Group 906

Core Wishlist

Core Wishlist

If you wish upon a core…

Banking cores should enable banks to offer several specialized services to their customers. Here are some examples:

  1. Digital Banking: Banking cores provide a foundation for robust digital banking services. Banks can offer intuitive and user-friendly mobile banking applications, enabling customers to access their accounts, perform transactions, view statements, and manage their finances conveniently from their smartphones or other digital devices.
  2. Open Banking: Cores support the implementation of open banking initiatives. Open banking allows banks to securely share customer data with authorized third-party providers through application programming interfaces (APIs). This enables customers to access a wide range of financial services and products from various providers, such as account aggregation, payment initiation, and personalized financial management tools.
  3. Personalization and Customer Insights: Cores enable banks to gather and analyze vast amounts of customer data in real-time. With this data, banks can offer personalized experiences, such as tailored product recommendations, targeted marketing campaigns, and customized financial advice. The insights gained from customer data analysis also help banks understand customer behavior, preferences, and needs, leading to more effective customer engagement strategies.
  4. Real-Time Payments: Cores facilitate real-time payment processing capabilities, enabling banks to offer immediate fund transfers and payments. Customers can make instant peer-to-peer transfers, pay bills in real-time, and conduct transactions with near-instantaneous settlement. Real-time payments enhance convenience and improve the overall customer experience.
  5. API Ecosystem: Cores provide the infrastructure for building an API ecosystem. Banks can expose their core banking functionalities through APIs, allowing third-party developers and fintech partners to build innovative financial applications and services. This fosters collaboration, promotes innovation, and expands the range of offerings available to customers.
  6. Scalability and Agility: Cores offer scalability, allowing banks to quickly adapt to changing customer demands and business needs. Banks can easily scale up or down their resources and processing power based on demand, ensuring high system performance during peak periods and cost optimization during low-traffic periods. Since the future remains uncertain, the seamless flow of data into and out of a bank’s core is increasingly vital. This facilitates the creation of new products that might incorporate elements or information from various crucial systems within the bank’s architecture. This scalability and agility enable banks to rapidly introduce new products and services to the market.
  7. Enhanced Security and Compliance: Cores often have robust security measures in place, including data encryption, regular backups, and advanced authentication mechanisms. Additionally, cloud providers typically ensure compliance with industry regulations and standards, reducing the burden on banks to maintain their own compliance infrastructure. This allows banks to focus on delivering secure and compliant services to their customers.

These specialized services offered by cloud-based banking cores empower banks to deliver modern, convenient, and innovative banking experiences, keeping pace with evolving customer expectations and industry trends.

Sandbox Banking’s low-code integration platform called Glyue helps banks and credit unions connect fintech products into existing systems. Glyue’s Adapter & Solution Templates reduce the development time associated with integrations by 80%. We’ve partnered with major core banking, LOS vendors, and other fintechs for customers to hit the ground running.

Financial Institutions increasingly use Glyue’s data integration and API management capabilities as an Integration Platform as a Service (iPaaS) for Banking.

Group 933

FIS CodeConnect Integration

FIS CodeConnect Integration

Thomas Ngoy

Financial institutions use Sandbox Banking’s integration platform, Glyue™, to maximize the return on their investment across the Fidelity National Information Systems (https://www.fisglobal.com/en) suite of financial software.

Using Glyue™, difficult banking integration tasks such as automated loan booking, deposit account opening, file/document movement, real-time customer updates, and data retrieval can be solved quickly and easily. Integrating the banking systems used by various business units saves time and money by increasing operational efficiency and reducing the business risk from manual processes.

As an official partner of FIS, we’ve worked with the CodeConnect product team to build streamlined solution templates that achieve a multitude of business functionalities. A common use case is migrating away from the legacy Connectware middleware. Once a project is started, our low-code integration platform Glyue™, makes understanding the integration simple. This empowers your operations, IT, and data analysis teams to be able to build and scale integrations.

Aside from the increased operational efficiency, Glyue™ is being deployed in the embedded finance sector where CodeConnect is used to deliver a real time banking experience to customers.

Glyue™ is a tool to build and orchestrate banking API’s across multiple systems and includes a growing library of pre-built integrations for dozens of Fintech and enterprise software vendors. These solutions comprise the majority of use-cases for banks and credit unions, fully supporting their digital transformation strategy and future-proofing their Core (learn more here).