Core banking challenger Neocova launches in central USA
There’s a new core banking provider in the US market, as St. Louis-based Neocova comes out of stealth mode to announce its official launch.
Neocova CEO Sultan Meghji
The cloud-based platform, integrated with flexible APIs and “best-in-class cybersecurity protection”, is available on one-year contracts as a solution to what Neocova perceives as market frustration with legacy technology firms.
“Community banks and credit unions are the bedrock of our country’s economic success, but they’ve been largely left behind – we’re changing that,” says Sultan Meghji, CEO and co-founder of Neocova. “Unlike most players currently in the market, we are closely linked to the success of these community institutions.”
Meghji notes that his firm has included bankers in every step of the process. “Not only do our board and team members reflect that, but our focused and industry-specific product solutions reflect that. We know by offering secure, affordable and modern technology, we are helping these institutions better compete and better support the customers and communities that rely on them.”
Neocova claims to have close relations with the regulatory community in the central and wider US. The firm’s recent hires include former Missouri Finance Commissioner Lee Keith and former director of enterprise information security at the CIA Robert O’Connor.
“Banks have struggled with legacy technology and limiting core infrastructure, while also facing mass consolidation and increased competition,” says Kelsey Weaver, co-founder and chief business development officer at Neocova.
“Looking at the landscape it didn’t seem quite fair, so we decided to fix it. We designed Neocova to empower community banks with the technology they need to be flexible and with the safety their customers need.”
In an October speech at the Federal Reserve Bank of St. Louis, Federal Deposit Insurance Corporation (FDIC) chair Jelena McWilliams stated that there is plenty of room to grow in banking, especially when it comes to the development of core infrastructure.
“Existing core processing systems typically provide a number of different platforms for lending and deposit-taking activities,” she said at the time.
“These platforms may use differing data standards and may not interact with one another, let alone solutions from other companies.”
Neocova plans to spend the remainder of 2019 building out its client list and growing its staff.
