News Topic: Core conversions

The regional bank is switching VirtualBank, a digital-only unit added through a recent merger, to a core system that relies on Finxact software and Amazon Web Services. The move epitomizes the industry's cautious approach to cloud-based technology. ... Read full article

The North Carolina bank deployed Finxact's new technology, which runs on Amazon Web Services, to make Paycheck Protection Program loans and will use it next to offer business savings accounts and CDs. ... Read full article

Many community banks, like Peoples Community in Wisconsin, say they proceeded despite the technological challenges presented by social distancing because the crisis has exposed the shortcomings of their digital systems. ... Read full article

Switching core banking systems has long been done face to face, but the coronavirus has driven the process into the digital arena. The change could be permanent. ... Read full article

FirstBank, the initial customer of the startup Finxact, sought a modern core system that jibes with fast payments and other new technologies. ... Read full article

Newcomers Nymbus, Neocova, Finxact and Technisys and older competitors like Temenos, Infosys and Oracle are winning over community and regional banks by offering what some bankers describe as more flexible technology at fairer prices. ... Read full article

The bank was burned by a core replacement project that failed in 2011. This time, it's using its PurePoint unit as a test lab and co-developing the software. ... Read full article

The State Bank Group and The Provident Bank are backing Neocova, which focuses on community banks. ... Read full article

Readers react to Regions Financial's plan to replace it core deposit system, a House bill meant to curb jobs moved overseas, a resurgence of consumer complaints against the credit bureaus and more. ... Read full article

Rakefet Russak-Aminoach, who will leave the company at the end of the month, has raised net profit and lowered costs by revamping its technology and culture. ... Read full article

The company says the upgrade will support future digital investments. It also said Tuesday that third-quarter profits climbed 8% but reported a sharp increase in criticized business loans. ... Read full article

The core-banking provider Temenos, based in Geneva, was drawn to Kony's strong U.S. presence, its software for banks and a special app it owns. ... Read full article

Alexander Lopatine, who founded Nymbus and has joined Mbanq, says alternative providers are gaining the confidence of more banks. However, questions remain about their staying power in the fight with traditional vendors. ... Read full article

Jeremy Balkin, head of innovation at HSBC Bank USA, shares how the bank is investing in retail innovation, including a $350 million core system. ... Read full article

The London firm lags the three largest U.S. vendors but bets its new open banking platform can win it more business. ... Read full article

Give Lindsay Lawrence a big job to do and she just might find a way to make it even bigger. ... Read full article

Alternative providers like courting new banks. De novos like the modern features many alternative providers offer upfront. ... Read full article

The 2020 budget would add the Consumer Financial Protection Bureau and FSOC to congressional appropriations, charge lenders for FHA upgrades and require universities to have skin in the game on student loans. ... Read full article