VSoft Corporation Duluth, USA
Coresoft » Aimed at retail and SME/commercial banks, small and mid-sized » Co-developed with a bank, launched in 2011 » Database and hardware agnostic » Available on-site and hosted » Limited uptake so far (less than 10 users)
Coresoft VSoft Corporation
Georgia-based VSoft Corporation is best known for its payment processing systems for banks. However, in March 2011 it released a new core banking system, Coresoft. This was co-developed with Carter Bank & Trust, a Virginia-based bank with $3.4 billion in assets, where it was running by the time of the launch. At the outset, VSoft said it hoped to sell the system to banks and credit unions with up to $2.5 billion assets, although its ambitions seem to have extended considerably higher up the asset scale since then. Coresoft is offered either in-house or outsourced. VSoft started as a check processing vendor, having been founded in 1996 by Murthy Veeraghanta, the current chairman and
MD. Its domain expertise is in the US but it has 200 Java developers in Hyderabad, having established this facility in 2004. The company started with an archive product and hit its first $1 million in revenue by the end of its second year. There have been a few acquisitions along the way to flesh out the product set. VSoft Corporation announced its global rebrand in 2015 which includes a new logo, company color and tagline “Ingenuity at
Work.” This corporate rebrand coincides with the launch of its rebranded and reengineered banking solutions: Vantage 6.0, a next- generation productivity portal, and OnView 6.0, the unified payments platform which features a complete suite of remote deposit capture solutions. The new fresh, modern look along with the new tagline reinforces VSoft’s brand positioning and the company’s efforts to forward-looking development. In August 2017, VSoft announced that the OnView product suite (especially payments solutions) has been witnessing a
significant uptake in North America across large financial institutions as well as smaller credit unions. Lately, the company has been expanding its global reach by working with some of the larger banks in the Caribbean and South America.
First taker
VSoft was looking for opportunities to move into core banking, and the chance appeared when Carter Bank & Trust, an existing customer, decided that none of the existing core banking options were right for it and offered to be the development partner for Coresoft.
Carter Bank is a community bank with 140 branches across
Virginia and North Carolina. The project started in 2005 and the bank went live on Coresoft, module by module, before announcing the completion of the project in 2010.
Coresoft is Java-based with a browser front-end. It covers consumer banking, including deposits, loans, and retirement and HSA products. It supports origination, relationship management, ACH processing, overdrafts and sweeps, teller, package and relationship pricing. It also claims support for corporate banking, including account analysis, positive pay and account reconciliation, the ability to customize loan structures, asset-based lending, collections, collateral tracking, deposit escrow, and construction lending. The system has its own general ledger and workflow engine.
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