Core Banking System – A Mandate for Every Bank

Posted April 22, 2021 by panamax

Understanding the implications of core banking solutions during and post COVID-19 for banks and fintech organizations and how this is becoming the need of the hour for all banks.

Core Banking System – A Mandate for Every Bank
Banks are increasing, so are their services. Today, Banking as a Service is growing immensely and transforming digitally providing a wide range of banking services, operated centrally through data centers, and broadening their reach to customers as well. A digital core banking system covers payments, information services, mobile banking and commerce, requests, transfers, and much more.

Here’s why banks need Core Banking Solutions -

Centralized Platform
A core banking solution provides a centralized payment platform integrated with a range of banking services executed digitally. Customers do not have to worry about transacting through a specific bank branch, while the bank maintains the portfolio at one central repository, thus minimizing human efforts and errors.

Secured Portal and Transactions
The solution facilitates swift data access with secured API payment methods. The integration provides secured multi-layer authentication for all transactions to avoid any deceits. It addresses key security concerns like secured authentication, multi-level authorization, data encryption for Data-in-Motion and Data-at-Rest, User Role based Access with 2FA, PII data privacy, and more. Simultaneously, it manages all sort of legal aspects and develops trust factor in customers.
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Issued By Panamax Inc
Phone 7187138417
Business Address 100 Quentin Roosevelt Blvd, Suite 503, Garden City, New York - 11530
Country United States
Categories Technology , Telecom , Web Development
Last Updated April 22, 2021