2024: Top five banking technology stories of the year
As we wrap up 2024, FinTech Futures takes a look back at some of the year’s top banking technology stories.
From global banking giants to new challenger banks, 2024 has been yet another year of financial institutions overhauling their legacy systems to provide customers with the 21st-century services they require.
Here are five of the top banking technology stories this year.
India’s PayU selects Thought Machine’s Vault Core to power LazyPay credit service
India’s PayU taps Thought Machine
PayU, an Indian payment services vendor, has successfully migrated its credit solution LazyPay to Thought Machine’s core banking tech.
The UK-based banking tech firm asserts that by using its cloud-native Vault Core platform, PayU can generate “differentiated and personalised financial products at scale”, adding that its tech has “streamlined PayU’s real-time financial statement generation and simplified multi-account management, providing a unified view of products”.
PayU also intends to continue transferring additional products to Vault Core and leveraging the platform for the development, testing, and deployment of new lending and credit offerings.
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.
As part of the deal, the bank deployed MongoDB’s Atlas solution, a multi-cloud developer data platform, with the assistance of MongoDB Relational Migrator and generative AI-assisted modernisation tools.
The migration aims to streamline data management for the bank’s developers, facilitate the creation of user-friendly banking services, and implement a new microservices architecture that integrates its data and establishes a robust API ecosystem.
Andrew Cresp, CIO at Bendigo and Adelaide Bank, comments: “We’ve started by modernising our most critical applications, and next, we intend to tackle a number of other outdated legacy applications across the bank, putting us on track to meet our target of 50 percent of our critical workloads in the cloud by the end of the year.”
ABN Amro goes live with CBA’s IBAS TDD software and nCino’s cloud banking platform
ABN Amro has partnered both nCino and CBA
Dutch banking group ABN Amro has gone live with technology from cloud banking tech provider nCino and Norwegian software vendor Commercial Banking Applications AS (CBA) to accelerate its digital transformation and strengthen its trade finance transaction monitoring.
The group’s deployment of the nCino cloud banking platform is intended to streamline its corporate lending operations and enhance its collateral management capabilities.
Meanwhile, ABN Amro also selected CBA’s IBAS Transaction Due Diligence (TDD) software to monitor transactions and compliance across its trade finance business.
National Bank of Fujairah expands iGTB partnership to implement eMACH.ai Cloud on Microsoft Azure
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 $15.1 billion asset bank has selected the vendor’s digital transaction banking (DTB) solution, eMACH.ai Cloud for Wholesale Banking, which launched in October and is managed by Microsoft Azure.
The solution offers services for cash management, trade finance, corporate lending, deposits, cards, treasury, brokerage and foreign exchange (FX).
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.
Thought Machine asserts that SEB Embedded, established in 2023, intends to “scale the services to a broader customer base in the near future”, with additional product launches and client deals expected to be announced in due course.
