ABA unveils suite of core banking selection resources
The American Bankers Association (ABA)’s Core Platforms Committee has released a series of resources for banks to navigate the core banking systems marketplace.
The 19 core banking providers participated in the presentation of factsheets and future plans for their portfolios. Each core provider offered information about its strategies and, in some cases, specific commitments.
“ABA is focused on ensuring that community and midsize banks can deploy the modern, innovative tools they need to compete effectively in today’s marketplace,” the body writes on its website.
“That means helping member banks improve their relationships with core platform providers; promoting core innovation as a policy imperative; opening more opportunities for innovation; and providing recommendations for banks and their cores to move forward together.”
The new set of resources has been designed to help market participants understand the core banking sector in the US and provide information to help them choose their provider.
These include the “Principles for Strong Bank-Core Provider Relationships” that banks can use as part of their conversations with their own providers.
In early 2019 the ABA told Bobsguide that the core banking market in the US needed to be disrupted for proper competition to emerge and take on established technology vendors like FIS, Fiserv, and Jack Henry & Associates.
Rob Nichols, CEO and president of the ABA, wrote to major core providers that same year inviting them to join a committee focused on the creation of more lenient contract terms for banks.