Core Banking Software

Celent digital services

The core banking platform is the primary system of record for the accounts of a bank and is arguably the most important technology component of a bank. The CBS is responsible for tracking the current balance of each customer account and ensuring that transactions like deposits, payments, transfers, and interest are applied to the account on a daily basis.

CELENT CAN HELP YOU FIND AND EVALUATE CORE BANKING SYSTEMS VENDORS

The core banking platform is the primary system of record for the accounts of a bank and is arguably the most important technology component of a bank. The CBS is responsible for tracking the current balance of each customer account and ensuring that transactions like deposits, payments, transfers, and interest are applied to the account on a daily basis.

The Core Banking System has 4 main components:

Customer Information File

  • Holds customer legal address and other information
  • Tracks accounts held by a single customer
  • Handles household (related accounts) data
  • Provides basic customer profitability data

Deposits

  • Post deposits and withdrawals
  • Calculate and record interest
  • Manage and accrue fees
  • Output account data (statement preparation)
  • Handle stop payments/holds
  • Impose overdraft limits

Loans

  • Post advances and payments
  • Manage interest rates
  • Calculate and accrue interest and payment due
  • Track late payments
  • Handle pay-offs and escrow

General Ledger

  • Maintain bank's chart of accounts
  • Maintain bank's fixed assets and payables
  • Generates financial reports

Celent Digital Services is a web-based vendor research platform, transforming vendor sourcing and due diligence. Our unique, collaborative approach to vendor research, where vendors respond centrally to surveys and share this information on a multi-lateral basis, creates a hub of vendor due diligence data supporting the most comprehensive vendor research facility available to the financial community. Celent Digital Services provides real-time research with data updated at the point of use, greater accuracy and depth of information, improved usability with tools to analyse the data and because its online, easier access anytime of the day. Our multi-lateral approach to data sharing means it’s more efficient for vendors and financial institutions to request and share vendor due diligence and evaluation information.