Banks and software vendors join forces to develop relevant, future-proofed banking infrastructure based on micro-services
Frankfurt / London – September 23rd, 2019 – The independent not-for-profit standards association, BIAN (Banking Industry Architecture Institute), today launched its ‘Coreless Bank’ initiative.
The initiative, spearheaded by a leading association of banks, solution providers and academic institutions will provide a platform for banks to collaborate with leading software vendors on developing a future-proof, regulatory-compliant and universally compatible banking infrastructure based on BIAN micro-services. 11 BIAN members have already taken up support of the initiative at a pilot stage, including PNC, Citi, Wells Fargo, JPMorgan Chase, Bangkok Bank, CIBC, IBM, Technisys, Infosys, Finxact and Zafin.
The Coreless Bank initiative aims to promote a more efficient and effective approach to modernising banking software. The collaboration between initiative partners will make it easier for banks to source and adopt new business services. This will solve the perpetual challenges presented by legacy core infrastructure, and allow for faster, more cost-effective development of services that are more relevant for today’s digital-first customers.
Al Karim Somji, CEO of Zafin, said: ”Coreless Banking can be a reality as proven in the pilot. It requires commitment to open banking, investment and collaboration between banks, vendors and BIAN. We are excited to be playing a role in BIAN’s initiative and are committed to making Coreless Banking a reality for our clients working within the BIAN ecosystem.”