Parameters for Selecting Core Banking Software

Are you in search of an all-encompassing Core Banking system to accelerate technological implementation and facilitate market entry? Do you desire continuous enhancements for your core banking solution to align with evolving technology, customer requirements, or regulatory changes? Consider the following criteria:

1 – A Robust Back Office for Future Opportunities

A core banking solution‘s functionality extends beyond basic operations, accommodating diverse business and regulatory needs. It should not be confined to a one-size-fits-all approach. Beyond standard banking tasks, such as IBAN generation, account opening, payment processing, currency exchange, and card issuance, a core banking system should provide the flexibility to swiftly modify parameters, workflows, and other elements as needed.

Operational adaptability is crucial for handling routine changes like adjusting client risk profiles, assigning risk statuses, setting rules, modifying commission fees, creating workflows, assigning roles, and other necessary adjustments.

Opting for a simplistic system might hinder future operations and lead to regulatory challenges due to its inability to meet evolving requirements. Eventually, you may find the need to replace it with a more functional system.

2 – Integration Capabilities for a Diverse Product Portfolio

Core banking systems should seamlessly integrate with payment services, AML/KYC verification, various payment options, card issuance, currency exchange, and more. The ability to integrate with service providers through APIs streamlines the process and reduces time and costs through pre-existing integrations.

Advapay enables you to customize your Core Banking system with the desired services by seamlessly integrating them. Existing integrations with service providers are readily available, fostering limitless innovation. 

3 – White-label Web and Mobile Banking Apps for Efficiency

Customer access to web and mobile banking applications is a necessity for smooth banking and payment transactions.

For digital banks and fintech companies, prioritizing an exceptional end-user experience is paramount. This entails providing users with excellent visibility, an intuitive interface, and an aesthetically pleasing design for a seamless customer journey.

Developing applications from scratch is time-consuming and costly. Choosing pre-existing applications integrated with a core banking backend can save time and significantly reduce expenses.

4 – BaaS and Embedded Finance for Rapid Fintech Launch

BaaS and Embedded Finance, especially Embedded Payments, are emerging trends offering companies without established payment infrastructure or financial services licenses seamless access to banking and payment services through APIs.

Our clients benefit from the availability of various BaaS partners in two significant ways. Firstly, we streamline the selection of a preferred BaaS provider by presenting a curated list of reputable options. Secondly, pre-built integrations save our clients valuable time, allowing certain projects to be executed within weeks based on the configuration.

5 – Enhanced Back-Office Application Interface for Efficient Operations

The updated back-office application boasts an exceptional user interface designed for seamless operations management. With a modern design and a comprehensive set of functions, the interface enables employees to efficiently handle tasks related to company applications, transactions, customers, financial operations, and more.

Digital banks and payment companies’ employees can easily view and approve registration, transfer, and currency exchange applications using this application. Additionally, they can manage accounting, generate statements, apply filters, and perform various tasks to enhance operator effectiveness and comfort.

6 – Startup-Friendly Core Banking: Tailored for Needs and Budgets

If you’re a small business or startup founder seeking cost-effective core banking software, you’re in the right place. Here’s why:

Firstly, we offer a SaaS package at a reasonable monthly fee, allowing you to augment your solutions with additional functionalities using a pay-as-you-go model.

Secondly, our pricing is transparent, with no hidden fees. Once we agree on specific functionality and sign the contract, you won’t incur additional costs.

We understand the significance of budgets for businesses, especially startups and SMEs. Our software is confidently budget-friendly for startups.

7 – Secure Solution Aligned with Regulatory Requirements

The solution should be secure and tailored to effectively meet regulatory requirements. Your vendor should ensure regular system updates, integrating the latest security features and protocols.

The system allows for setting groups, rules, and roles, and creating custom processes. This empowers operators of digital banks and fintech companies to establish distinct customer risk groups with specific rules for each group. Operators can also define workflows for higher-risk customer categories. These capabilities enable efficient oversight of riskier customer groups, validation, approval of transactions, and management of compliance processes, eliminating regulatory compliance concerns.

Additionally, our solution offers pre-integrated compliance, fraud monitoring, prevention, KYC, and KYB services to safeguard customer data, prevent fraud, and ensure secure authentication for each transaction or Internet banking entry.

8 – Built-In Accounting System for Comprehensive Financial Operations Management

Core banking software should include a built-in accounting system for managing financial operations. The general ledger and accounting system, a fundamental component, enable fintechs to accurately record, track, and manage financial transactions, offering a comprehensive view of the digital bank’s financial health. This integrated accounting system simplifies financial operations, ensuring compliance with regulatory requirements.

Through our built-in general ledger and accounting system, you can record all financial transactions of your digital bank or fintech company, including accounts, deposits, withdrawals, and transfers. As the central accounting record, it summarizes financial activity over a specific period, providing a comprehensive overview. This module facilitates the generation of detailed reports customized to business and regulatory needs, aiding in cash flow forecasting. The recorded data can be used with your accountant to plan for long-term success accurately. Additionally, the module efficiently manages your fintech company’s nostro and vostro accounts, supporting reconciliation and accounting for funds in correspondent accounts. It also assists in consolidation and reporting related to account data, allowing seamless execution of multi-currency operations and effective management of the client accounting system.

9 – Versatile Deployment and Purchase Options – SaaS, Software License, and Source Codes

Look at a spectrum of deployment and payment options meticulously tailored to the unique requirements of diverse businesses.

SaaS (Software as a Service):

Ideal for fintech startups with constrained budgets, the SaaS option offers basic functionality for a swift business launch. This package includes pre-made integrations with a convenient monthly fee. As the fintech startup expands and necessitates additional integrations or features, the solution seamlessly upgrades to align with evolving business needs. Moreover, there’s a provision to transition from the SaaS model to a Software License.

Software License:

Tailored for established businesses, the software license solution is integrated into the company’s infrastructure and can be customized to meet specific operational and business requirements. Suited for companies with distinct technical solution needs, it allows for additional integrations as requested. This option caters well to large enterprises and those with extensive business plans. The model involves a one-time setup fee and a monthly maintenance fee based on the Service Level Agreement (SLA), making it suitable for companies lacking internal IT resources or preferring external support.

Additionally, there is an opportunity to elevate the solution further by acquiring the source codes. This empowers the handling of all developments internally, offering limitless possibilities and unparalleled independence for enhancing the solution.

Source Codes:

Advapay extends the option to procure software source codes for maximum flexibility and independence. This choice facilitates complete customization to meet current and future business requirements. Companies opting for source codes can internally manage the software with their IT team, taking charge of storage, maintenance, and security-related activities. This option also allows for the development of new modules, integrations, and back or front-end customization. However, it’s essential to note that the software cannot be copied or sold externally.

Typically, this option is favored by large enterprises with well-defined business plans and substantial IT teams. Choosing this avenue enables them to bypass the time-consuming process of developing core banking software internally, providing a ready-to-use solution with a proven track record spanning many years.

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