June 1, 2017
The democratization of financial services did not only touch the consumer side but opened a spectrum of opportunities for entrepreneurs to launch and sustain online banking businesses with little to no IT resources involved. Banking software companies played a critical role in both enhancing existing infrastructures, and almost removing barriers for entering the business at a reduced time and low development costs. Here are some examples of banking software providers that are powering online banking solutions:
Apex Banking System is a comprehensive solution for the integral processing of all operations in a financial organization (core banking solutions). In addition to providing functional support for each one of the products and services offered by a financial institution, Apex Banking System includes an accounting system that complies with all accounting and compliance reporting standards.
Capital Banking Solutions is a provider of end-to-end, integrated banking software for businesses across Europe, Africa, the Middle East, and the Americas. The company offers a suite of integrated and modular products for retail, corporate and private banks as well as financial institutions. In 2010, Capital Banking Solutions merged with AdTek Information Systems, Inc. and IntellEval to form a global organization that offers clients integrated software products and customized software solutions tailored to the needs of the financial services industry. The merger has enabled Capital Banking Solutions to extend its reach to the US and Latin America as well as address the issues of financial security.
Dais Software is a software development company that focuses on solutions for electronic channels for the banking and finance industry (Internet banking, mobile banking, EBPP, call center, etc.). The company has been recognized as a leader in its primary line of business, being the vendor of choice for online banking solutions for top banks operating in Central and Eastern Europe. The product portfolio of the company includes also frameworks for Web content management, security, messaging and system interoperability.
Ebanq is a user-friendly online banking software app. It is a turn-key solution for small- and medium-sized banks, savings & loans, credit unions, trust companies, and anyone else managing client funds. It is also the only mobile-ready, out-of-the-box solution in its market segment.
Finacle is a core banking product developed by Indian corporation Infosys that provides universal banking functionality to banks. In August 2015, Finacle became part of EdgeVerve Systems Limited. Finacle is used by banks across 84 countries that serve over 450 million customers. Finacle’s banking software solutions and services help global banks operationalize core banking transformation by providing a holistic and integrated approach.
The Fisa-System is a modular integrated banking system for retail, commercial, international and offshore financial institutions. Thanks to its flexible and parametric architecture, it offers an integrated core banking solution that automates the business and allows the rapid creation of banking products, reducing operating costs and increasing profitability.
iCBS is a centralized core platform for universal banking solutions aimed at retail banking, Islamic banking, internet banking, mobile banking, and branchless banking. It is the core platform for Commercial Bank, Central Regulator Bank, Rural, and Agricultural Bank.
Its core banking features include:Browser-based clients Alerts & electronic distribution Multi-currency Cash maintenance (unit-wise) Globalization: Language and calendar compatibility Sweep account facility KYC (know your customer) standard Service branch clearing (Indian content) Bulk account opening (through excel sheet) & account open form printing Calculation methods highly parameterize Bank credit line/customer credit line/customer security line Menu rights Online NPA (non-performing assets) Maker & checker concept Bank profile/branch profile Anti-money laundering reports (AML)
Established in 2005, IDEALINVENT has been providing innovative solutions for financial institutions over the past 10 years. IDEALINVENT is a technology products and solutions company with a focus on the consumer financial services sector. The company offers B-SaaS (banking software-as-a-service), which leverages the company’s suite of financial technology products. IDEALINVENT targets digitally focused financial service providers. These providers include innovative retail banking institutions, marketplace lending platforms, payment institutions, card providers, and alternative financial service providers.
The company’s product ConnectCore is a suite of three components: service delivery, transaction processing, and data management. ConnectCore – Core bank, which handles transaction processing, is based on true SOA architecture that enables simple implementation, integration, and operation; achieving the objective of simplifying banking solutions that the product was founded on. ConnectCore – Channels & Mobility is a truly integrated, customer-centric, service delivery platform for the bank of the future. ConnectCore – PaymentGrid is a payments hub for payments value chain.
Mambu is a cloud platform which lets companies rapidly build, integrate, launch, and service any lending portfolio into any market. SME lenders, FinTechs, and banks can use Mambu as the engine of their digital-first banking service.
Mambu offers a suite of the following platforms:Loan management Transactional accounts Customer management Document management Operational workflows Process controls Tasks and auditing Developer tools
Megasol’s CornicheNet Online Banking, its online banking component, offers a rich environment which allows a client to self-manage both profile and accounts, including the creation of sub-users with specified rights. Clients may move funds, make investments, schedule and make payments. They may examine portfolio and statement information, sign multi-signatory transactions, may exchange messages securely and access both news and FAQs. The application can be managed by settings in the back-office and may be customized to manage client activities in line with business, legal and financial policies.
NYMBUS is transforming the way traditional banks and credit unions support and interact with their customers offering a modern, holistic SaaS-based platform that includes core banking functionality, an impressive suite of applications and the hardware and network infrastructure to power it all. NYMBUS integrates with all third-party software within a bank, creating one holistic system, automating workflows and providing one single data set.
NLS offers a full spectrum of consulting and custom software development services for banks and financial companies, amongst other companies. The company’s extensive experience that spans multiple platforms, operating systems and diverse institutions has empowered it with a substantial base of in-depth knowledge and proven expertise to deliver cutting-edge, robust, scalable and competitive software solutions.
NLS provides services on design and development of standalone software solutions and support solutions linking into existing enterprise systems and seamlessly exchanging data with desktop or Web-based systems and external hardware (instrumentation, communications, and measurement systems) as well as handheld application enhancements, migration and porting.
Profile Software is an international solutions provider for the banking and investment management industry. The company has a presence in 25 countries and offices in key financial centers.
One of Profile’s products, Core Banking software, incorporates the entire spectrum of banking operations on one single platform, front-to-back, making it a complete core banking management software package. The solution ensures high levels of automation, risk-free deployment, full STP workflow coverage, ease of use, low-cost operation and full cross-bank account management.
Key features include:Counterparty-centric architecture Powerful KYC-related mechanisms for proactive risk control 360° customer view for successful relationship monitoring and management Flexible product factory allowing extensive customization to meet centrally set bank policies Personalization tools for all facilities for customers Horizontally and vertically scalable; deployment expands along with the bank’s needs International product: regulatory independence through high levels of parameterization Easily defined workflows to support STP or company-based flows for front-to-back office operations
The Core Banking system utilizes a highly modular component-based architecture that allows its modules to be implemented either as stand-alone vertical solutions or to be gradually deployed, maximizing the bank’s return-on-investment.
Rubikon is Neptune’s flagship platform designed to deliver an industry-specific, business-oriented and collaborative framework for banks and financial institutions of all sizes. Its modern open technology facilitates rapid incremental deployment; either as a complete universal banking system or as a series of modular applications/services to cater to the specific needs of a business.
Software Development Kit (SDK.finance) is the back-end software for the quickest technological start of any FinTech products. The company has a mission to aid FinTech entrepreneurs to focus on clients while SDK.finance takes care of the technology.
Sopra Banking Software is a banking software vendor-integrator, and a major digital player. One of the services offered by the company is direct banking on SAAS, which includes:Full functional coverage (deposits, payments, securities, cash flow; credit functions studied on request) including customer interfaces A scalable solution that adapts to suite business size and growth A robust and secure environment with customization options Sopra Steria Group’s infrastructure management and cybersecurity experience
Sopra Banking Platform can provide in-depth, end-to-end coverage for clients’ entire financial business or can meet needs of certain business segments on a modular basis. Any type of installation is possible: a new, end-to-end core banking system or a replacement of a legacy system, an expansion of an existing core banking solution, or a step-by-step approach with selected component implementation.
Due to the platform’s service-oriented architecture (SOA), banking components remain compatible with existing third-party solutions as well as all other software that can provide them with or draw data from them. Sopra designed the platform with scalability in mind and handles high volumes fast and efficiently. It is at home in any current hardware and software environment.
STRANDS develops innovative software solutions that enable banks and retailers to offer personalized customer experiences and create new revenue streams through digital channels. The Strands Finance Suite includes white-label software solutions such as PFM, business financial management (BFM) and card-linked offers (CLO), among others. In 2008, Strands revolutionized online banking by deploying the first PFM in Europe. The company has many notable clients, among which are Barclays, Deutsche Bank, BBVA, BNP Paribas, Bank of Montreal (BMO), Carrefour and Panasonic.
Temenos Group AG, headquartered in Geneva, is a market-leading software provider that partners with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Temenos’ customers significantly outperform their peers.
Over the period of 2008–2014, Temenos clients enjoyed a 31% higher return on assets on average, a 36% higher return on equity and an 8.6 percentage point lower cost to income than financial institutions running legacy software. Over 2,000 firms across the globe, including 38 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers.
Corillian Online (Licensed) from Fiserv provides banks and credit unions with a new generation of online banking solutions – a seamless experience that deeply integrates online banking, payments and personal financial management (PFM) tools into the same interface.
Features of the Corillian Online include:Optimally integrated and surfaced payments and money movement: Provides seamless bill payment and money movement capabilities to pay any bill or anyone. Targeted Marketing: Campaign Manager increases your ability to offer value-added services that are specifically tailored to each person's financial needs. Flexible branding and configuration: The configuration module empowers your administrators to customize visual and operational features. Personal financial management integration: Increase engagement and loyalty with users, give insight into externally-held accounts and extend your ability to cross-sell products with AllData® PFM. Real-time alerts: Provides alerts for balance and transaction thresholds, successful or unsuccessful payments, and payment due information. Integrated self-service: Allows users to self-manage comprehensive account settings and self-serve account management needs.
Coriunder is a Backend-as-a-Service provider aiming to bridge the gap between early-stage startups and the banking industry. The company's vision is to save companies the time and effort needed for building the "same" core functionality and provide all the tools in one back end. The startup will connect their functionality as a module on the Coriunder back end and will control all the customer relationship in the Coriunder back end. The backend system acts as a gateway to the payment providers already integrated into the platform and allows the startups to shift the transaction to where it needs to go. Coriunder is a PCI level 1 certified system.
Their offering includes:Advanced user management: From onboarding and KYC to relationships management between the users. Sellers management and ecommerce: Providing transactions management, "payment optimization" and inventory management that enables the seller to set up their own online shop. Affiliation and loyalty programs: Powering close loop payments and tracking for affiliation programs that tracks and settle all payments to the affiliates or program managers. Billing management: Manage the recurring transactions and settlement cycles of all types of accounts managed by the system.
Finacus Solutions is a Mumbai-based software product development firm focused on developing affordable solutions aimed at the SME and co-operative banking sector. Finacus products include solutions for the banking, insurance, and financial service sectors:FinCORE: Core Banking System FinMOBICONNECT: Mobile Payment Transaction Switch FinCONNECT: Financial Transaction Switch FinAMLOR: Anti Money Laundering Solution FinLUNA: Loan Originating System FinLEGAL: Legal Recovery Solution FinINET: Internet Banking Suite FinALERT: SMS Banking Solution
FinCORE offers several fully integrated modules for ready utilization on a bank-specific basis. It is a comprehensive end-to-end core banking solution that assists in a wide range of banking operations, is highly scalable and is capable of handling large volumes of transactions.
FinCORE is a highly flexible solution for retail and corporate banking institutions and can easily integrate with third-party products for functionality. Each application module in the core banking solution has a set of application-specific parameters that can be easily modified and personalized for the development of new products.
Finacus also extends the core banking system capabilities by providing interfaces to domestic financial systems like NACH, CIBIL, CTS, DBTL, etc.
Leveris offers a full suite of modular, fully integrated services and applications for personal and business customers. The company delivers full-stack, standalone, core bank and lending platforms for traditional banks, challenger banks and consumer brands.
The Leveris platform contains:A full service, end-to-end digital retail bank, and A full-spectrum lending solution.
It is a fully integrated, back-end, middleware and front-end services and applications platform built using open standard formats, APIs and protocols. Leveris’ standalone core banking solution has minimal contact with any legacy technology. The company has built its banking platform specifically for the cloud using modern architecture, open-source components and protocols.
Leveris’ modular and extensible platform runs on micro-services and open APIs meaning its clients can implement only the services they want, while also building profitable partnerships with market innovators.
InfrasoftTech is a FinTech digital solution provider with over 470 clients across 36 countries including over 350 banks for their core banking & payments solutions of which 200 are on a cloud model, and over 160 banks use RegTech solutions. InfrasoftTech has launched several digital solutions for FinTech-age banking including mobility solutions, bots, contactless payments, AI-based anti-fraud solutions and big data analytics.
InfrasoftTech’s OMNIEnterpriseTM Core Banking is an integrated solution covering the entire assets and liabilities business of banks, well-supported by framework of customer management, product setup, workflow automation, reporting and analytics. The solution effectively supports the entire business operations of a bank – from the front office through operational workflow, the back-office and accounting. As such diverse stakeholders interact and benefit from the solution – tellers, branch officers, loan officers, clerks, managers, business heads, back-office operators, auditors and CXO team of a bank.
The solution is pre-integrated with variety of external systems in banking environment such as payment and settlement systems, customer relationship management, credit bureaus, document management, etc.
With OMNIEnterprise, banks can offer variety of financial products such as savings, deposits, term loans, working finance, project finance, bill discounting, LCs, BGs, etc. The solution is available for multiple service channels such as branch, ATM, Internet, mobile, kiosk and agent networks. An integrated GL & Accounting module updates and maintains balances allowing the bank to monitor its financial metrics in real time.
The reporting engine comes with pre-packaged MIS and Regulatory reports and lends flexibility to the bank to design and publish its own reports. The analytics engine provides control, and capability to a bank to identify trends, evaluate performance for products, people and business units, to identify risk triggers and to carry out predictive analysis.
Please note that the list is not comprehensive – there are many more interesting examples of online banking software providers. If you wish to be included in further reviews as a notable example, reach us at firstname.lastname@example.org.