June 2024: Top five core banking stories of the month
With the rapid rate of technological change and shifting customer demands, financial institutions across the globe have been looking to modernise their core tech.
Here is our pick of five of the top core banking stories from June, featuring Bendigo and Adelaide Bank, Dineo Crédito, MongoDB, TISA, Finastra, Flexcube, Bank Midwest and more.
Student lending start-up Scolaris Finance taps Sopra Banking Software for core platform
Scolaris Finance partners SBS for SBP Core Amplitude
Scolaris Finance, a student-focused meso-finance fintech based between Mali and Senegal, has tapped Sopra Banking Software (SBS) for its SBP Core Amplitude solution.
The deployment is described as “a crucial step to boost our expansion” by Dr Simon Aziati, chairman of Scolaris Finance. The company adds that the open core banking platform will “accelerate the development” of its education financing initiatives beyond the nine African and European markets it currently serves.
“This partnership has a dual significant impact: on the one hand, it supports Scolaris in its growth, and on the other, it provides a robust information system that fosters its development and supports families and students,” the start-up’s statement continues.
It says its selection of SBS was directed by the vendor’s “regional and international experience,” which includes projects with similar scopes.
Bendigo and Adelaide Bank partners MongoDB for core banking update with AI
Bendigo and Adelaide Bank in Australia has tapped New York-headquartered developer data platform MongoDB to modernise its Agent Delivery System, a legacy retail banking application.
The bank has deployed the vendor’s multi-cloud developer data platform Atlas to streamline data management for its developers and foster the development of user-friendly banking services, with additional support from its Relational Migrator and generative AI-assisted modernisation tools.
The migration has “eliminated volumes of routine code writing and programming work”, according to MongoDB, and enabled the bank’s developers to enhance products with “increased agility and more quickly deploy highly-available and performant application features that enhance end-user experiences”.
Flexcube replaces Ultradata’s Ultracs core banking system at TISA
TISA live with Flexcube from Oracle FS
Teachers Savings and Loan Society (TISA) went live with a new core banking system, Flexcube from Oracle FS, this month in the culmination of a 14-month long tech modernisation initiative.
As the largest savings and loans society in Papua New Guinea, TISA had previously been a long-standing user of the Ultracs core from Australian banking tech supplier Ultradata.
This core has now been replaced with Flexcube 14.7, and is running alongside a new digital channels solution, Oracle Digital Banking Experience (OBDX), and Oracle Financial Services Analytical Applications (OFSAA).
The vendor’s partners – Profinch (implementation partner), Yethi (testing partner) and Deloitte (adviser) – assisted with the project delivery.
Dineo Crédito migrates from in-house tech to Mambu’s core banking system
Madrid-based microlender Dineo Crédito switched to Mambu’s cloud-based core banking platform this month in an effort to “launch innovative lending products for its growing customer base in Spain”.
Operating under the Australian Cash Converters group, Dineo Crédito currently specialises in short-term online microloans of up to €300, and claims to have assisted 1.2 million borrowers across Spain and Portugal as part of its commitment to “promoting financial inclusion”.
The migration from its in-house core system is expected to drive the expansion of its lending portfolio into “more traditional lending products with higher loan amounts and longer terms”.
Bank Midwest launches new digital bank for US healthcare industry powered by Finastra
Finastra to power digital bank for Bank Midwest
Bank Midwest, which operates a range of consumer and commercial business banking services throughout Iowa, Minnesota and South Dakota in the US, has tapped global financial software provider Finastra this month to launch a new digital bank called OnePlace.bank.
According to a statement by the two firms, the new offering will be “focused exclusively on the financial needs of the healthcare community”, marking the “natural progression” of Bank Midwest’s OnePlace Capital business line, which provides business banking and loan services to dental, medical and veterinary practices.
With this, the bank says OnePlace.bank will serve as “the virtual home of this niche loan programme”, while also supporting a broader remit of deposit, treasury management and ancillary banking services.
The offering will run on Finastra’s Phoenix core solution and Fusion Digital Banking platform, which both feature open API, cloud and microservices architectures to allow for a “high level of configurability”.
