Banks, fintechs, and software vendors collaborate to overcome obstacles surrounding interoperability
BIAN, the independent not-for-profit standards association, is today announcing the second iteration of its ‘Coreless Bank’ initiative. Working with experts from DXC, IBM-Redhat, JPMorgan Chase, PNC, Salesforce, Tata Consultancy Services, Thought Machine and Zafin, the concept has been developed to overcome the common obstacles surrounding the modernization of core banking infrastructure.
The Pandemic highlighted what it really means to be digital, with many banks and their infrastructure struggling to keep up with the continuous shifting of customer demands. Due to the extensive use of legacy technology, the speed at which established banks can bring new services to life is often too slow. This is further complicated by the perpetual challenges caused by a lack of industry standards, meaning that banks are restricted by their choice of partners needed to build and execute new digital services.
The integration, demonstrated by BIAN’s Coreless Banking platform will allow financial institutions to overcome these hurdles and take advantage of faster and more cost-effective development of services relevant to today’s digital-first customers. The platform will empower banks to select the software vendors needed to obtain the best-of-breed for each application area without worrying about interoperability. In addition to this, it enables the translation of each proprietary message model into BIAN’s standard message model. Thereby it ensures that each solution can connect and exchange data seamlessly.
Commenting on the launch of the environment, Hans Tesselaar, Executive Director of BIAN, said, “To meet the needs of the modern customer, banks need to assess their current core banking structure and determine how they can bring new services to market both quickly and efficiently. As part of the initiative, we are leveraging all BIAN assets to show that financial institutions and software companies alike, can leverage BIAN to overcome current hurdles and take advantage of faster and more cost-effective development of services relevant to today’s digital-first customers. We’re incredibly proud and excited to be launching the results at SIBOS, alongside our members.”
An overview and demo of BIAN’s Coreless Banking platform will be shown at SIBOS on October 12, 2021 at 3:30pm BST.