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BIAN develops new Coreless Banking concept with HSBC
September 13, 2023
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BIAN has released the latest version of its ‘Coreless Banking’ initiative. The API-based service architecture is designed to resolve the challenges that banks face with interoperability.
Coreless Banking 3.0 builds upon BIAN’s second iteration of its coreless banking model developed in 2021. This included canonical service designs such as semantic APIs and underlying data schema. BIAN says that the concept allowed banks to modularise, standardise and develop new services more quickly in a best-of-breed environment.
The latest version was developed by BIAN and members including HSBC, TCS BaNCS, IBM, Zafin, Salesforce, JPMorgan Chase, Envizion, and Sngular. BIAN says that the new iteration places the customer at the heart of banks’ operations by providing the ability to obtain customer consent to retrieve their banking data held with another bank.
This solution provides banks with a full view of a customer’s financial position and services held elsewhere. As a result, it allows banks to offer tailored products which better suit customer’s needs.
“Coreless Banking 3.0 has further proved that the BIAN framework can help us assemble useful business services. It builds and integrates applications from multiple teams. This initiative will form the foundation for helping us deliver stronger customer value by being able to implement technology updates faster and cheaper than we can today,” said David Bagge, Chief Enterprise Architect at HSBC.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/