October 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 October, featuring National Bank of Fujairah and iGTB, GTBank and Infosys, and more.
ESAF Small Finance Bank replaces FIS’ Profile with Oracle Flexcube as new banking core
ESAF Small Finance Bank selects Oracle Flexcube
ESAF Small Finance Bank, which specialises in banking services for India’s underserved communities, has transitioned to Flexcube by Oracle FS as its new core banking solution.
Flexcube replaces the bank’s existing core, Profile by US-based tech provider FIS, which has been in use since ESAF’s inception in 2017.
Featuring an in-built library of over 1600 RESTful services and an embedded machine-learning framework, Flexcube will support a range of core banking functions at ESAF, including account management, transaction processing and loan disbursement.
GTBank live with new core banking system, Infosys Finacle
Nigeria-based Guaranty Trust Bank (GTBank) has gone live with a new core banking system, Finacle, supplied by Indian tech heavyweight Infosys.
The system replaces the legacy ICS Banks core from rival banking software vendor ICS Financial Systems (ICSFS).
Finacle, which spans retail and corporate banking solutions, is described as “superior, agile and scalable” by Segun Agbaje, group CEO of GTBank’s parent, Guaranty Trust Holding Company.
Operating across Africa and the UK, GTBank previously inked a large-scale deal with Infosys last year to “achieve a comprehensive transformation” across the group.
National Bank of Fujairah expands iGTB partnership to implement eMACH.ai Cloud on Microsoft Azure
NBF deploys eMACH.ai Cloud for Wholesale Banking
National Bank of Fujairah (NBF), a full-service corporate bank based in the UAE, has extended its partnership with Intellect Global Transaction Banking (iGTB) to digitise its wholesale business.
The extended partnership now includes eMACH.ai Cloud for Wholesale Banking, a digital transaction banking (DTB) platform debuted by iGTB earlier this month.
Managed by Microsoft Azure, the platform offers services for cash management, trade finance, corporate lending, deposits, cards, treasury, brokerage and foreign exchange (FX).
NBS Bank swaps Temenos T24 core banking system for Oracle Flexcube
Malawi-based NBS Bank has gone live with a new core banking system, Flexcube, and digital channel solutions provided by Oracle FS.
Flexcube has replaced the legacy T24 core banking platform from rival banking tech vendor Temenos.
Inqxhuiniso Dzoole-Mwale, the bank’s acting head of strategy, products and marketing, says the new core marks “a significant upgrade” from the old system, “offering modernised technology, scalability, performance improvements, and enhanced cost-effectiveness and flexibility for customers”, as reported by The Maravi Post.
Ziraat Bank KSA in major core banking system upgrade with Temenos and DevisersTech
Ziraat Bank KSA upgrades Temenos T24 core
Ziraat Bank KSA, a Saudi Arabian subsidiary of Turkey’s Ziraat Bank, has completed a major upgrade of its core banking system. The bank moved from Temenos’ T24 R17 to the R24 version.
Providing retail and corporate banking services throughout Saudi Arabia, Ziraat Bank KSA has been using the T24 core banking system since launching in 2011.
Its last core update took place back in 2018, when it moved from R10 to R17.
This latest upgrade introduces “faster transaction processing, heightened security features, and improved system reliability”, according to DevisersTech, which served as the project’s delivery partner.
