BIAN takes aim at core banking modernisation with new initiative
Germany-based Banking Industry Architecture Network (BIAN) has launched its Coreless Bank initiative, which aims to provide a “more efficient and effective” approach to modernising core banking software.
An 11-strong association of BIAN members have joined the project, including Wells Fargo, Citi, JP Morgan Chase, IBM, Bangkok Bank, Infosys, and CIBC.
BIAN: “Banks have been limited by outdated core infrastructure solutions for decades”
According to BIAN, the collaboration between initiative partners will make it easier for banks to source and adopt new business services and will solve “the perpetual challenges” presented by legacy core infrastructure.
“Banks have been limited by outdated core infrastructure solutions for decades,” says Steve Van Wyk, chairman of the BIAN board. “In an open banking world, technology is making it incredibly difficult and costly to innovate at the speeds required to fulfil customers’ needs. Migrating away from legacy technology is a big challenge.”
The project will initially focus on API-based micro-services covering consumer payments, customer offers and consumer loans. The BIAN Coreless Banking platform will offer “complete plug and play functionality”, “no impact to the user experience”, full deployment to the cloud, and cross domain orchestration.
“The future of banking is being re-imagined as we face disruption from every angle,” adds Ian Gillard, executive vice president of Bangkok Bank.
“Consumer expectations are changing, new business models are shaking up the status quo, and it is becoming harder and costlier to update our technology systems in such a dynamic environment. We’re proud to be part of BIAN’s Coreless Banking Initiative and the broader community that is leading this industry development.”
