40
offering attractive? Would it be price?
12 weeks, which is what Microsoft can do. No other bank in the world, by the way, can match that kind of investment. I don’t believe any other cloud provider can do that, either, certainly not when we were in talks with Microsoft. Microsoft was fully prepared to get behind us and our intention to tell people we were operating with their service, which says a lot about their support for us.
IBS Journal: How do you plan to offer ClearBank’s core banking service?
NO: Our go-to-market is very simple. Regulated businesses come to us and ask us to open an account. Then they can connect to us using an API or they can start using our core banking platform. That’s it, there are no other options. The core banking systems we’ve built allow potential clients to start from a greenfield site building new products and services for their existing customers very quickly. It’s about an eight-week turnaround for an agile credit union, building society or small bank to get that system up and running. For larger banks – and we’ve interest from all over the market – we provide an opportunity for them to migrate their capabilities from legacy platforms into the cloud.
That’s a unique offering for them in that regard – we’re a bank not a technology company which aims for profit and tying people up in service contracts. Customers will pay charges in relation to the services we provide as a bank. We have some international banks already in talks with us about using this system. Everything is developed in-house – we could have bought software in a box from various vendors but we needed to create a core. If you’re going to create a core and have a lot of connectors who are very critical to you and who may be changing or upgrading products and services, you may end up with large overheads. We bit the bullet and created those services ourselves and lost the risk of overheads and factors we couldn’t control.
IBS Journal: What factors make ClearBank’s core banking
NO: This is about changing the dynamics of the market and providing service. We’re not saying that this is a cheap service. It’s a quality service that we’re providing to the industry to allow it to change and develop in a way that it has been unable to do without a massive amount of investment. To implement a core banking system for a credit union or building society could cost up to £15 million, plus around two years of intense tech work. We have a different approach. What we don’t do is link back into legacy platforms. We provide clients with the tools but we aren’t doing any backwards integration because that would hamstring the development of ClearBank, which we’re not prepared to do.
IBS Journal: So what are ClearBank’s plans for the future?
NO: We’re hoping to send out some significant announcements, potentially one in the early autumn this year and another in 2018. We’re working on all fronts and are in touch with every single company that’s in contact with us. We’ve told them all that we’re going towards final testing – that’s something we have to get done correctly. The message we’ve been sending out to everyone is to “bear with us”, as we want to do things properly for both ourselves and the industry as a whole.
www.ibsintelligence.com © IBS Intelligence 2017
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