North East Small Finance Bank migrates to new core, Turing CBS from M2P
North East Small Finance Bank (NESFB), a financial institution with 225+ branches in Assam, India, has migrated its core banking system to the Turing CBS platform supplied by banking tech provider M2P.
The vendor says the project was part of the bank’s technology refresh to meet its growth plans and comprised the implementation of the core system; an integrated payments hub that includes a debit card management system, unified payments interface, and national automated clearing house system; treasury; loan origination; digital identity; a centralised know your customer (KYC) processing system; and compliance and anti-money laundering (AML) solutions.
M2P highlights the speed of the project execution: “The journey from receipt of data from the legacy system to plugging the gaps as per the bank’s requirements and completing user acceptance testing leading up to go-live were completed in under three months.”
NESFB launched in 2017 on an outsourced core banking and payments platform provided by US banking tech heavyweight FIS. The solution is based on the Profile core banking system and was brought to India by FIS around a decade ago, aimed at small finance, co-operative, and microfinance banks.
Commenting on the move to M2P, Dr Ram Krishna Garg, chairman of NESFB, says: “We wanted to migrate to a digital core banking system which will help us improve our operational efficiency and reduce costs associated with manual processes.
“This will help us enhance our customer experience with personalised, real-time features and data analytics.”
The migration was “smooth” and “without data loss”, he adds.
Rupali Kalita, managing director and CEO of the bank, says the migration from a “traditional” core banking solution to a digital one will help the bank introduce new products and services with ease.
Earlier this year, another Indian financial institution, Unity Small Finance Bank, opted to replace its legacy tech with M2P’s Turing CBS.
Founded in 2014, India-based M2P raised $35 million in 2021 and made its first acquisitions – Wizi, a credit card-focused fintech, and Origa.ai, a loan collections and repayment analytics platform. It then raised $56 million in early 2022 and went shopping again, this time snapping up cloud-based lendtech Finflux and digital identity platform Syntizen.