IBS Journal January 2017
EDITOR’S NOTE CORE BLIMEY, WHAT A MAGAZINE!
WE START THE YEAR WITH A BUMPER ISSUE AND A MAJOR FOCUS ON CORE BANKING SYSTEMS
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Senior Editor Scott Thompson
Scott.Thompson@
ibsintelligence.com
for the core banking systems sector, with a number of contract wins by major vendors and a few new markets being explored by traditionally static firms. New players also entered the fray. 2016 saw the launch of a number of challenger banks, so why not challenger core banking vendors looking to disrupt incumbents? Former Barclays head honcho Antony Jenkins’ new business, 10x Future Technologies, burst onto the scene, announcing a deal with Virgin Money, implementing its cloud-based system which hasn’t even got a name yet. We tried to interview them for this issue. You know the phrase ‘like getting blood from a stone’? We’ll leave it at that.
2016
A newcomer up for an interview is US-based Nymbus, which now has over 45 customers, acquired from recent acquisitions, that are in the process of converting to its SmartCore core banking platform, with three on track to go live in Q1 2017. In addition, CHROME Federal Credit Union is also rolling out SmartCore, replacing a Jack Henry Symitar system. Definitely one to watch.
Another one to keep your eye on is our Startup of the Month, Irish-Czech FinTech, Leveris. The venture’s development team was behind the creation of Air Bank, the Czech FI which launched in 2011 with a view to becoming the first bank customers can actually like. They have built
was a significant year
a core banking and lending platform that aims to provide a cost-effective, flexible and quick-to-market solution for established players, challenger brands and new customer propositions.
We also talk to UK challenger, OakNorth, which last year became the first bank in the UK to have its core system fully hosted on the cloud. When it obtained its licence in March in 2015, it wanted to launch on the cloud, but because there was no policy on cloud banking in place, was unable to. It therefore chose to go live with traditional hosting and, when the new entrant began trading in September 2015, picked up conversations with the regulators once again. Over the next six months, with the help of Amazon Web Services, it worked with the regulator on policy items such as data protection, access to data, security and business continuity. Regulatory compliance has historically been one of the top factors against cloud banking. OakNorth believes that, now it has set a precedent, we’re likely to see more FIs making the jump.
Hopefully that has whet your appetite. Throw in case studies and interviews with Misys, Temenos, FIS, Path Solutions and Avaloq and you’ve got a comprehensive core banking systems roundup that our rivals couldn’t hope to match. Hope you enjoy reading it!
www.ibsintelligence.com
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