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Fintech - What actually fuels the banks? - Core banking Solutions

Among the top players in Fin Tech, T24, swizz core banking solution developed by Temenos is at the list of top 10. T24 is a customer centric application model which is designed in a most modular way and is capable of running in a scalable architecture. T24 has more than 50+ core banking modules that leverages the banks and turns the financial institutions into a digital market place. T24 powers more than 2000+ banks across 150 countries. T24 is adopted by about 50 top banks worldwide. Through the continuous development and continuous innovation, Temenos has developed a most sophisticated core banking platform.

A bit technically expressed!

The core banking platform is written on Info Basic language. Wondering, how 20 years old programming language made Temenos, a leading Fin Tech player in the market? Though the core banking solutions are written on Basic, it is converted to C and Java and the respective object files and byte codes are obtained from the most intelligent native application frameworks developed by Temenos. T24 runs on TAFC and TAFJ i.e. Temenos Application Framework C and Java. TAFj platform is introduced in 2010 with the limited set of functionalities, whereas TAFc is the traditional framework used by Temenos for last 1.5 decades and it is described often as the most sophisticated platform. Even though this is used for last 20 years, TAFc might be deprecated in future. TAFJ framework has now the capacity to do a lot more than TAFc. Continuous efforts and developments are being carried out on TAFj. TAFj is improved tremendously in each release.

T24 has 6 frameworks which allows the core banking solution to deliver a rich experience to the users. Interaction frameworks handles the connection between T24 and external world. It helps in delivering the mobile banking and Internet banking solutions to customers. Integration framework, handles all the events and it sends and accepts the response to from T24. Platform framework, which is TAFc and TAFj delivers the smooth banking solutions. Component framework, provides encapsulation, adds a layer of security to the code. Data framework helps in managing the data of banks. Since there are trillions of transactions every day, system should be optimized regularly to deliver first class performance. It has the capability to reduce the production database size by 50%. Design framework, separates the design time and run time. It helps in designing own customised version of applications. Allows users to create enquires and composite screens to meet the requirement.

One Software One Implementation

T24 serves for about 500 million customers. One software is capable of running in different geographical areas at different time zones. Banks can implement a server in Antarctica and can operate in all the six other continents. The most versatile and robust software that makes the most profitable banks around the globe.

How does the future look like?

The product is continuously evolving. A drastic code change is made to provide restricted access to the software components by the external system. This makes this software the most secure core bank solution from the ground. Component framework encapsulates the code and prevents the data leak, allowing secure one-way access. The product is continuously analysed by the team of experts for various business conditions, and numerous bug bashes happen every day.

Soon, T24 will be powered with a new browser interface capable of integrating third party apps seamlessly with the real time updates. Even tweets can be integrated in to T24. The live reports will be displayed at the home page and a search bar with extra ordinary functionalities will be made available. Just by typing free text in the search bar, will extract all the relevant data available from the database.

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