Core Banking Solutions
Core banking solutions are new jargon frequently used in banking circles. The advancement in technology, especially Internet and information technology has led to new ways of doing business in banking. These technologies have cut down time, working simultaneously on different issues and increasing efficiency. The platform where communication technology and information technology are merged to suit core needs of banking is known as core banking solutions. Here, computer software is developed to perform core operations of banking like recording of transactions, passbook maintenance, interest calculations on loans and deposits, customer records, balance of payments and withdrawal. This software is installed at different branches of bank and then interconnected by means of communication lines like telephones, satellite, internet etc. It allows the user (customers) to operate accounts from any branch if it has installed core banking solutions. This new platform has changed the way banks are working.
Gartner defines a core banking system as a back-end system that processes daily banking transactions, and posts updates to accounts and other financial records. Core banking systems typically include deposit, loan and credit-processing capabilities, with interfaces to general ledger systems and reporting tools. Strategic spending on these systems is based on a combination of service-oriented architecture and supporting technologies that create extensible, agile architectures
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Famous quotes containing the words core, banking and/or solutions:
“The threadbare trees, so poor and thin,
They are no wealthier than I;
But with as brave a core within
They rear their boughs to the October sky.
Poor knights they are which bravely wait
The charge of Winter’s cavalry,
Keeping a simple Roman state,
Discumbered of their Persian luxury.”
—Henry David Thoreau (1817–1862)
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)
“Those great ideas which come to you in your sleep just before you awake in morning, those solutions to the world’s problems which, in the light of day, turn out to be duds of the puniest order, couldn’t they be put to some use, after all?”
—Robert Benchley (1889–1945)