Core Banking Systems (CBS) are the crucial back-end systems that processes banking transactions across multiple branches and posts updates to accounts and other financial records. It is critical for banks to ensure that these systems do not suffer prolonged outages which can result in regulatory scrutiny, customer complaints and loss of revenue. To minimise any such disruptions, banks are generally reluctant to allow new software to be integrated with their CBS until it is ready for production. Lack of open architecture in legacy CBS makes it increasingly difficult to partner with third party FinTechs, API interface with other systems, and develop and test new products. Banks are also hesitant in moving to modern CBS due to the significant time commitment, complexities in migration and costs involved.
Open Core is built to offer a scalable, secure, open API-ready and economical option to FIs for developing and testing new products or considering moving altogether to a cloud-native modern CBS.