2022: Top five core banking deals
As we wrap up 2022, FinTech Futures takes a look back at some of the year’s top core banking deals.
From global banking giants to new challenger banks, 2022 has been yet another year of financial institutions overhauling their legacy systems to provide customers with the 21st century services they require.
Here are five of the top core banking deals this year.
Banco de la Nación del Perú live with Temenos core
Temenos signs up Banco de la Nación del Perú
In March, Banco de la Nación del Perú went live with a new core banking system supplied by Temenos.
The cloud-based Temenos Transact platform supports Cuentas DNI, the bank’s new digital account. Two million accounts had been opened back then, with plans to grow to 24 million, the bank had said.
The new accounts were created with the identification number (DNI) of each citizen, as part of the Yanapay Individual Economic Support programme to provide government relief funds in response to the COVID-19 pandemic.
Every Peruvian citizen, age 18 and older, with a DNI is automatically allocated a Cuentas DNI, fostering financial inclusion.
Mambu core banking tech underpins new African bank Carbon Finance
In September, Nigerian microfinance entity Carbon Finance became a full-service bank underpinned by Mambu’s core banking software.
Mambu says its technology was selected for its “ability to scale and flexibility to disburse instant loans in minutes, helping the lender build credibility in the market”.
“We engaged Mambu a decade ago because it ticked all the boxes as a cloud banking platform,” said Chijioke Dozie, CEO of Carbon.
Brazil’s C6 Bank taps Thought Machine for core banking technology
C6 Bank taps Thought Machine for core banking tech
This month, Brazilian neobank for individuals and businesses, C6, tapped Thought Machine for its core banking technology.
Founded in 2018 and based in São Paulo, C6 Bank claims to cater to over 20 million customers in just over two years of operations, offering more than 60 financial products and services, ranging from current accounts and an investment platform to dollar and euro accounts.
Using Vault Core, Thought Machine’s cloud-native core banking platform, C6 Bank intends to build and launch “innovative” products, details of which will be announced at a later date, the bank said.
The Brazilian bank joins a long list of clients choosing Thought Machine for their core banking needs, with other recent partnerships this year including Bpifrance, Singapore’s Trust Bank, Payset, UnionDigital Bank, M1, Together and more.
Taiwan’s Mega Bank selects Avaloq’s core banking platform
In May, Taiwan’s Mega International Commercial Bank chose Avaloq’s core banking platform to launch its latest offering of onshore private banking for high-net-worth individuals (HNWIs).
Mega Bank said it will deploy Avaloq’s core to support investment products and digitalise its private banking business, while automating processes to increase efficiency.
Avaloq said its platform will enable Mega Bank to “quickly scale the business and ensure data integrity” across its internal platforms and operations.
Delta National Bank and Trust taps Finastra for digital banking infrastructure upgrade
Delta National Bank and Trust taps Finastra
In October, New York’s Delta National Bank & Trust tapped Finastra for its Fusion Essence and Fusion Payments To Go retail core banking and payments solutions to modernise its digital banking infrastructure.
Finastra’s Fusion Essence will enable Delta Bank to migrate its core from on-premise to a cloud-native software-as-a-service (SaaS) solution.
The bank, which provides international private banking services to South American investors, also adopted anti-money laundering (AML) and know your customer (KYC) solutions through Finastra’s Fincom app.
