Crucial Features and Requirements for Core Banking Software’s Back-Office Capabilities

The Core Banking system is the backbone of financial operations, powering routine banking and e-wallet transactions, managing client accounts, and upholding accurate financial accounting. This article offers a thorough analysis of every module in Advapay’s Core Banking platform, emphasizing the functional features that are especially designed to support the main operations of e-wallets, digital banks, and payment institutions.

Advapay’s back-office solution, Macrobank, is distinguished by a wide range of features that are painstakingly crafted to satisfy complex regulatory, commercial, and client requirements. These capabilities are designed to maximize operational effectiveness, reduce expenses, and provide an unmatched customer experience in addition to guaranteeing adherence to regulatory standards.

Important Requirements for the Core Banking System’s Back Office

Ensuring Regulatory Compliance

Handling the complexities of regulations is a never-ending task in the fast-paced world of digital banking and payment organizations. This is where the flexible architecture of the Core Banking system steps up to the plate, ensuring adherence to local financial regulator laws as well as European rules like the PSD2 directive and Open Banking. This includes the smooth submission of required reports to regulatory bodies, guaranteeing a strong and legal operational structure.

Streamlining Procedures with Automation

By automating critical procedures, the Core Banking system is made to improve customer service, increase productivity, and maximize operational performance. This includes establishing varied customer groups and putting policies in place that control payments, anti-money laundering (AML), and other customer-related procedures. Because of the system’s adaptable automation features, companies can customize procedures to meet their own operating requirements.

Promoting a Customer-Centric Approach

It is imperative in the banking and fintech industries to provide top priority to providing outstanding customer experiences. These experiences are largely shaped by the flexibility and possibilities of the Core Banking system. The technology guarantees a customer-centric approach that efficiently tackles their specific financial difficulties, whether it is through the automation of payments or the shortening of onboarding procedures. This reinforces a smooth and good contact with the institution.

Back-Office Expertise: Revealing the Entire Range of Core Banking System Functionalities

Discover the nuances of the many features of our Core Banking system solution, where every module is painstakingly designed to support the core functions of online banks, e-wallets, and payment companies.

Current Accounts & IBANs:

Create current accounts automatically and produce a variety of IBANs, whether they are multicurrency, single-currency, or groups of currencies. It is flexible for customers to apply in more than 30 currencies for business or individual accounts. The module uses configurable rules and full or partial automation to ensure operational flexibility.

Financial Accounting & General Ledger:

Comply with International Financial Reporting Standards (IFRS) by maintaining multi-currency, real-time accounting. This module gives organizations access to a General Ledger and a customisable Chart of Accounts, enabling them to plan strategically for the long term and comply with regulations with comprehensive reporting.

Processing of Payments and Transfers:

Easily start a variety of domestic, foreign, or internal payments and transfers. The module offers a variety of payment methods by integrating with sites for currency exchange and correspondent accounts. Automated commission and tariff settings improve the effectiveness of payment procedures.

Currencies and Rates:

By integrating with liquidity providers and using APIs, you can provide automated currency conversion. This module gives businesses the freedom to select their preferred foreign exchange providers and sets rates and charges according to several criteria.

Workflows manager:

Simplify customer applications, profile development, access granting, and document management. This will help with client onboarding and maintenance. With customisable onboarding workflows, this module offers support for both individual and business profiles, guaranteeing a user-friendly experience.

AML/KYC:

Permit transaction screening, AML/KYC document checks, and remote identity verification. The module has configurable transaction filters and restrictions and enables both manual and automated verification through connections with KYC/AML providers.

Tariffs and Charges:

Create various tariff classifications and impose particular charges according to variables like payment methods, nations, and clientele. The module supports many payment methods and provides infinite possibilities for percentage, set amount, or a combination of both fee creation methods.

To sum up, in the world of digital banks, e-wallets, and payment institutions, the Back-Office Core Banking system is the cornerstone of extensive and effective financial operations. It provides automatic current account establishment, strong financial accounting, smooth payments processing, and fast client onboarding, among other essential aspects of modern banking, through its many modules and features. In addition to ensuring compliance, the system’s devotion to regulatory requirements and modular flexibility enables customized solutions that are in line with the particular requirements of enterprises. AML/KYC integration strengthens security further, and the dynamic tariff and fee module accommodates a variety of business models. The Back-Office Core Banking system, a centralized hub for handling accounts, transactions, and client contacts, shows itself to be a potent instrument with scalability, automation, and a strong basis for the changing financial services industry.