Solarisbank migrates its entire customer base to new in-house core banking system

Thursday 17 June 2021 08:08 CET | News

Solarisbank, a European Banking-as-a-Service platform, has successfully migrated its entire customer base from an externally sourced core banking solution to its own core banking system.

The migration was carried out gradually in 2021 and was completed between 12-13 June 2021 without any banking downtime for its business partners. Solarisbank has a full banking license and enables any business to offer their own financial services compliantly.

Solarisbank offers an API-based infrastructure and a self-explanatory API-documentation. By developing its own modular core banking system, the platform has optimised its infrastructure to meet the specific requirements of a Banking-as-a-Service platform. It can perform core processes such as account openings and SEPA credit transfers.

Moreover, by removing the dependency on a third-party provider, Solarisbank can automate formerly manual processes connected to the ledger in the areas of operations and customer support.

For the migration of its existing partners, Solarisbank decided against a big-bang migration and in favour of an iterative approach. In the first phase, all new end customer onboardings for a given partner were switched to the new system. In the second phase, the existing customer accounts were migrated over.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Solarisbank, SEPA, banking licence, API, digital banking
Categories: Banking & Fintech
Countries: Germany
This article is part of category

Banking & Fintech