Nedbank step closer to new core banking system decision
Nedbank looks to overhaul core banking software
Nedbank is getting closer to selecting a new core banking system, Banking Technology understands.
The South African heavyweight has been in system selection mode since last year – looking to modernise its domestic banking operations. It is currently running a number of in-house and third party solutions, including CSC’s Hogan.
The renovation project is estimated to be worth over $1 billion.
Four vendors are vying for the contract. Banking Technology understands these comprise Oracle FSS, TCS Financial Solutions, Infosys and SAP.
Oracle FSS already has a foothold at Nedbank: the bank’s pan-African operations (outside South Africa) run on the vendor’s core banking offering, Flexcube.
