The best thing about core banking services

The growth of digital banking has been tremendous in the last few years. It is definitely a wonder that a country like India has welcomed digital banking with open arms. Needless to say, there are a number of positive attributes of digital banking. First of all, it has drastically brought down the scale of cash transactions. As a result, more transactions are being accounted for and are being taxed by the government. In fact, the government is laying great emphasis on the use of digital banking and has been promoting it, along with other public policies. The government has also heavily invested in the development of a Unified Payments Interface system in order to facilitate interbank transactions through mobile platforms. Almost every public and private bank has partnered with this system and is part of the open banking system today. Needless to say, all partner banks have had to undergo a drastic change in their core banking architecture by encompassing open banking interfaces. The government is also offering great incentives to all participating banks by facilitating integration between banks, completely free of cost.

Secondly, digital banking has made banking transactions fast and convenient. Today, one does not have to visit bank branches during work hours and spend time waiting in queues, in order to carry out a transaction. The same can be done anywhere and anytime, simply by using a smartphone application. Now, it does not matter where you had opened your bank account, as you can access your account by using your account number and personalised passwords. This has been made possible with the help core banking technology, which has succeeded in unifying all the bank accounts of the world on the same platform.

The main purpose of core banking architecture is to allow third party applications to access and develop bridges between two bank accounts from different banks. In this regard, the only concern is digital security. It is highly expected that core banking architecture is robust enough to monitor all activities that are conducted by third party applications. In this regard, there are a few core banking architectures available in the market that are highly competent. core banking services software is based on one such architecture. However, several small and medium banks have complaints that the software of such core banking architecture is quite expensive, even if market standards are considered. Although this is not altogether false, the banks must realize that a robust core banking architecture deserves the money that it is demanded for.