Core Banking technology is a term used generally to define back office systems used by banks to manage their core business processes. This core system covers all the processes of all products services and information of a bank. Core Banking is an integrated core solution that will provide functionality such as:
- All the non-dynamic information about the customer, business entity or group and relationships
- All bank liability accounts; savings; fixed deposits; current accounts etc.
- All Bank asset accounts; loans; mortgages; credit facilities
- Bank General Ledger, Manage Information; Bank Financials
- Payment systems; Real Time Settlement;
- Card systems; Electronic Funds Transfer at the Point of Sale; Automated Teller Machines, Credit card systems; and other electronic payments and transaction handling systems
- Reporting and compliance with regulatory requirements
Core Banking is the heart of a modern financial organization and is all about providing the banking customers with the right products at the right time through the right business channels 24 hours a day, 7 days a week through a multi location, multi branch network.
Core banking team of ISCOM has successfully accomplished a number of large projects for global banks in various areas like application development, development of online and batch interfaces to other applications and their integration into the overall application backbone.