Core Banking Solutions for Midsize and Large Banks: A North American Perspective

by Bart Narter, November 25, 2009
Vendor Reviews
North America

Abstract

Core banking is the central processing unit of a bank. Banks, with the help of software vendors, have found the opportunity to leverage internet technology to handle transactions.

Most of the paper-based transactions of yesteryear have been replaced by digital alternatives. Automation has brought a mantra of efficiency and increased productivity. Core banking systems run 24/7 to support banking operations and transactions using internet banking, ATM, phone and debit cards. In the new report, Core Banking Solutions for Midsize and Large Banks: A North American Perspective, Celent compares the range of solutions available to midsize and large banks in North America. Celent has created a map of core banking vendors catering to midsize and large banks in North America. Celent then ranks these vendors on its ABCD analysis.


"Banks are looking for modern, complete core banking solutions with functionalities that cover most of their needs under a single suite," says Rajesh M R, Celent analyst and coauthor of the report. "With increasing regulatory changes and the need for a common banking platform, banks prefer to look at technology providers as partners, rather than vendors."

"American vendors are now experiencing increased competitive pressure from global vendors," adds Bart Narter, Senior Vice President of Celent's Banking Group and co-author of the report. "Quite a few of these systems are batch / memo post systems, which are not very supportive of the 7x 24 world of retail banking today."

This report is the second in a series on core banking. Subsequent reports will include: Core Banking Solutions for Small Banks: A Global Perspective, Core Banking Solutions for Midsize Banks: A Global Perspective and Core Banking Solutions for Large Banks: A Global Perspective.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

3

ABCD Analysis

6

Vendors

12

 

FIS HORIZON

12

 

Fiserv’s Premier

16

 

Fiserv’s Signature (US)

20

 

Harland Financial Solutions’ PhoenixEFE

24

 

JHA Silverlake

28

 

Open Solutions TCBS

31

 

Metavante IBS

35

Summary

39

Leveraging Celent’s Expertise

40

 

Support for Financial Institutions

40

 

Support for Vendors

40

Related Celent Research

41

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