank system which is cloud based. Temenos also offers systems in the millions of dollars and supports some of the biggest banks in the world.

Temenos Cloud Core Banking is a cloud-native, open-source core banking platform that provides financial institutions with the tools they need to manage their day-to-day operations. The system is highly flexible and customizable, allowing financial institutions to easily create and deploy new products and services. Temenos Cloud Core Banking is also highly scalable, so financial institutions can easily grow their business without having to worry about capacity constraints.

Temenos Cloud Core Banking is used by a wide range of financial institutions, including banks, credit unions, microfinance institutions, and fintechs. The system is trusted by over 3,000 customers in over 150 countries.

Some of the key features of Temenos Cloud Core Banking include:

• Cloud-native architecture
• Highly flexible and customizable
• Highly scalable
• Secure and compliant
• Comprehensive and easy-to-use
• Open API
• If you are a financial institution looking for a new core banking system, Temenos Cloud Core Banking is a great option. The system is powerful, flexible, and secure. It can help you to improve your efficiency and customer service, and it can save you money.

Here are some additional details about the Temenos Cloud Core Banking system:

• The system is updated regularly to add new features and functionality.
• Temenos offers a variety of services to help financial institutions implement and use the system.

 

System Name: QBS

Website: https://knowtech.ws/en/ 

Budget: $200,000+ licensing, $200,000 implementation, and $125,000 maintenance and support. 

Description: 

QBS (Quanta Business Solutions) is a Spanish company that develops core banking systems for financial institutions. The company was founded in 1992 and has over 30 years of experience in the banking industry.

QBS’s core banking system is called QBS Core. It is a modular, scalable, and customizable system that supports all the business units of a banking institution, such as lending, retail, trade finance, branch automation, treasury, finance and accounting, payments, and regulatory compliance.

QBS Core is used by over 100 financial institutions in 20 countries. The system is available in Spanish, English, Portuguese, and French.

In addition to QBS Core, QBS also offers a variety of other banking solutions, including:

• QBS Digital: A suite of digital banking solutions that includes a mobile banking app, a web-based banking platform, and an API for third-party integrations.
• QBS Analytics: A suite of analytics solutions that helps banks to make better decisions about their business.
• QBS Compliance: A suite of compliance solutions that helps banks to meet regulatory requirements.
• QBS is a privately held company with headquarters in Madrid, Spain. The company has over 200 employees and is led by CEO José Antonio Fernández.

Here are some of the key milestones in QBS’s history:

• 1992: QBS is founded by José Antonio Fernández.
• 1995: QBS releases QBS Core, its first core banking system.
• 2000: QBS expands its operations to Latin America.
• 2005: QBS expands its operations to the Middle East.
• 2010: QBS expands its operations to Asia.
• 2020: QBS releases QBS Digital, its suite of digital banking solutions.

QBS is a leading provider of core banking systems in Spain and Latin America. The company’s products are used by banks and financial institutions of all sizes, from small community banks to large multinational banks. QBS is well-positioned for future growth, as the global banking industry undergoes a major transformation.

Here are some of the features of QBS Core:

• Multicurrency and multibranch support
• Scalable and customizable architecture
• Open API for third-party integrations
• Strong security and compliance features
• Cloud-based deployment option

QBS Core is a comprehensive and flexible core banking system that can meet the needs of banks of all sizes. The system is scalable and customizable, making it easy to adapt to the changing needs of the business. QBS Core is also cloud-based, making it easy to deploy and manage.

If you are looking for a core banking system that is reliable, scalable, and flexible, then QBS Core is a good option to consider.

QBS is a core banking system that is used by financial institutions to manage their day-to-day operations. The system is designed to be scalable and flexible, so it can be used by banks of all sizes. QBS is also compliant with the latest regulations, so financial institutions can be sure that their data is secure.

This system has become popular with international banks and in the US territory of Puerto Rico. The system is scalable, flexible, and secure. It can be customized to meet your specific needs, and it offers excellent customer support.

Here are some additional details about the QBS core banking system:

• The system is used by over 1,000 financial institutions in over 50 countries.
• The system is updated regularly to add new features and functionality.
• QBS is the platform designed to speed up new and better financial products’ time to market while providing agility and effectiveness.

 

System Name: Data Pro

Website: https://datapromiami.com/ 

Budget:$400,000 licensing, $400,000 implementation and $400,000 maintenance and support.

Description: 

Datapro is a Florida-based software development company that specializes in core banking systems. The company was founded in 1976 and has over 45 years of experience in the banking industry.

Datapro’s core banking system is called e-IBS (Integrated Banking System). It is a parameter-driven, multicurrency, and multibranch system that supports all the business units of a banking institution, such as lending, retail, trade finance, branch automation, treasury, finance and accounting, payments, and regulatory compliance.

e-IBS is used by over 150 commercial banks, international and offshore banks, and central banks in 28 countries. The system is scalable and can be customized to meet the specific needs of each customer.

In addition to e-IBS, Datapro also offers a variety of other banking solutions, including:

• d-IBS/Personal Internet Banking System
• dc-IBS/Corporate Internet Banking System
• e-IBS Branch/Branch Automation & Signature Verification
• e-IBS Datawarehouse
• e-IBS Reports
• e_IBS Customer Portfolio Management System

Datapro is a privately held company with headquarters in Coral Gables, Florida. The company has over 100 employees and is led by CEO Luis M. del Pozo.

Here are some of the key milestones in Datapro’s history:

• 1976: Datapro is founded by Luis M. del Pozo.
• 1984: Datapro releases e-IBS, its first core banking system.
• 1990: Datapro expands its operations to Latin America.
• 2000: Datapro expands its operations to the Caribbean.
• 2010: Datapro expands its operations to Europe.
• 2020: Datapro expands its operations to Asia.

Datapro is a leading provider of core banking systems in the Americas. The company’s products are used by banks and financial institutions of all sizes, from small community banks to large multinational banks. 

Datapro is a core banking system that is used by financial institutions to manage their day-to-day operations. The system is designed to be scalable and flexible, so it can be used by banks of all sizes. Datapro is also compliant with the latest regulations, so financial institutions can be sure that their data is secure.

Here are some of the features of Datapro Core Systems:

• Multicurrency and multibranch support: Datapro Core Systems can support multiple currencies and multiple branches, making it a good fit for banks that operate in multiple countries or have a large number of branches.
• Scalable and customizable architecture: Datapro Core Systems is designed to be scalable and customizable, so it can be adapted to the specific needs of each bank.
• Open API for third-party integrations: Datapro Core Systems has an open API that allows banks to integrate it with other systems, such as CRM systems and payment processing systems.
• Strong security and compliance features: Datapro Core Systems has strong security and compliance features that help banks to protect their data and meet regulatory requirements.
• Cloud-based deployment option: Datapro Core Systems can be deployed on-premises or in the cloud, giving banks the flexibility to choose the deployment option that best suits their needs.

In addition to these features, Datapro Core Systems also offers a number of other features, such as:

• Real-time reporting: Datapro Core Systems provides real-time reporting that allows banks to track their financial performance and make informed decisions.
• Workflow automation: Datapro Core Systems can automate workflows, which can help banks to improve efficiency and reduce costs.
• Customer relationship management (CRM) integration: Datapro Core Systems can be integrated with CRM systems, which can help banks to improve customer service.
• Payment processing integration: Datapro Core Systems can be integrated with payment processing systems, which can help banks to streamline their payment processing operations.
• Datapro Core Systems is a comprehensive and flexible core banking system that can meet the needs of banks of all sizes. The system is scalable and customizable, making it easy to adapt to the changing needs of the business. Datapro Core Systems is also cloud-based, making it easy to deploy and manage.

Here are some additional details about the Datapro banking core system:

• The system is used by over 160 financial institutions in 31 countries.
• The system is updated regularly to add new features and functionality.
• Datapro’s core banking systems are used by a wide range of financial institutions, including:
  • Small banks: Datapro’s systems are a good fit for small banks that want to upgrade their legacy systems without breaking the bank. Datapro’s systems are scalable and can grow with the bank, and they offer a wide range of features that are essential for small banks, such as online banking and mobile banking.
  • Mid-sized banks: Datapro’s systems are also a good fit for mid-sized banks that want to improve their efficiency and customer service. Datapro’s systems are designed to help banks streamline their operations and provide a better experience for their customers.
  • Large banks: Datapro’s systems can also be used by large banks. Datapro’s systems are scalable and can handle the volume of transactions that large banks typically process.
  • In addition to these types of banks, Datapro’s core banking systems are also used by central banks, insurance companies, and other financial institutions.

 

System Name: Oracle Flexcube

Website: https://www.oracle.com/financial-services/banking/banking-platform/ 

Budget: $420,000

Description: 

Oracle Flexcube is a core banking system developed by Oracle Financial Services. The system was originally developed by i-flex Solutions, which was acquired by Oracle in 2007.

Oracle Flexcube was first released in 1994. The system was designed to be scalable and flexible, so it could be used by banks of all sizes. Oracle Flexcube also offered a variety of add-on modules, such as online banking and mobile banking.

In the early 2000s, Oracle Flexcube began to expand its operations into new markets. The company opened offices in Europe and Asia, and it began to partner with other software companies to offer its core banking system to a wider range of customers.

In the 2010s, Oracle Flexcube continued to grow and innovate. The company released a new version of its core banking system that was based on cloud computing. This new version of the system was more scalable and secure than the previous version, and it made it easier for banks to integrate Oracle Flexcube with other systems.

Today, Oracle Flexcube is one of the leading core banking systems in the world. The system is used by banks in over 100 countries. Oracle Flexcube is committed to innovation and continues to develop new features for its core banking system.

Here are some of the key milestones in the history of Oracle Flexcube:

• 1994: Oracle Flexcube is first released.
• 2000: Oracle Flexcube expands into Europe and Asia.
• 2007: Oracle acquires i-flex Solutions.
• 2010: Oracle Flexcube releases a new version based on cloud computing.
• 2020: Oracle Flexcube is one of the leading core banking systems in the world.
• Oracle Flexcube is a comprehensive and flexible core banking system that can meet the needs of banks of all sizes. The system is scalable, secure, and compliant, and it offers a wide range of features. Oracle also provides excellent support to its customers.

Here are some additional features of Oracle Flexcube:

• Multicurrency and multibranch support: Oracle Flexcube can support multiple currencies and multiple branches, making it a good fit for banks that operate in multiple countries or have a large number of branches.
• Scalable and customizable architecture: Oracle Flexcube is designed to be scalable and customizable, so it can be adapted to the specific needs of each bank.
• Open API for third-party integrations: Oracle Flexcube has an open API that allows banks to integrate it with other systems, such as CRM systems and payment processing systems.
• Strong security and compliance features: Oracle Flexcube has strong security and compliance features that help banks to protect their data and meet regulatory requirements.
• Cloud-based deployment option: Oracle Flexcube can be deployed on-premises or in the cloud, giving banks the flexibility to choose the deployment option that best suits their needs.

Here are some additional details about the Oracle Flexcube core banking system:

• The system is used by over 1,000 financial institutions in over 50 countries.
• The system is updated regularly to add new features and functionality.
• Companies using Oracle Flexcube for Core Banking include: Citigroup Inc., Wells Fargo, HSBC Bank plc, UniCredit, China Citi Bank, and many others.

 

System Name: FIS

Website: https://www.fisglobal.com/en-gb/banking-solutions/digital-channel-and-core/core-banking 

Budget:$500,000+ licensing, $500,000 implementation, and $500,000+ maintenance and support.

Description: 

FIS (Fidelity National Information Services) is a global financial technology company that provides core banking systems to banks and financial institutions of all sizes. The company’s core banking systems are used by over 2,000 financial institutions in over 100 countries.

FIS’s core banking systems have a long history. The company’s first core banking system was developed in the early 1970s. The system was called “Systematics” and was based on mainframe computers. In the 1980s, FIS developed a new core banking system called “ALLTEL Information Services”. This system was based on minicomputers and was designed to be more scalable and flexible than “Systematics”.

In the 1990s, FIS acquired several other financial technology companies, including Metavante and eFunds. These acquisitions gave FIS a wider range of core banking products and services. In the 2000s, FIS continued to develop its core banking systems and added new features, such as online banking and mobile banking.

Today, FIS’s core banking systems are some of the most advanced in the world. The systems are scalable, flexible, and secure. They also offer a wide range of features, such as online banking, mobile banking, and fraud detection.

FIS’s core banking systems are used by banks and financial institutions of all sizes, from small community banks to large multinational banks. The systems are used in over 100 countries and support over 200 currencies.

Here are some of the key milestones in the history of FIS core banking systems:

• 1970s: FIS develops its first core banking system, “Systematics”.
• 1980s: FIS develops a new core banking system, “ALLTEL Information Services”.
• 1990s: FIS acquires several other financial technology companies, including Metavante and eFunds.
• 2000s: FIS continues to develop its core banking systems and adds new features, such as online banking and mobile banking.
• 2010s: FIS introduces its cloud-based core banking system, FIS Digital Banking Platform.
• 2020s: FIS continues to innovate and develop new features for its core banking systems.

FIS core banking systems are a leading choice for banks and financial institutions of all sizes. The systems are scalable, flexible, secure, and offer a wide range of features. FIS is committed to innovation and continues to develop new features for its core banking systems.

FIS Core Banking Platform provides financial institutions with the tools they need to manage their day-to-day operations. The system includes modules for account management, payments, loans, accounting, onboarding, and anti-money laundering. It is also open and integrated, allowing financial institutions to easily connect with third-party systems and applications.

The FIS core banking platform is hosted in the cloud, which eliminates the need for financial institutions to invest in hardware and software. This can save financial institutions money and help them to reduce their IT costs. The system is also scalable, so financial institutions can easily grow their business without having to worry about capacity constraints.

FIS Core Banking Platform is used by a wide range of financial institutions, including banks, credit unions, microfinance institutions, and fintechs. The system is trusted by over 10,000 customers in over 100 countries.

Here are some of the key features of FIS Core Banking Platform:

• Open and integrated architecture
• Cloud-based hosting
• Scalable and flexible
• Secure and compliant
• Comprehensive and easy-to-use
• Open API

Here are some additional details about the FIS core banking platform:

• The system is updated regularly to add new features and functionality.
• Companies using FIS Core Banking for Core Banking include: Citizens Financial Group, Inc., First Republic Bank, State Bank of India, California, CIT Group, Customers Bank, and many others.

 

System Name: mBanq

Website: https://www.mbanq.com/ 

Budget: $100,00 for Cloud and $1 million for Sky

Description: 

mBanq is a banking-as-a-service (BaaS) provider that was founded in 2014 by Vlad Lunegouv. The company is headquartered in Naples, Florida, and has offices in London, United Kingdom.

mBanq’s mission is to “democratize banking” by making it possible for anyone to build a bank, regardless of their size or experience. The company’s platform provides a comprehensive set of features that allow businesses to create and manage their own banking products, including accounts, payments, and lending.

mBanq has grown rapidly since its inception. In 2018, the company raised $15 million in Series A funding, and in 2021, it raised $30 million in Series B funding. The company currently has over 100 customers, including businesses in the fintech, retail, and healthcare sectors.

mBanq’s platform is built on the Temenos open banking platform. Temenos is a leading provider of banking software, and its platform is used by over 3,000 banks and financial institutions around the world.

mBanq’s platform is designed to be scalable and flexible. The company’s API-first architecture allows businesses to easily integrate their own systems with mBanq’s platform. This makes it possible for businesses to quickly and easily launch new banking products and services.

mBanq is a leading provider of BaaS solutions. The company’s platform is used by businesses around the world to create and manage their own banking products. mBanq’s platform is scalable and flexible, and it is built on the Temenos open banking platform.

Here are some of the key milestones in mBanq’s history:

• 2014: mBanq is founded by Vlad Lunegouv.
• 2016: mBanq launches its platform.
• 2018: mBanq raises $15 million in Series A funding.
• 2021: mBanq raises $30 million in Series B funding.
• 2022: mBanq has over 100 customers.

mBanq is a cloud-native core banking platform that provides financial institutions with the tools they need to manage their day-to-day operations. The system is designed to be scalable, flexible, and secure. It can be customized to meet the specific needs of financial institutions of all sizes.

The mBanq banking core system includes a variety of modules that allow financial institutions to manage their day-to-day operations. These modules include:

• Account management
• Payments
• Loans
• Accounting
• Onboarding
• Anti-money laundering

mBanq is built on Microsoft and Temenos (see above). For more on this, click here to go to the Microsoft website. And it was selected by a new bank in Barbados recently, Sagicor Bank.

The mBanq banking core system is also open and integrated. This means that it can easily be connected with other systems and applications. This can help financial institutions to streamline their operations and improve their efficiency.

The mBanq banking core system is hosted in the cloud. This means that financial institutions do not need to invest in hardware or software. This can save financial institutions money and help them to reduce their IT costs.

The mBanq banking core system is used by a wide range of financial institutions, including banks, credit unions, and microfinance institutions. The system is trusted by over 200 customers in over 60 countries.

Here are some of the key features of the mBanq banking core system:

• Cloud-native architecture: The mBanq banking core system is built on a cloud-native architecture. This means that it is scalable, flexible, and secure.
• Open API: The mBanq banking core system is open through its API. This means that it can easily be integrated with other systems and applications.
• Secure: The mBanq banking core system is secure. This means that it uses the latest security features to protect customer data.
• Complaint: The mBanq banking core system is compliant with the latest regulations. This means that financial institutions can be sure that their data is secure and compliant with the latest regulations.
• Comprehensive: The mBanq banking core system is comprehensive. This means that it includes a wide range of modules that allow financial institutions to manage their day-to-day operations.
• Customizable: The mBanq banking core system is customizable. This means that it can be customized to meet the specific needs of financial institutions.
• Price: The mBanq banking core system is competitive. This means that it offers a good value for money.
• Support: mBanq offers excellent support. The company has a team of experienced professionals who are available to help customers with any problems they may encounter.

mBanq also supports multiple payment rails, including crypto in it’s mBanq Pay solution. Specifically, Pay includes connectivity into RippleNet. For more on Ripplenet, click here. For more on mBanq Pay, click here.

 

System Name: FPS

Website: https://www.fpsgold.com/core-banking-system 

Budget: $275,000

Description: 

FPS Gold is a leading provider of core banking software for financial institutions. The company’s core banking system is designed to be scalable, flexible, and secure. It can be customized to meet the specific needs of financial institutions of all sizes.

The FPS core banking system includes a variety of modules that allow financial institutions to manage their day-to-day operations. These modules include:

• Account management
• Payments
• Loans
• Accounting
• Onboarding
• Anti-money laundering

The FPS core banking system is also open and integrated. This means that it can easily be connected with other systems and applications. This can help financial institutions to streamline their operations and improve their efficiency.

The FPS core banking system is hosted in the cloud. This means that financial institutions do not need to invest in hardware or software. This can save financial institutions money and help them to reduce their IT costs.

The FPS core banking system is used by a wide range of financial institutions, including banks, credit unions, and microfinance institutions. The system is trusted by over 1,000 customers in over 50 countries.

Here are some of the key features of the FPS core banking system:

• Scalable: The FPS core banking system is designed to be scalable. This means that it can be easily scaled up or down to meet the needs of the financial institution.
• Flexible: The FPS core banking system is a flexible system. This means that it can be customized to meet the specific needs of the financial institution.
• Secure: The FPS core banking system is a secure system. This means that it uses the latest security features to protect customer data.
• Complaint: The FPS core banking system is compliant with the latest regulations. This means that financial institutions can be sure that their data is secure and compliant with the latest regulations.
• Comprehensive: The FPS core banking system is a comprehensive system. This means that it includes a wide range of modules that allow financial institutions to manage their day-to-day operations.
• Customizable: The FPS core banking system is a customizable system. This means that it can be customized to meet the specific needs of the financial institution.
• Price: The FPS core banking system is a competitive system. This means that it offers a good value for money.
• Support: FPS offers excellent support. The company has a team of experienced professionals who are available to help customers with any problems they may encounter.

 

System Name: iFinance

Website: https://banking-software.com/ 

Budget: $200,000

Description: 

iFinance was founded in 1999 by a group of experienced bankers and software developers. The company’s goal was to develop a core banking system that was both reliable and affordable.

iFinance’s first core banking system was released in 2001. The system was designed to be scalable and customizable, so it could be used by banks of all sizes. iFinance also offered a variety of add-on modules, such as online banking and mobile banking.

In the early 2000s, iFinance began to expand its operations into new markets. The company opened offices in Europe and Asia, and it began to partner with other software companies to offer its core banking system to a wider range of customers.

In the 2010s, iFinance continued to grow and innovate. The company released a new version of its core banking system that was based on cloud computing. This new version of the system was more scalable and secure than the previous version, and it made it easier for banks to integrate iFinance’s core banking system with other systems.

Today, iFinance is a leading provider of core banking systems. The company’s systems are used by banks in over 50 countries. iFinance is committed to innovation and continues to develop new features for its core banking systems.

Here are some of the key milestones in the history of iFinance core banking systems:

• 1999: iFinance is founded.
• 2001: iFinance’s first core banking system is released.
• 2003: iFinance opens offices in Europe and Asia.
• 2005: iFinance partners with other software companies to offer its core banking system to a wider range of customers.
• 2010: iFinance releases a new version of its core banking system that is based on cloud computing.
• 2020: iFinance is a leading provider of core banking systems, with customers in over 50 countries.

iFinance core banking systems are a leading choice for small and startup banks. The systems are scalable, flexible, secure, and offer a wide range of features. iFinance is committed to innovation and continues to develop new features for its core banking systems.

iFinance is a core banking system that is used by financial institutions to manage their day-to-day operations. The system is designed to be scalable and flexible, so it can be used by banks of all sizes. iFinance is also compliant with the latest regulations, so financial institutions can be sure that their data is secure.

iFinance Core System is a comprehensive and flexible core banking system that can meet the needs of banks of all sizes. The system is scalable, secure, and compliant, and it offers a wide range of features. iFinance also provides excellent support to its customers.

Here are some additional features of iFinance Core System:

• Customer relationship management (CRM) integration: iFinance Core System can be integrated with CRM systems, which can help banks to improve customer service.
• Payment processing integration: iFinance Core System can be integrated with payment processing systems, which can help banks to streamline their payment processing operations.
• Treasury management integration: iFinance Core System can be integrated with treasury management systems, which can help banks to manage their cash flows.
• Risk management: iFinance Core System includes a comprehensive set of risk management features, which can help banks to mitigate risk and protect their assets.
• Fraud detection: iFinance Core System includes a fraud detection system that can help banks to identify and prevent fraud.

iFinance Core System is a powerful and versatile core banking system that can help banks to improve their operations and achieve their business goals.

Here are some additional details about the iFinance core banking system:

• The system is used by over 160 financial institutions in 31 countries.
• The system is updated regularly to add new features and functionality.
• iFinance has installs in Puerto Rico and a solid reputation on the island.

 

System Name: SDK Finance

Website: https://sdk.finance/ 

Budget: €25,000 (€400,000 for source code)

Description: 

Note that this is a development system and not a pure core banking system. It allows you to build out a small neo bank or payment platform. This would be used by a group launching a small bank that has a significant tech team.

SDK.finance is a cloud-native core banking platform that enables financial institutions to set up and launch neo banks in a matter of weeks. The platform is designed to be scalable, flexible, and secure, and it can be customized to meet the specific needs of any financial institution.

To set up a new neo bank using SDK.finance, you will need to:

• Create an account on the SDK.finance website.
• Select the features that you need for your neo bank.
• Configure the platform to meet your specific needs.
• Deploy the platform to the cloud.
• Start onboarding customers and launching products.

The SDK.finance platform includes a variety of features that are essential for neo banks, such as:

• Account opening and management
• Payments
• Loans
• Investments
• KYC and AML
• Customer support

The platform is also highly scalable, so you can easily add new features and products as your neo bank grows.

Here are some of the benefits of using SDK.finance to set up a new neo bank:

• Speed: You can launch a neo bank in a matter of weeks using SDK.finance.
• Scalability: The platform is highly scalable, so you can easily add new features and products as your neo bank grows.
• Flexibility: The platform can be customized to meet the specific needs of any financial institution.
• Security: The platform is secure and compliant with the latest regulations.
• Support: SDK.finance offers excellent support to help you get started and troubleshoot any problems you may encounter.

If you are looking to set up a new neo bank using  white label system, SDK.finance is a great option. The platform is fast, scalable, flexible, secure, and well-supported.

Conclusion

I hope you have found this summary of banking core systems to be helpful. For a very detailed post of international banking licenses and offshore banking jurisdictions, see International Bank License Guide 2023.

If you would like more information on core systems, please send us an email and I will connect you with an experienced professional. If you would like information on setting up an international bank, drop me a line and I will get back to you as soon as possible.

You can reach me directly at info@banklicense.pro