Backbase, an Engagement Banking platform provider, is pleased to announce the launch of Grand Central, its Integration Platform-as-a-Service (iPaaS).
This offering is set “to empower banks in expediting their modernization and digital transformation endeavors.”
Banks spend significant portions of their budgets and resources “on creating, maintaining, and decommissioning point-to-point integrations across various technologies, products, and solutions within their tech stacks.”
Effective integration with core banking systems, CRM systems, and external fintechs traditionally “requires a budget-intensive custom system integration work.” This expenditure, which “adds unnecessary complexities, slows down digital transformation projects and diverts resources from creating value for banking consumers.”
Grand Central, however, is set to enhance this landscape “by offering an industrialized Integration Platform-as-a-Service that delivers unified APIs to power banks’ channel applications and third-party developers.”
Using BIAN based domain model and unified banking APIs, Grand Central seamlessly connects any channel application “to various downstream systems, including core banking platforms, customer relationship management systems, payment and fintech systems, and more.”
Through the use of industrialized plug-and-play connectors, banks “can rapidly accelerate their time-to-market while significantly reducing the budgets typically associated with integrations.”
With Grand Central, banks will “gain the ability to harmonize data across their diverse tech stack, ultimately resulting in seamless digital customer experiences across web and mobile applications running on the Backbase Engagement Banking Platform.”
Jouk Pleiter, CEO at Backbase, stressed the critical importance of this solution, stating:
“Banks today are burdened with aging infrastructure and a very fragmented legacy IT landscape, that makes it difficult to keep pace with changing customer expectations. Our Integration Services team operates as an extension of a bank’s IT organization, simplifying and resolving integration challenges that have hindered many banks in executing their digital transformation strategy. “
- Universal integration: The ultimate bridge connecting fragmented productized ISV solutions and technologies, enabling seamless communications
- Reduced complexity: Streamlines the complex technology landscape banks rely on, leading to cost savings and enhanced operational efficiency.
- Accelerated time-to-market: The financial industry’s first platform featuring pre-built connectors and out-of-the-box integration capabilities facilitating the swift deployment of new banking services, allowing banks to outpace the competition.
In line with Backbase’s commitment to enhancing the banking industry, the company has also introduced a $10 million investment fund.
This fund is dedicated “to accelerating the connectivity of region-specific products, empowering banks worldwide to streamline their operations, reduce costs, and provide exceptional customer experiences.”