5 prominent American core banking companies

By Edlyn Cardoza

Banking today has grown extensively as a business. It continues to transform itself from a deposit-taking and loan providing space to an institution with an umbrella of products and services. All services initiated by a bank are known as Core Banking. 

Core Banking means a centralised system acquired by a bank that allows its customers to manage their business. CORE is an acronym for ‘Centralized Online Real-time Exchange,’ allowing the bank’s branches to access applications from centralised data centres. Core banking is also being extended to the requirements of corporate clients and not only retail banking customers, thus providing a comprehensive banking solution. 

Seeing the rise of core banking software providers, below are 5 companies revolutionising the banking industry in the USA. 

• CSI

Computer Services, Inc. (CSI) is a leading FinTech, RegTech and cybersecurity partner operating at the intersection of innovation and service. They excel at driving financial institutions and other businesses forward with a unique blend of cutting-edge technology, decades of experience and a commitment to authentic partnerships defined by our customer-first culture.

CSI NuPoint is a core banking platform with a cloud-based architecture that eliminates hardware and software expenditures. Manage everything from loans to fraud detection and risk, customer engagement, transaction processing, and business intelligence and analytics.

• FIS Global

FIS is at the heart of the commerce and financial transactions that power the world’s economy. They are passionate about helping businesses and communities thrive by advancing the way the world pays, banks and invests, serving more than 20,000 clients and more than one million merchant locations in over 130 countries. FIS stays ahead of how the world is evolving to power businesses across merchants, banking and capital markets to outpace today’s fast-changing competitive landscape and help their clients run, grow and achieve more for their business. 

• Fiserv

Fiserv, Inc. is a leading global technology provider serving the financial services industry, driving innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimisation. It aspires to move money and information in a way that moves the world. Fiserv enables money movement for thousands of financial institutions and millions of people and businesses in a world that never powers down.

• Jack Henry Banking

Jack Henry Banking is a leading provider of the integrated technology platforms banks need to process financial transactions, automate business processes, and manage mission-critical customer and business information. They now serve as the primary technology partner for approximately 1,100 banks ranging from community banks to multi-billion dollar mid-tier banks and multi-bank holding companies, including approximately 15% of mid-tier banks with assets ranging from $1 billion to $30 billion.

Their banking solutions encompass three functionally distinct core systems, more than 140 complementary solutions, in-house and outsourced delivery alternatives, contemporary technology, and the infrastructure necessary to support today’s complex banking platforms as a single point of contact, ongoing service, and accountability.

They have three core banking platforms:

• SilverLake System^® – a highly customisable, commercial-focused IBM^® Power™ System-based solution for commercial banks
• CIF 20/20^® – a parameter-driven IBM Power System-based solution
• Core Director^® – a Windows^®-based client/server solution

• Oracle

Oracle is a cloud technology company that provides organisations worldwide with computing infrastructure and software to help them innovate, unlock efficiencies and become more effective. They also created the world’s first – and only – autonomous database to help organise and secure their customers’ data. Oracle Cloud Infrastructure offers higher performance, security, and cost savings. It is designed to move workloads easily from on-premises systems to the cloud and between cloud and on-premises and other clouds. Oracle Cloud applications provide business leaders with modern applications that help them innovate, attain sustainable growth, and become more resilient. The work we do is not only transforming the world of business–it’s helping defend governments and advance scientific and medical research. From nonprofits to companies of all sizes, millions of people use our tools to streamline supply chains, make HR more human, quickly pivot to a new financial plan, and connect data and people worldwide. 

ALSO READ: Global Core Banking Vendors & Landscape Report Q1 2022