BIAN Develops New 'Coreless Banking' Concept Advancing Banking Technology

Banking
12.09.2023 01:00 pm

BIAN, the independent not-for-profit standards association, has today announced the third iteration of its ‘Coreless Banking’ initiative, an API-based services architecture designed to resolve the challenges banks face with interoperability.

Coreless Banking 3.0 builds upon BIAN’s second iteration of its coreless banking model developed in 2021, which included canonical service designs such as semantic APIs and underlying data schema. This concept allowed banks to modularize, standardize and develop new services more quickly in a best-of-breed environment.
Working with members including HSBC, TCS BaNCS, IBM, Zafin, Salesforce, JPMorgan Chase & Co, Envizion, and Sngular, this 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, allowing 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 by building and integrating 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.

BIAN’s progression in this area comes at a crucial time for banks as they face a challenging global economy, increased competition, and rapidly evolving customer demands.

Commenting on the development, Hans Tesselaar, Executive Director of BIAN, said: “In such complex times, banks must reconsider their approach to business as consumers place great emphasis on their financial wellbeing. We’re extremely proud to announce this third iteration of our Coreless Banking concept, which is designed to support banks as they make this transition whilst servicing their customers even better. This is an incredibly important milestone in our journey, and we’re excited to see what comes next.”

An overview and demo of BIAN’s Coreless Banking platform will be shown at SIBOS on Wednesday, September 20th at BIAN’s Consortium Panel, 10:15-11:00 ET, Conference Stage 2, Level 700. An insight session on Coreless 3.0 will be held shortly after at 11:30-11:55 ET, IBM booth, B20 M-W.