The independent standard association BIAN has launched its Coreless Banking 3.0 initiative, in order to resolve the challenges banks face with interoperability. The Coreless Banking 3.0 was built upon BIAN’s second iteration of its coreless banking model, which was developed back in 2021.

The second iteration included canonical service designs, such as underlying data schema or semantic APIs. The concept gave banks and financial institutions the possibility to modularise, develop, and standardise new solutions and products in a faster and more secure manner. Coreless Banking 3.0 works with multiple partners and members, such as the TCS BaNCS, HSBC, IBM, Salesforce, Zafin, JPMorgan Chase & Co, as well as Sngular, and Envizion.

It was developed to place the client as an important feature of the bank’s operations by offering them the ability to obtain customer consent in order to retrieve their information and data that was held within another bank. In addition, the solution is also set to provide financial institutions and banks with a full view of a user’s financial position, as well as the services that it had elsewhere. This will allow them to give customers tailored tools in order to meet their needs, preferences, and demands.

The initiative was developed with several applications from multiple teams, aiming to deliver a more efficient and secure customer value by enabling banks to implement technology updates faster and cheaper. According to the press release , an overview and a demo of the new Coreless Banking platform will be shown at SIBOS on the 20th of September 2023, at BIAS’s Consortium Panel. BIAN’s strategy of development The wok (BIAN) represents an independent, not-for-profit association, which was created to promote a common architectural framework for banking interoperability issues and difficulties.

In June 2023, the institution announced its partnership with France-based SaaS banking platform Skaleet to offer clients a common framework through a coreless banking approach. Throughout this strategic deal, Skaleet was set to share its expertise in core banking with BIAN’s partners and collaborators in order to improve the procedure of developing common standards and modern technology. After joining BIAN, Skaleet was set to be enabled to ensure that its SaaS, cloud-based core banking platform met the needed requirements and standards of the network.

In addition, the company also facilitated the incorporation of the solution by financial institutions, with the aim set on designing a common, compatible, and secure framework of core banking, which was based on microservices technology with a coreless banking approach. At the end of 2022, the company offered a joint interview with IBM for The Paypers, in which it discusses the best practices for the process of digital transformation in banking. .