Latest news with #corebanking
Finextra
a day ago
- Business
- Finextra
Mambu and Light frame collaborate on core banking package for wealth management
Today, Light Frame SA, a Swiss provider of modern investment operations and portfolio management technology, and Mambu, a global leader in cloud-native core banking, have announced a strategic partnership delivering a next-generation, fully integrated core banking solution tailored to the private banking and wealth management industries. 0 The partnership comes at a critical moment as wealth managers and private banks adapt to evolving client expectations, growing regulatory complexity, and increasing pressure on profitability. By combining Mambu's leadership in cloud-native core banking and extensive global operational footprint with Light Frame's sophisticated investment operations and portfolio management technology, the collaboration offers a distinct advantage to banks as they shape and execute their strategy. 'Mambu's entry into private banking alongside Light Frame marks a material step toward modernizing a sector that has historically seen limited innovation,' said Cenk Bozal, Region Manager DACH at Mambu. 'With over 260 live customers across 65 countries, Mambu is uniquely positioned to partner with the industry to realize the transformational value of a modern, proven core.' The core banking market is projected to exceed $65 billion by 2032, growing annually at 18.6%, according to Fortune Business Insights. The wealth management sector remains underserved by legacy technology, resulting in high operational costs and constrained innovation. The Mambu x Light Frame partnership presents a timely and transformative solution for institutions seeking modern alternatives that are secure, compliant, and built for speed and scalability. 'Over the past decade, Mambu has been at the forefront of core banking innovation, though our efforts have largely focused outside the Wealth industry,' said Leon Stevens, Head of EMEA at Mambu. 'We are now pleased to extend that innovation to private banks, wealth managers, brokerage banks, and WealthTechs as they modernize or start their operations. By bridging the gap between investment operations and core retail banking, the new solution empowers Wealth institutions to: Deliver seamless, end-to-end banking and investment experiences Accelerate implementation timelines and reduce IT complexity Integrate efficiently with third-party platforms Drive productivity and automation through intuitive interfaces and modern architecture Ensure resilience, compliance, and scalability through a cloud-native infrastructure 'When we set out to build a modern Swiss private bank, we searched for a core system that could deliver sophisticated wealth services while embracing the advantages of new technology. It didn't exist,' said Schuyler Weiss, CEO of Light Frame and former founder and CEO of the Swiss bank Alpian. 'That experience led to Light Frame. Today, in partnership with Mambu, we're offering a new benchmark—an end-to-end solution that's fast to implement, intuitive to use, and purpose-built for the high-touch, tailored services that define private banking.'
Finextra
10-06-2025
- Business
- Finextra
Sweden's Marginalen Bank migrates to Mambu core
Mambu, the leading core cloud banking platform, and Avenga, a leading system integrator, have successfully migrated Marginalen Bank, an innovative digital bank in Sweden from its legacy core to Mambu in just 13 months achieving rapid time to market for its new consumer and business deposits and offering a future-ready banking approach. 0 Founded in 2010 following the acquisition of Citibank's Swedish consumer bank, Marginalen Bank believes that as many people as possible should have access to simple and clear financial products. Marginalen Bank provides a broad range of financial services for individuals and businesses, and is committed to evolving in line with their needs and the rapid technological development in the market. By migrating to Mambu's API-driven, core banking platform underpinned byMicrosoft Azure Cloud Marginalen Bank has replaced its legacy systems, significantly improving its agility, scalability, and cost - efficiency. The cloud-native architecture now allows the bank to rapidly launch its financial products, delivering modern banking experiences while maintaining full compliance with Nordic financial regulations. Bo Andersson, Chief Information Officer at Marginalen Bank said, 'Our goal has always been to simplify our customers' everyday financial lives, and to do so, we need a strong, scalable infrastructure. Mambu's composable banking approach perfectly complements Marginalen's technology strategy. We've been able to seamlessly migrate to the modern core and future-proof our technology. The collaboration with Mambu and our long-term technology partner Avenga has been seamless, allowing us to migrate to the cloud and modernise our consumer and business deposit offering and we're excited about the opportunities it brings as we grow in the market.' Mark Geneste, Chief Revenue Officer, at Mambu, commented: 'In today's financial ecosystem, the core banking platform is the foundation on which all innovation is built and Nordic banks are actively seeking to upgrade. However many question whether there are viable alternatives available in the region. The successful go-live of Marginalen Bank with Mambu underscores that change is not only possible—it's happening. By working closely with our extensive ecosystem of partners, Mambu is transforming the Nordic banking landscape, proving that Mambu is a mature and future-proof alternative for banks looking to break free from legacy systems. We're thrilled to see Marginalen bring their vision to life on Mambu and look forward to supporting their journey of growth and innovation.' Avenga played a crucial role in the project, leading the decommissioning of Marginalen's legacy core banking system and ensuring a fully integrated, cloud-first architecture. The project ensured full data migration and integration across the bank's ecosystem, including Data Warehousing (DWH), Core Banking System (CBS), microservices, and local third-party providers. Peter Stros, SVP Banking and Financial Services at Avenga commented: 'Successfully migrating a bank's core system in just 13 months is a highly complex process, requiring deep expertise in cloud-native architectures, regulatory frameworks, and seamless integration across a bank's ecosystem. As a long-term technology partner of Marginalen Bank, we are proud to have played a key role in modernising their banking infrastructure. Our team ensured a fully compliant, zero-downtime transition by orchestrating data migration, system decommissioning, and integration of core banking services, microservices, and third-party providers. This transformation not only enhances Marginalen's operational efficiency and scalability but also positions them to rapidly introduce new financial products in response to market demands. At Avenga, we specialise in delivering high-impact core banking modernisation, and this successful collaboration with Mambu exemplifies how banks can de-risk their digital transformation while accelerating innovation.' Ingmar Boon, Digital Natives EMEA Lead at Microsoft commented: 'The Nordic banking sector is undergoing a significant transformation, with financial institutions modernising their infrastructures to stay competitive and meet evolving customer expectations. Together with Mambu and Avenga, we are helping banks like Marginalen accelerate their cloud transformation, enabling them to scale efficiently while maintaining the region's stringent security and compliance standards. By leveraging Microsoft Azure, Mambu's composable banking platform and Avenga's engineering we help Nordic banks shorten time to market, simplify operations, and drive innovation. This collaboration underscores our shared commitment to equipping Nordic banks with the technology they need to thrive in a digital-first world.' Marginalen Bank joins a growing roster of financial institutions in Scandinavia leveraging Mambu's SaaS cloud banking platform, including Stockholm-based Nordiska, Denmark's Kompasbank and many more. With Mambu, these institutions are empowered to deliver exceptional banking experiences today while staying future-ready for tomorrow.
Finextra
09-06-2025
- Business
- Finextra
Core Banking Systems evolution to cloud technology: By John Bertrand
Historical Core banking systems can trace their origins 50 years ago to independent, branch-specific solutions running on IBM computers using legacy languages like RPG, COBOL, and Assembler. The branch bank industry consolidated around two major players - Temenos' Globus and Finastra's Midas - each serving over 300 banks, often with many installations as banks became more international. Banks followed their customers who at the time were in countries with limited communication infrastructure. Many systems were designed to incorporate the local banking and regulatory environments. A striking example of this fragmented approach one major bank discovered it had 250 different core banking systems all branded the same but functionally very different. This was compounded by many installations continued to run past software releases instead of updating to the current release. Further compounding the situation was coders were using poor documentation practices. Market Disruption and New Entrants The landscape began shifting about a decade ago with new fintech challengers like Thought Machine (2014) and 10x Banking (2016) entering the market, promising more modern, cloud-native solutions to challenge the established players. Technology Transformation Drivers Several technological shifts are reshaping the industry: Infrastructure Evolution: The move to cloud computing, ubiquitous mobile connectivity (90% UK mobile ownership), API-driven architectures, and component-based systems is starting to replace monolithic legacy infrastructures. Instant Payment Revolution: Domestic instant payments are available in 70 countries and being mandatory in EU, representing 27 countries, from October 2025 Instant international payments with real-time currency exchange capabilities are on its way and will include crypto currencies Enhanced digital verification and confirmation of payee services are being put in place with UK added reimbursement for scammed clients shared 50/50 by banks Data Richness: The October 2025 global adoption of ISO20022 will transform payments from simple "coded postcards" to rich "electronic pamphlets" containing extensive transaction, sender, and risk data. The traditional infrastructure uses only minimal information around the payment with truncation common along the payment path. Current Market Performance The financial performance of major players reveals interesting trends: Temenos: £3.9 billion market cap, £940 million revenue (2024), 5% annual growth over three years, with 66% revenue from high-margin maintenance contracts. Finastra: Private and formed from number acquisitions, has seen revenue declined from $2.2 billion in 2017 to $1.85 billion (2023). The workforce reduced from 10,000 to 7,000 people but maintaining profitable maintenance streams. Thought Machine: £48 million revenue (2023), 14% average growth, £583 million in investment funding through 2024. The Strategic Pivot to Cloud Components The industry's strategic shift toward componentization is on the way. Rather than wholesale replacement of core banking systems. This faces regulatory resistance and internal operational risk. The industry is moving toward a hybrid model. Here cloud-based components gradually assume specific functions while the corresponding legacy system features are deactivated. This approach offers several advantages: Reduced migration risk Regulatory approval (satisfying concerns about systemic risk) Gradual modernization without system-wide disruption Preservation of existing maintenance revenue streams Maintenance Revenue Dependency Established players rely heavily on maintenance revenue from legacy systems. It is a highly profitable annuity scheme. This creates both stability and vulnerability. A steady income is provided. The challenge is keeping the bank meeting the new standards of money movement, real time account balances and people verification. It creates the need for programmers skilled in ancient languages (Midas alone has over 25 million lines of RPG code). Evolution not Revolution While core banking faces significant modernization pressures, the path forward lies not in revolutionary replacement but in evolutionary componentization. This allows the banks to modernize gradually and quickly while managing risk and regulatory requirements.
Finextra
22-05-2025
- Business
- Finextra
Philippine's EastWest modernises core with Temenos SaaS
Temenos, a global leader in banking technology, today announced EastWest Banking Corporation (EastWest), a leading universal bank in the Philippines, has selected Temenos SaaS to accelerate its core banking modernization. 0 This strategic move supports the Bank's focus to enhancing customer experience, driving digital transformation, and delivering innovative financial solutions with greater efficiency and scale. By adopting Temenos Core as a SaaS solution for its Retail, SME, and Corporate operations, EastWest will leverage cutting-edge banking technology to provide a seamless and secure banking experience. This modernization effort ensures a more agile and resilient banking infrastructure, allowing the bank to better serve its more than 3 million customers across 400 branches nationwide. Barani Sundaram, Chief Technology Officer at EastWest, said: 'At EastWest, our customers are at the heart of everything we do. Temenos SaaS is a crucial step in our digital transformation journey, as it allows us to offer a more seamless and personalized banking experience—whether through our mobile app, branch network, or customer support channels. By modernizing our core banking systems, we are ensuring that we can continue to meet the evolving needs of our customers while staying agile in a fast-changing financial landscape.' This transformation will empower EastWest with a unified, data-driven approach across all lines of business, enabling faster product innovation, improved operational efficiency, and a more customer-centric banking ecosystem. The new platform will also provide the flexibility to scale and integrate with fintech partners, ensuring a robust and future-ready banking environment. Sundaram, added: 'We are excited to work with Temenos, a global leader in banking technology, as we take this important step forward. This investment marks EastWest's drive to elevate digital banking for Filipinos—bringing secure, elegantly designed, and intuitively smart financial tools within easy reach, shaped around the pace and preferences of modern life.' Temenos SaaS will support a wide range of banking operations, including customer accounts, deposits, lending, payments, and trade finance, while also creating opportunities for EastWest to expand into new segments such as Wealth Management. Will Dale, Managing Director - APAC, Temenos, commented: 'We are proud to partner with EastWest, a major player in the Philippine banking sector, to transform its core banking in the cloud. The bank was looking for a SaaS solution that combined deep functionality and the latest technology, which is where Temenos excels. We look forward to supporting EastWest in driving the next phase of their impressive growth.' Adopting Temenos Core as a SaaS solution enables EastWest to deliver more seamless, scalable, and innovative banking services
Zawya
21-05-2025
- Business
- Zawya
CARITech and Finastra announce strategic partnership
Cairo, Egypt – CARITech, a leading digital transformation partner specializing in core banking modernization and implementation services, and Finastra, a global provider of financial services software applications, today announced a strategic partnership to strengthen the deployment of Finastra Essence for financial institutions across the Middle East and Africa. This collaboration combines CARITech's implementation expertise with Finastra's advanced technology to deliver streamlined and efficient core banking modernization. Through this partnership, CARITech will leverage its proven implementation methodology, CMMi Level 3-certified standards, and regional expertise to support financial institutions adopting Essence. CARITech's bilingual Arabic-English team will ensure seamless communication and excellent service for banks in the Middle East, enabling smooth transitions to modern core banking platforms. 'Partnering with Finastra represents a significant step forward for CARITech in our mission to deliver best-in-class core banking transformation services,' said Dr. Ismail Ali, CEO of CARITech. 'By combining our expertise with Finastra's innovative Essence solution, we can empower financial institutions to modernize their operations with confidence and efficiency.' Finastra Essence is a core banking solution that combines deep functionality and advanced technology to increase enterprise agility, reduce costs and improve operational efficiency. The partnership aims to deliver this advanced technology to help banks optimize their operations and enhance customer experiences. 'Our collaboration with CARITech reflects Finastra's commitment to ensuring financial institutions receive exceptional service when implementing Finastra Essence,' said Siobhan Byron, EVP Universal Banking at Finastra. 'CARITech's track record in core banking transformations and their deep understanding of regional needs make them an invaluable partner in helping banks achieve their transformation goals.' This partnership underscores both companies' shared commitment to innovation and customer success, enabling financial institutions to transition to modern core banking systems with minimal disruption and maximum benefit. About CARITech CARITech is a global leader in digital transformation for financial institutions, specializing in core banking modernization, system replacement, and seamless integration. With extensive experience across the Americas, Middle East, and Africa, we deliver end-to-end solutions that enhance efficiency and innovation. Our expertise in 24/7 support, advanced data management through our DATUM solution, and strict adherence to global standards ensure operational excellence. Backed by a proven track record and seasoned professionals, CARITech empowers banks to the evolving digital landscape with confidence. About Finastra Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world's top 50 banks. For more information, visit
