2020 Review: Top 10 core banking go-lives this quarter
FinTech Futures lists some of the most interesting core-banking go-lives this quarter.
Oracle Financial Services has won a bevy of new deals in Africa, signing contracts with banks in Sudan, Somalia, and Libya.
FinTech Futures understands that the vendor beat out competition from rival firms Temenos and Path Solutions, to win a deal with Sudanese Balad Bank, a commercial lender based in the country’s capital of Khartoum.
Libyan Islamic bank Andalus Bank is another to have selected Oracle as its systems provider, with the Mumbai-based vendor again beating Temenos in the final selection stage.
Oracle has also nailed down a deal with Islamic bank Dahabshil Bank International, based in Somalia. The bank, a subsidiary of funds transfer group Dahabshiil, was founded in 2014. It offers commercial, private and retail banking services.
Laos International Bank, a neobank currently in formation, has selected Oracle Financial Services for its front-to-back office software, FinTech Futures understands.
Money for the new bank is said to be coming from China, according to a source familiar with the matter. The bank has signed for Oracle’s Flexcube Universal Banking, the vendor’s flagship core banking offering.
Woodforest National Bank has been confirmed as one of the initial takers for the emerging new core system from US-based Finxact.
The Texas-based financial institution has 750+ branches and is lined up to be the first taker of the Finxact system on Microsoft Azure.
The bank is taking the full Finxact suite, across deposits and lending, says Finxact co-founder, Frank Sanchez, and will replace a more or less in-house-based system, with FIS roots. Implementation is underway although production dates have still to be confirmed. He expects go-live will be before the end of the year or early 2021.
Indian technology firm Tata Consultancy Services (TCS) is set to provide a front-to-back banking platform for the first Israeli bank to launch for 40 years.
TCS won a contract from the Bank of Israel in 2019 to build a new banking platform which would enable the standing up of digital challengers in the country.
Five banks based in Africa have signed up for Path Solutions’ iMAL core banking system this year.
Bank Assafa, a wholly owned subsidiary of Morocco’s Attijariwafa Bank, specialising in participative finance, has gone live with Path Solutions’ iMAL core banking system.
Path Solutions has signed up Somalian challenger MyBank for its Sharia-compliant software solution iMAL.
Sudan-based Africa and Gulf Bank (AGB) has also signed up Path Solutions and its iMAL Islamic core banking system.
Germany-based Opel Bank has selected the FIS Modern Banking Platform, making it the first European lender to do so.
The bank was looking to replace its legacy platform with a digital solution with “expanded functionality, faster time to market, and a modern client experience.”
Opel Bank will be mirroring that implementation by also selecting FIS Digital One, an omni-channel banking solution, as well as the FIS Code Connect application programming interface (API) gateway.
Community Bank Bangladesh has gone live on Infosys Finacle, following an implementation period of just 48 days.
The bank is part of a new cohort of banks in the country. Founded in 2019, it is wholly owned by the Bangladesh Police Welfare Trust, which applied for a licence to launch a bank in October 2018.
FirstBank, a Colorado-based bank for businesses and consumers, has selected Finxact to help it launch a series of new digital products using the Finxact Core platform.
The bank will develop and launch multiple products on the cloud-based Finxact Core with the ultimate goal of full conversion from its 35 year-old in-house core system.
Two US-based banks have become the first to deploy Finastra’s Fusion Phoenix core banking solution in the cloud.
Florida-based Commerce National Bank & Trust and Washington-based Commencement Bank are accessing the Finastra platform via the public cloud.
Finastra uses Microsoft Azure as a host for its cloud-based solutions, which already include Finastra’s Fusion MortgagebotLOS, Fusion uOpen, Fusion Global PAYplus, Fusion Essence and FusionFabric.cloud.
The London and Toronto-headquartered vendor has experienced a go-live and a customer win so far this year, both in East Asia.
Guotai Junan International (GTJAI), a subsidiary of one of China’s largest investment banks, went live in Hong Kong with a derivatives system from Finastra earlier this month.
Philippines-based digital bank Tonik, the first of its kind in the country, signed for Fusion Essence in January
National Bank of Yemen (NBY) has gone live on the ICS Banks Universal Banking platform from ICSFS.
NBY, a state-owned institution with 27 branches in its home country, launched the core modernisation programme back in May 2017 after signing with ICSFS in 2012.
The 2012 project stalled at first due to political instability in the region, leading to it being renewed five years later.