Core banking is the central processing unit of any commercial bank. The banks, with the help of independent software vendors, have found the opportunity to leverage Internet technology to handle transactions. Most of the paper-based transactions of yesteryear have been replaced by digital alternatives.
Automation has brought a mantra of efficiency and increased productivity. What had existed as a disparate group of branches is now a networked entity operating as a whole. The core banking market looks mature, with a significant percentage of banks having replaced their legacy systems with more efficient and flexible core banking systems.
Cognosys Pvt. Ltd. provides financial product solutions to financial institutions globally across the banking, capital markets, and insurance domains. Our integrated financial product portfolio is offered under the brand name BankFin. Cognosys BankFin includes state of art financial components developed in-house by Cognosys.
Cognosys has technological partnership with Microsoft, Intel, HP, IBM, Silverlight. Cognosys BankFin is built on n-tier architecture. It is a component based system wherein presentation logic and data logic runs through and within component wrapper isolated from business logic. This allows business rules to evolve independent of technology used. Cognosys BankFin is platform-agnostic and runs on variety of environments including IBM zSeries, Unix, Linux, and Windows. Cognosys BankFin is based on a customer-centric architecture providing a single view of customers to the bank. The solution is both SOA-enabled and designed for SOA. The integration to third party solutions is handled through webservice calls utilizing WSDL, SOAP, and XML. The core banking functions are available as Web services and adapters based on J2EE and .NET platforms. These are deployed using middleware technologies such as in-house Service Integrator, IBM WebSphere, and Microsoft BizTalk server.
Preference for an SOA system
With the bank having multiple systems from different vendors, large banks typically go for a service-oriented architecture, with reusable services and seamless integration ability.
Customer-centric, multi-channel technologies
Banks prefer core banking solutions with multi-channel options like ATM, mobile, Internet, and IVR to attract and serve customers. Core banking solutions are also expected to facilitate product development and provide flexible customization capabilities.
Reduced implementation time
Banks in developing countries that are looking for replacing their core systems would prefer to centralize and replace their systems in a phased but efficient way so as not to interrupt current processes. For large banks with significantly high number of branches, a complete replacement with reduced implementation time would be a challenge for the vendors.
Cognosys BankFin Core Banking includes the following components: deposit products, loans, collateral management, nonperforming assets and loan management, bank guarantees, brokerage, mortgage servicing, leasing, lines of credit, payroll management, small business lending, check management, CRM workflow, risk management, transfers, product management, and Islamic banking support with the core at no charge.
Among the various channels, Cognosys BankFin Channels offer Internet banking, teller, sales platform, ATM, and mobile phone banking preintegrated with the core. Cognosys BankFin suite of products offer other solutions such as mortgage loan , securities processing, wealth management, treasury, payments, trade finance instruments, and asset/liability management optionally.
Cognosys BankFin offers a pricing structure based on functional usage and asset size, together with the number of branches for financial institutions, banks and number of customers for direct banking operations.