Core banking & Insurance systems are the backbone of a retail bank. These systems facilitate central accounting, Customer information and transaction processing functions. These systems were traditionally run on IBM mainframes. Only a select group of vendors offered such systems.
Core banking solution is a comprehensive, integrated yet modular business solution that effectively addresses the strategic and day-to-day challenges faced by banks. It is highly parameterizable providing that much-needed flexibility to innovate and adapt to a dynamic environment. These systems have a centralized database that provides information on customers' assets and liabilities, a transaction processing engine and a system to support financial management of the bank. The core banking systems are loaded on to the centralized systems in the banks' data centre.