Core Banking: Faster Payments Solution
In the ever-evolving world of finance, core banking software has become the backbone of efficient and comprehensive banking services. This cutting-edge BaaS software is designed to revolutionize the way financial institutions operate, unlocking new realms of possibilities in financial endeavors.
This presentation will explore the key features, requirements, and benefits of implementing a robust core banking system that empowers financial institutions and delivers exceptional customer experiences.
Core: Banking Software Foundation
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What is Core Banking Software
Core banking software refers to the essential technology infrastructure that enables financial institutions to manage banking operations, including account creation, management, transaction processing, and regulatory compliance.
Core: The Heart of Our Solution
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Robust Architecture
Our core banking software is built on a robust and scalable architecture, leveraging the latest technologies to ensure seamless integration with your existing systems. This powerful foundation enables real-time processing, ensuring that your transactions are handled with speed and accuracy.
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Comprehensive Services
From ACH and wire transfers to remote deposit capture and ledgering, this system offers a comprehensive suite of banking services. Whether you need to facilitate domestic or international transactions, our software has you covered, streamlining operations and enhancing customer experiences.
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Compliance and Security
With built-in compliance features and security measures, our core banking software ensures that your operations adhere to industry standard regulations and best practices. Safeguarding sensitive data and maintaining regulatory compliance is the top priority.
Services: Comprehensive and Integrated
Streamlined Transactions
This platform facilitates seamless transactions, including ACH (Same Day and Standard), TCH (The Clearing House), and real-time gross settlements (RTGS). It is equip with FedWire and even can support International wire SWIFT transfers, interchange, and RDC enabling both domestic and global financial operations.
Fraud and Risk Mitigation
The system incorporates robust transaction monitoring capabilities, leveraging government-published sanctions and fraud lists from around the world. This ensures that your transactions are scrutinized for potential risks, safeguarding your institution and customers. There is also a real-time modular Transaction Monitoring (TM) system for all processing.
Efficient Operations
With features like real-time customer and transaction screening, TCH, remote deposit capture (RDC) and internal ledgering, our platform streamlines operational processes, reducing manual efforts and increasing efficiency. From account management to transaction tracking, the software simplifies and optimizes banking operations.
Requirements and Licensing
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Banking License
To utilize core banking software and access the full suite of services, FI's must possess a valid banking license. This ensures compliance with regulatory requirements and enables institutions to offer comprehensive financial services.
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Bank Account Integration
The system seamlessly integrates with existing core bank accounts, enabling real-time balancing and transaction processing. This integration streamlines operations and provides a centralized platform for managing old and improved faster-payment financial activities.
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Payment Network Memberships
Depending on specific needs, FI's may require memberships or partnerships with payment networks such as Visa, Mastercard, or other global providers. These memberships facilitate the processing of certain transaction types, and can be called integrated and called through the new core API expanding your service offerings.
Backend: A Robust Financial Core
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Hierarchical Ledger
Our backend utilizes a hierarchical ledger system, meticulously tracking and maintaining a comprehensive record of all associated transactions. This ledger serves as the foundation for our financial core, ensuring data integrity and enabling seamless auditing.
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Modular Microservices
Our platform is built on a modular microservices architecture, allowing for scalability and flexibility. Each service operates independently, enabling rapid updates and customizations without disrupting the entire system.
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Powerful GraphQL API
At the heart of our backend lies a powerful custom GraphQL API, inspired by Facebook's design. This API facilitates efficient data retrieval and manipulation, enabling seamless integration with prior mobile bankgin or our custom-built React frontend Admin site.
Frontend Simplicity: Intuitive and User-Friendly
Account Management
Our frontend interface simplifies account management, providing a seamless experience for accessing and monitoring account information. With a few clicks, you can view balances, transaction histories, and export data for further analysis.
Transaction Monitoring
Our platform's transaction monitoring capabilities are integrated into the frontend, allowing you to track and review transactions in real-time. Customizable alerts and filters help you stay informed and promptly address any potential issues.
Reporting and Analytics
Our frontend offers comprehensive reporting and analytics features, enabling you to generate detailed reports and gain valuable insights into your financial operations. These insights can inform strategic decision-making and optimize your institution's performance.
Customization Options
While our frontend prioritizes simplicity, we understand that each institution has unique requirements. Our platform offers customization options, allowing you to tailor the interface and functionality to meet your specific needs.
Regulatory Compliance: Built-In Security and Auditing
Secure Infrastructure
Our platform is built on a secure and compliant infrastructure, leveraging industry-standard deployments with redundancy, AWS, MongoDB, and a scalable microservices architecture. We prioritize data protection and adhere to rigorous security protocols.
Comprehensive Auditing
Our system designed including auditing controls, including NACHA, BSA, BSA Model Validation, SOC I Type I, SOC I Type II, SOC II Type I, and SOC II Type II. These audits ensure that our processes and procedures meet regulatory requirements and industry best practices.
Robust Security Measures
We employ robust security measures, including regular security and InfoSec audits, to safeguard your data and operations. Each step of the software deployment life cycle includes at-time and ongoing security review scans. Our platform is designed with security in mind, adhering to industry-leading standards.
Comprehensive Documentation
Our platform is backed by comprehensive documentation, including BC/DR plans, internal training materials, compliance documentation, and geographical risk assessments. These resources ensure that our operations are transparent, well-documented, and compliant with applicable regulations.
Transaction Monitoring: Comprehensive and Customizable
Pricing and Revenue Model
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Modular Pricing
Our pricing model is designed to be modular and flexible, allowing you to select and pay for only the services and features you require. This approach ensures cost-effectiveness and prevents unnecessary expenses.
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Industry-Standard Fees
While our pricing is competitive, we adhere to industry-standard fee structures for various banking services. However, our modular approach often results in overall cost savings compared to traditional providers.
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Internal Revenue Streams
By offloading certain operational costs and streamlining processes, our platform enables us to generate internal revenue streams. These efficiencies allow us to offer competitive pricing to FI's saving them money on current processes while maintaining new core API profitability.
Our Team: Unparalleled Expertise
Erik Peterson
Erik Peterson has been active in institutional real estate and private equity since 2003. The majority of those years were with Sequoia Equities, focused on multifamily real estate investment firm with over $5.0B of assets under management in California, Washington, Oregon, and Arizona. Over the last 22 years, Erik has acquired approximately $2.65B in assets and over 10,000 units for various partnerships. Erik played an integral component in the growth of Sequoia Equities by identifying and creating a strategy for each asset acquired. In 2023, Erik left Sequoia Equities and his general partnership to focus on a broader spectrum of deal opportunities under one of his company that he founded in 2012 called Equity Consultants Real Estate which is an investment firm that invests in retail, land, multifamily, office, and other financial products. Equity Consultants Real Estate works to provide its investors above average market returns with below average market risk, and has successfully gone full cycle on several investments. Equity Consultants has acquired almost $200M in assets in the last five years as a sponsor of syndicated capital. Erik is also the founding partner of Granite Oak Capital, a private equity investment firm investing in early-stage companies showing outlier tendencies. Prior to joining Sequoia Equities in 2003, Erik Peterson worked for Greystone Group out of Newport Beach sourcing development sites and reporting directly to Walter Edds. Erik is currently a licensed real estate broker in the State of California, Oregon, Colorado and Washington and still utilizes this license a principal broker of record for several Sequoia assets. Erik graduated from UC Davis with a degree in Neurobiology, Physiology, and Behavior and a minor in Economics.
Bryan Keltner
Bryan has built BaaS companies for over a decade powering both Fin-Tech's and updating banks. For the last five years he has been building and maintaining core software directly and licensing to banks. Previously he was a compliance officer (CCO) for a virtual branch of a bank, and has co-founded several successful banking and financial service software companies. He has consulted and helped with technological build-outs for major financial institutions, including some banks directly and powering clients such as: Prudential, Fidelity, Stripe, Coinbase, and Kraken.
Our Team: Unparalleled Experience
Andrés Montalban
Andrés focuses on infrastructure security and DevOps, developing Terraform code for automated CircleCI deployments and configuring AWS environments. As a networking specialist, Andres also builds and maintains VPN |VPC solutions, ensuring secure and reliable connections. Key responsibilities include automating release deployment, conducting security scans, and updating codebases to maintain optimal performance and security.
Andrew Rogers
Andrew is a Full Stack Engineer and DevOps Infrastructure specialist. He is a technology leader, serving in diverse industries over two decades. Most recently, Andrew co-founded and served as CTO for Syllable.ai, a healthcare automation company. Before Syllable, Andrew was a founding engineer of Stellar Development Foundation, a digital currency company, as well as a senior engineer at Google, working on Google Payments and Android.
Andrew Fort
Andrew Fort brings over two decades of experience in the tech industry, focused on IP networking and hyper-scale software deployment. From operations experience at Google to software innovations with network equipment vendor Arista Networks, Andrew brings a diverse range of experience in software, network systems and operations. Andrew is an innovator with multiple software patent publications.
Our Team: Driving Innovation
Elnur Musazade
Elnur is a backend-focused developer with deep expertise in building scalable APIs and managing modern server infrastructure. He specializes in Node.js and the Eve Core framework, designing reliable backend services with strong testing practices using Jest. Beyond development, Elnur ensures smooth deployments and keeps projects secure and up-to-date through dependency management. His work is driven by a focus on performance, maintainability, and delivering robust systems that empower seamless front-end integrations.
Noah Michael
Noah’s is focused on front-end development as a seasoned Integration Engineer. He has two years experience managing RTGS and faster payments directly for a bank on the Fed TCH list, working directly with large clients such as Stripe and more. Other responsibilities include handling reviewing updates and integrating backend data and building wrappers for quality assurance testing, acting primary resource from the core API to banks and clients.
Tech Stack: Robust and Scalable
Amazon Web Services
We leverage the power and scalability of Amazon Web Services (AWS) to host our platform, ensuring reliable and secure operations with built-in redundancy and failover mechanisms.
MongoDB
Our platform utilizes MongoDB, a powerful and flexible NoSQL database solution, to store and manage our hierarchical ledger and transaction data, ensuring efficient data storage and retrieval.
React
Our custom-built frontend is developed using React, a highly efficient and modern JavaScript library for building user interfaces. React enables us to create intuitive and responsive interfaces for our banking platform.
GraphQL
At the core of our backend, we leverage GraphQL, a powerful query language for APIs, providing efficient data retrieval and manipulation capabilities. Our custom GraphQL API ensures seamless integration between our frontend and backend systems.
Security and Reliability: Our Top Priorities
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Redundancy and Failover
Our platform is designed with redundancy and failover mechanisms in mind, ensuring uninterrupted service and minimizing downtime. We employ multiple data centers and load-balancing techniques to maintain high availability and reliability.
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Continuous Monitoring and Updates
We continuously monitor our systems for potential vulnerabilities and apply security updates and patches in a timely manner. Our teams proactively address any emerging threats or issues to maintain the highest levels of security.
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Disaster Recovery and Business Continuity
Our comprehensive disaster recovery and business continuity plans ensure that your operations can withstand and recover from unexpected events or disruptions, minimizing the impact on your institution and customers.
Core: Elevating the Future of Banking
Seamless Integration
The core banking platform's open architecture and robust API capabilities enable seamless integration with a wide range of financial technologies, empowering financial institutions to enhance their digital offerings and stay ahead of the curve.
Innovative Banking Solutions
By leveraging the core banking platform, financial institutions can develop and launch innovative digital banking solutions, catering to the evolving needs of their customers and staying competitive in the rapidly changing financial landscape.
Future-Proof Scalability
The platform's scalable and modular design ensures that financial institutions can easily scale their operations, adapt to market changes, and future-proof their technology infrastructure, positioning them for long-term success.