November 2024: Top five banking technology 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 tech.
Here is our pick of five of the top banking technology stories from November, featuring Gate City Bank and Alkami, CommonWealth and Jack Henry, SEB and Thought Machine, and more.
BCA Syariah goes live with Thought Machine’s Vault Core
Thought Machine adds BCA Syariah to its growing client list
BCA Syariah, a subsidiary of Bank Central Asia (BCA), one of Indonesia’s largest banks, has gone live with banking tech vendor Thought Machine’s cloud-based core banking platform, Vault Core.
The Jakarta-headquartered bank has now introduced a top-up e-wallet, Wadiah savings, and an online Hajj Fee Deposit service using Vault Core.
These launch in advance of a planned debut of gold financing and term deposit products in the near future.
Lukman Hadiwidjaja, director of BCA Syariah, states that Thought Machine’s “Universal Product Engine allows us to create Sharia-compliant products with precision and swift responsiveness to evolving customers’ needs”.
Two US credit unions go live with Mahalo Banking’s Thoughtful Banking platform
Two credit unions in the US have gone live with Mahalo Banking’s Thoughtful Banking platform to enhance their digital banking offerings.
Rocky Mountain Credit Union (RMCU) and UnitedOne Credit Union have both used the vendor’s propriety banking platform since 2022.
Fitted with credential assurance technology (CAT), Mahalo describes its Thoughtful Banking solution as “the first and only digital banking solution to fully integrate comprehensive neurodiverse functionality directly into its platform”.
This functionality extends to dyslexia-friendly fonts, left-handed toggle modes, and customisable interface colour schemes.
Gate City Bank goes live with Alkami’s full suite of digital banking solutions
Gate City Bank partners Alkami Technology
US-based Gate City Bank has partnered with Alkami Technology to deploy its full suite of cloud-based digital banking solutions as it looks to enhance the online banking experience for customers.
The selection includes Alkami’s single platform for retail and business banking, its transaction monitoring tool Positive Pay for ACH reporting, and new account opening capabilities.
The partnership will also provide business customers with real-time transaction visibility and “streamlined account management capabilities, empowering companies to effectively manage cash flow and mitigate fraud”, Alkami adds.
CommonWealth Central Credit Union taps Jack Henry for tech upgrade
US-based CommonWealth Central Credit Union has partnered with financial solutions provider Jack Henry to revamp its technology infrastructure and strike new growth opportunities.
The $632 million-asset credit union is adopting the vendor’s core platform and open API architecture to “create new products and services” for the 40,000 members it serves across San Jose, California.
This architecture will enable CommonWealth to “collaborate with third parties of choice or develop competitive solutions independently”, according to the vendor’s statement.
SEB Embedded taps Thought Machine to power BaaS offering
SEB leverages Thought Machine to power BaaS unit, SEB Embedded
Swedish corporate bank Skandinaviska Enskilda Banken (SEB) is using Vault Core, the cloud-based core banking system of UK-based banking tech vendor Thought Machine, to power its new Banking-as-a-Service (BaaS) platform, SEB Embedded.
The core’s smart contracts-based product-building framework and universal product engine have been utilised to launch the platform’s first offering, the Hemköp Matkonto current account, which has been delivered for the Swedish supermarket chain Hemköp.
SEB Embedded, established in 2023, intends to “scale the services to a broader customer base in the near future”, according to Thought Machine, with additional product launches and client deals expected to be announced later this year.
