Coreless banking platform business XYB has joined forces with technology major IBM to support banks in transforming their core banking systems.
Through the collaboration with IBM Consulting, XYB aims to offer technologies and consulting expertise that will enable financial services institutions to meet the rising requirements for core modernisation initiatives.
XYB will also offer a componentised core banking platform on IBM Cloud for Financial Services. The latter is an industry-specific platform designed to expedite digital transformations for financial organistaions with security.
The collaboration between both parties is also aimed at addressing the growing need for core modernisation after years of relying on point solutions such as digital banking platforms, middleware, and application programming interface (API) integration.
IBM Consulting’s expertise in hybrid cloud strategies and core banking landscape complexities, combined with XYB’s platform, is expected to help financial institutions scale globally.
According to XYB, a platform with independently deployable components allows banks to implement updates progressively through component-by-component transformation. This will offer banks more flexibility and control over their systems along with reducing dependency on vendors.
XYB’s platform, built on a cloud-agnostic foundation, allows banks to update their systems or launch new services with minimal risk and cost, said the firm.
IBM Cloud for Financial Services seeks to mitigate risk throughout the supply chain by delivering resiliency, performance, and security for financial institutions. The platform will also help customers in meeting their regulatory compliance obligations.
By utilising the resiliency of IBM Cloud for Financial Services, the XYB platform is load-tested to surpass peak volumes that tier 1 banks with millions of customers and transactions experience.
XYB CEO Derek Joyce said: “We are thrilled to announce this relationship, which enables us to focus on advancing our platform to stay ahead of the market while working with IBM, a strong global innovator, to deliver our solutions to meet the needs of banks.
“With our core banking platform on IBM Cloud for Financial Services, we can help financial institutions enhance their operational resilience and system capacities. Our goal is to drive innovation and set new standards in the financial services industry.”
