XYB, the Coreless Banking Platform business, has announced its plans to help banks enhance their core systems.
XYB is working with global tech leader IBM to provide technologies and consulting expertise that can help financial services firms with addressing the increasing requirements for core modernization initiatives.
XYB, working with IBM Consulting, provides a core banking platform on IBM Cloud for Financial Services, a platform which is reportedly designed to accelerate financial institutions’ digital transformations with security at the forefront.
Additional areas of focus reportedly includes the following:
A New Era of Core Modernization
To address the need for updating current systems after years of delaying core modernization with point solutions like digital banking platform, middleware and API integration layers, banks need to take real action.
The delay in addressing the issue of core modernization is said to be driven by a lack of a componentized banking platform.
As explained in the update, a platform with deployable components enables a transformation approach via component-by-component modernization.
Banks may use these deployable components as accelerators in their build strategy, providing them with reduced vendor dependency.
IBM Consulting’s understanding of various cloud strategies and the technicalities of the core banking landscape, along with XYB’s platform, aims to help address banks’ needs.
Delivering Coreless Banking on IBM Cloud for Financial Services
XYB’s componentized core banking platform is built on a “cloud-agnostic” foundation with independently deployable components.
This architecture aims to allow banks to modernize their existing systems or launch new propositions with minimal risk and cost and is designed to help them “achieve the shortest time to value.”
IBM Cloud for Financial Services aims to help reduce risk throughout the supply chain by addressing “resiliency, performance, and security for financial institutions.”
The IBM Cloud for Financial Services is also designed to help clients “as they work to meet their regulatory compliance obligations.”
Leveraging the resiliency of IBM Cloud for Financial Services, the XYB platform is load-tested to exceed peak volumes “that tier 1 banks with millions of customers and transactions experience.”
XYB’s core banking platform is designed to mirror a bank’s existing tech stack and switch in and out during system downtimes, helping to “enable uninterrupted service for customers.”
Regulatory deadlines, such as the UK Financial Conduct Authority’s (FCA) March 2025 operational resilience compliance date and the EU’s January 2025 DORA framework, underscore “the need for such solutions.”
