core banking software vendors Core Banking Softwares: What Are They?

Software programs used for core banking are actually the enterprise software systems that are being heavily used by the banking industry these days. The core banking programs are used for a number of purposes. Since core banking aims at integrating various digital functions and features of banking, the software programs help in establishing the communication and enable the actual core banking process. To understand the core banking software, we will need to understand various functions of core banking.

ATM Use: ATM machines are everywhere. Today, they are not only there to withdraw the money but also for carrying out several banking transactions. For instance, it can also be used to transfer the money from one account to another. You can also check your balance, print mini-statements, change your PIN and a number of other things. To make sure all of these things could be completed successfully, the ATM needs to be connected to the central database. This connection is made possible using the core banking software.

Online Banking: Online banking is again a very important concept. Today, more and more people are using internet banking to perform several types of transactions. Internet banking allows the users to transfer money, make payments, print account statements, add payees, and a lot of other things. Again, the internet banking needs to be connected to the central system. The core banking software do not always work at the front-end such as ATM. They are also for the backend banking needs.

Intra Bank Transactions: The core banking has made our lives pretty easy. If you have an ATM card of a particular bank, you don’t need to go to the ATM of the same bank to withdraw money. You can use any other bank’s ATM as well. It looks like a simple transaction to us. However, in the backend, a lot of other transactions happen simultaneously. For instance, when you withdraw money from the ATM of another bank, the core-banking software will communicate with your bank first and identify if you have the account and cash available. It will then send the information back to the other bank which will allow you to withdraw the money. This would not have been possible if the core banking software vendors had not created such intricate programs.

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