IBS Journal November 2015


Nedbank accelerates ISO 20022 adoption before 2016 deadline


South African banking group, Nedbank, has chosen Bytes Universal Systems and Volante Technologies as part of its payment infrastructure to speed up ISO 20022 adoption before the 2016 deadline. Volante, a US-based software integra-


tor, and its South African IT services partner Bytes, say they will help ‘transform’ Ned- bank’s financial payments message ser- vice layer. Nedbank is looking to create a modern infrastructure, and bring on more diverse channels to handle an increasing number of real-time payments. Mick Fennell, general manager, Middle East and Africa, at Volante, says: ‘The pay-


ments world is constantly changing, particu- larly in the South African market. Not only do banks now have to adapt their systems to comply with the new ISO 20022 stand- ards, but they must also integrate these changes with new digital payment channels and changing customer demands.’ From September 2016, South African


banks will have to cease offering the cur- rent non-authenticated early debit orders (NAEDO) and instead offer the new debit order instrument, authenticated collec- tions (AC). The new AC debit order instrument uses a combination of the ISO 20022 and


ISO 8583 message standards to authenti- cate, process and report on the lifecycle of each transaction. Each of these transac- tions will require the definition and mainte- nance of customer mandates as well as the generation of collection requests and their validation against these mandates. Bytes will be responsible for the


deployment of Volante’s VolPay Foundation, a platform launched in April of this year and used for the development of financial payment message integration, validation and processing. Testing is scheduled to start in March 2016.


Antony Peyton


New UK bank, Oaknorth, goes public on core system choice


A UK-based banking start-up, Oaknorth Bank, which focuses on the SME sector, has gone on the record about its choice of core banking software. As IBS Journal exclusively reported


last November, Oaknorth was in talks with Mambu, a cloud-based banking software provider. The contract has now been offi- cially unveiled. ‘Combining the lending expertise typ-


ically associated with a traditional bank with the technical and business agility of an online lender, Oaknorth chose Mambu’s platform for its speed, flexibility and securi- ty versus a traditional core banking system, allowing it to more rapidly enter, and better meet the needs of, the growing small and medium sized lending market in the UK,’ Mambu states in its announcement. The solution will support Oaknorth’s


back office operations for business loans to SMEs. The bank has also obtained approval from the UK regulators to accept depos- its and make savings products available to individual retail and small business cus- tomers. It is understood that Backbase will pro- vide Oaknorth with its omnichannel bank-


14


London, home of Oaknorth ©August Brill, Flickr


ing platform at the front-end. Speaking to IBS Journal last year,


Eugene Danilkis, co-founder and CEO of Mambu, said that the banking community was seeking clarification from the regula- tors on the subject of whether banking reg- ulations allow data to be stored in a public cloud. Mambu uses Amazon’s cloud offer- ing. Mambu’s solution, he added, could be hosted at a local data centre on a private cloud, if required. Interestingly, Mambu’s announcement


© IBS Intelligence 2015 www.ibsintelligence.com


about the deal with Oaknorth describes the vendor as ‘the SaaS banking provider’ rather than the cloud one. Mambu already has two live cus-


tomers in the UK. One is a small online credit union, My Community Bank, which launched last year (it should be noted that different regulatory frameworks apply to credit unions and banks in the UK). And the other is Savvy Loans, a short-term lender.


Tanya Andreasyan


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