May 2024: Top five core banking stories of the month
With the rapid rate of technological change and shifting customer demands, financial institutions across the globe have been looking to modernise their core tech.
Here, we run through five of the top core banking stories of the month, featuring New Peoples Bank, Avaloq, A1 Bank, Jack Henry, Cache Valley Bank, Finastra, OUCU Financial Credit Union and more.
Mambu to power Canada’s Brunswick Credit Union amid MV Solar UK launch
Mambu to power Brunswick Credit Union and MV Solar
Brunswick Credit Union is transitioning to Mambu’s Software-as-a-Service (SaaS) cloud banking platform ahead of its legacy core’s end of life next year.
Mambu’s tech is set to power the credit union’s checking and savings accounts, mortgages and other lending functions for its retail and business members.
Lisa Loughery, CEO of Brunswick Credit Union, says the firm plans to leverage the offering “to its full extent to take advantage of future possibilities” once the core transition has been completed.
The announcement arrived in tandem with news that UK-based technology provider Mutual Vision is also leveraging Mambu’s core to deliver its new MV Solar offering.
New Peoples Bank taps Jack Henry for core processing
New Peoples Bank, a community bank based in Virginia, USA, has selected Jack Henry’s core processing solution to drive “growth and innovation”.
It says it’s also adopting the vendor’s Banno digital banking platform to “automate and streamline operations and optimise its existing offerings”, enabling its workforce to focus on “building and nurturing client relationships”.
Founded in 1998, New Peoples Bank boasts $800 million in assets and operates 17 branches across North Carolina, Virginia, Tennessee and West Virginia.
For CEO and president JW Kiser, the transition will cultivate “major efficiencies that will dramatically change how we operate our bank and serve our customers”.
A1 Bank goes live with Avaloq’s core banking platform
A1 Bank goes live with Avaloq core banking platform
A1 Bank in Austria has gone live with Avaloq’s core banking platform, marking what it describes as a “major milestone” for its digital transformation journey.
The platform will be used to automate and streamline “fundamental processes” across the Austrian bank’s front, middle and back office functions, client onboarding, payments and settlement, according to a statement this month.
Operating as the online bank of telecommunications provider A1 Telekom Austria, AI Bank has deployed the platform on the cloud via a SaaS model, with the transition conducted by the Swiss vendor’s partner of two decades, Synpulse, which claims the project was its “fastest ever implementation”.
Synpulse adds that its Banking-as-a-Service (BaaS) solution, Plug & Bank, will enable A1 Bank to “expand into any business area as a licensed online bank”.
Cache Valley Bank in front-to-back office tech revamp with Finastra
Cache Valley Bank, a community bank with $2.9 billion in assets serving Utah and Southern Idaho, USA, is modernising its front-to-back office technology with Finastra’s solutions.
The bank is already a long-standing customer of Finastra, running the legacy Sparak core banking system, and will now upgrade to the vendor’s Phoenix core banking system.
The upgrade also includes the Finastra Digital Banking solution for consumer and business mobile banking and a suite of ancillary solutions, including Fusion Analytics for business analytics, enterprise content management, item processing and rapid wires.
Over time, the bank also plans to migrate all on-premises software to the cloud.
OUCU Financial Credit Union to migrate to Tyfone’s nFinia digital banking platform
OUCU Financial to migrate to Tyfone’s nFinia
OUCU Financial Credit Union in the USA has become the first Cubus One digital banking customer to migrate to Tyfone’s nFinia digital banking platform following Tyfone’s merger with Cubus Solutions last year.
The $483 million-asset credit union, which provides business and consumer banking services to 26,000 members throughout Ohio, has selected the platform to “future-proof” its operations in digital banking, payments and member engagement, according to the vendor.
The digital banking services provider describes nFinia as “a scalable and configurable omnichannel platform”, complete with “configurable, open, API-driven infrastructure” that will enable its latest taker to meet the specific demands of its members with the ability to integrate over 150 third-party retail and business applications.
