Miriam Cross’ Post

Some players in the banking-as-a-service middleware space — broadly, vendors that connect banks to fintechs and provide matchmaking services and technology — say tri-party agreements between a bank, nonbank and middleware provider are still direct when the bank has oversight over its BaaS client. Other vendors say it means selling software to banks that will boost their BaaS capabilities, but leaves the fintech entanglements entirely up to the bank.

A great case study here on accelerating Open Banking onboarding with Finology using IBM API Connect. https://lnkd.in/eit7TEYn #ibmintegration #ibmapiconnect

Open Finance and Open Banking represent a huge opportunity to create value and empower individuals. However, the combination of security, usability, and compliance has to be top of mind as adoption grows. Zero-Trust will likely have to be a core principal of the open ecosystem. A part of this will mean microservice architectures. Another part will mean serious decisions regarding legacy core banking systems. All of these will require investment from FIs as well as serious consideration regarding how to go about modernizing for a new, global, open paradigm.

Banking on mainframe-led digital transformation for financial services - IBM Blog Explore why the world's biggest modernization challenges are concentrated in the banking industry.

The financial services industry is digitally evolving. But friction with legacy tech is still holding it back The digital age of banking could be its golden age. Modern IT infrastructure and systems benefit consumers with greater ease, flexibility, and savings. These improvements also enable financial institutions the ability to create new products and reach traditionally underserved groups. We’re already seeing the effects of digital transformation in the finance industry, from the rise of embedded finance and open banking to new forms of currency and payment options. But there are still a number of barriers holding some financial services firms back. Chief among them are their legacy IT systems, which can create challenges when pressed into service to support this digital future. These challenges drive reluctance to change and create friction in financial services firms, whose legacy applications have provided decades of benefit and contain the intellectual property (IP) of their IT processes and calculations. Porting those applications to the cloud introduces more concerns, including worries about cybersecurity and anxiousness about risk management and compliance with regulatory frameworks. https://lnkd.in/drE8h4Y9

Many banks process payments within their core systems, scheme gateway connectors, or payment hubs. While these approaches may have been suitable in the past, they no longer meet the demands of modern-day payment needs. In this new paper by our senior product manager, Yoav Ash, he explores how next-generation systems like Vault Payments give banks a high degree of flexibility in processing payments and the control to adapt to future needs. Read the full paper here 👇

Many banks struggle with modernizing their core banking systems, often based on legacy mainframe technology. However, Bank of Ireland has found a clever way to simplify their mainframe, ensuring it focuses on what it does best: being the system of record. Discover their approach working with Kyndryl: The essence of banking is the ledger—the balances, the book of record that for the Bank of Ireland goes back 240 years. That’s what holds the truth. It’s the crown jewels. To move forward and support the Bank of Ireland’s strategic growth pillars, we’re pursuing what can be described as a mainframe simplification agenda. What’s behind the Bank of Ireland’s mainframe simplification agenda? You can read more here: https://lnkd.in/dqC-8rQS Guro Sørensen, Rohan Nair, Maiken Elmbæk, MBA, Cecilia Isaksson, Lina Tjerneld, Beda Grahn, Tina Esbech, Torben Wallner, Shailesh Namjoshi, Anders Blomberg. Thomas Dyhr, Anna-Lena Andrén ♦️, Mahima Trivedi #Theheartofprogress #Maniframemodernization #banking.

“Financial services companies are considered institutions because they manage and move the core aspects of our global economic system. And the beating heart of financial institutions is the IBM mainframe.” Learn more about banking on mainframe-led digital transformation: https://ibm.biz/BdyUMN #Banking #DigitalTransformation #IBMZ #FinancialServices