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Development | Banking & Insurance

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.

Banking Modules comprises of:
  Customer details
  Savings Account (future projection)
  Current Account (future projection)
  Loans & Advances Account
  Term Deposit Account
    - Monthly Scheme, Fixed Deposits etc.
  Rollover/renewal of Term deposit
  General Ledger Accounts
  All above transactions
  Transaction reversal process
  Comprehensive Reports
  Periodical Operations like interest calculations/changes etc.
Scope Of The System
To cater all these needs a software having following layers can be developed. For fulfilling the requirements of different banking practices with the core are briefly discussed below. With this the Bank can not only improve customer service levels but also provides the base data to handle Bank’s asset and liability management.
            -  Core module
            -  Other Functions & Facilities
            -  Support module
            -  Consolidation Module
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