Naqoda unveils “new, fast and flexible” core banking system
Naqoda: out with the old, in with the new
Fintech vendor Naqoda has launched its new development, Naqoda Core Banking Platform, which is “set to compete with new start-ups and legacy vendors alike”.
The solution has been unveiled at the Innovate Finance Global Summit (IFGS) in London.
The platform’s potential captive audience is broad, from challenger banks to incumbent financial institutions.
According to the vendor, which has traditionally specialised in tax software for German banks, its new core system offers “something unique and versatile”.
It is “fast, flexible and fluid”, Naqoda states.
Built on “the latest technology”, it’s designed “to meet ever-changing requirements for years to come”, explains the company’s founder and MD, Erik Bogaerts.
“Flexibility is not something you build on top of your systems, it has to be in the core,” he states.
Naqoda’s core banking platform is cloud enabled, ready for new European regulations such as Open Banking and PSD2, and is straightforward to integrate with third party systems (accounting, payments, regulatory reporting etc).
The vendor also points out the system’s “low-code framework and integrated tool set”, which means it can be adapted to user’s requirements “with minimal or no programming”.
“I have worked in IT and the financial industry for over 20 years now and it never fails to amaze me that banking is still stuck in the last century,” observes Bogaerts.
“But what choice do banks have? Implementing legacy software is not going to give you the competitive edge to face today’s wave of digital disruption.”
Naqoda has been operating since 2011. It is a distributed company with offices in the UK, Germany and Singapore.
Its customers include a German subsidiary of Turkey’s Garanti Bank, Moneyou (ABN Amro’s digital-only bank) and SNS Bank.
Core banking vendors Temenos and Misys are among its key partners… and as of now rivals.
Naqoda joins the fray of other new entrants, such as Thought Machine, Leveris and 10x Future Technologies, hoping to get some core banking action.
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