Open Banking Solutions (OBS) empowers financial institutions to transcend the limitations of rigid legacy systems through adaptable, month-to-month agreements and scalable technology. Offering effortless integration, advanced digital tools, and a cost-effective framework, it provides a future-proof solution engineered for your institution's growth.

In an era where agility is key to success, outdated legacy systems continue to pose a challenge for many financial institutions. These old platforms, often a mix of decades-old technology, lack the flexibility and financial efficiency required in today’s competitive landscape.

This is where Open Banking Solutions (OBS) steps in—enabling banks and credit unions to liberate themselves from the constraints of outdated technology with cloud-native tools designed for seamless evolution alongside their operations.

Central to OBS’s offerings is CloudCore™, a next-generation, cloud-based core banking platform. It delivers a comprehensive suite of modular services—encompassing deposits and lending to digital banking and business intelligence—allowing financial institutions to manage operations securely without the burden of maintaining aging infrastructure. By leveraging Oracle Apex for cloud hosting and integration, CloudCore™ ensures superior performance, robust security, and enhanced reliability while lowering operational expenditures.

OBS is not only distinguished by its technology but also by its core philosophy: technology should empower, not constrain. It offers flexible month-to-month contracts with no penalties or hidden fees, reflecting a deep understanding of modern institutions' needs. This commercial flexibility allows organizations to adopt OBS solutions at their own pace, scaling or adapting as their strategies evolve.

This customer-focused approach mirrors the increasing demand for legacy system retirement—a trend highlighted in industry discussions surrounding core system modernization. Institutions are realizing that clinging to obsolete technology is not merely inefficient; it’s unsustainable. OBS assists institutions in strategically retiring legacy platforms, guiding them through a seamless and manageable transition with minimal disruption.

The scale of this challenge is striking. A 2024 survey by Nasdaq and Value Exchange revealed that 78% of Financial Market Infrastructure (FMI) investment budgets are dominated by maintaining and upgrading legacy technology platforms. Approximately one-third of the firms surveyed operate with legacy platforms that are more than ten years old, with 37% planning a major system overhaul in the next five years. Additionally, 42% of financial institutions reported that outdated technology is their biggest barrier to innovation, and 65% mentioned that replacing these legacy systems is a top priority. This underscores the critical need for modernization in the U.S. financial sector.

Modern Infrastructure, Effortless Integration

The CloudCore™ API Gateway significantly streamlines integration processes, empowering financial institutions to achieve rapid deployment and iterative development. This robust ecosystem facilitates seamless adaptation to evolving regulatory requirements and changing customer demands, all without necessitating a complete architectural redesign.

Complementing the API Gateway is a suite of powerful tools designed to modernize various aspects of financial operations:

• Originate: Enables efficient and seamless account onboarding.

• Collector: An AI-powered collections system designed to optimize recovery processes.

• Customer Financial Gateway (CFG): OBS's comprehensive Digital and Mobile Banking platform. CFG allows banks and credit unions to deliver contemporary digital experiences across desktop and mobile channels. Key features include bill payment, remote deposit capture (RDC), and real-time account access, all within a customizable user experience and a secure cloud delivery model.

Furthermore, integrating these solutions with SmartBI, a sophisticated business intelligence layer, transforms raw data into actionable insights. This integration underscores the true value proposition of OBS: it transcends the role of a mere vendor, positioning itself as a strategic partner for growth.

OBS's impact extends beyond simply helping institutions keep pace with technological advancements. By replacing outdated systems with adaptable, secure, and scalable cloud technology, OBS actively propels community banks, credit unions, and Fintechs toward realizing their full potential.

In today's rapidly evolving technological landscape and amidst ever-shifting customer expectations, Open Banking Solutions ensures your institution remains at the cutting edge. This is about more than just modernizing banking infrastructure—it's about providing you with the agility and freedom to expand and innovate on your own terms.

Ready to reshape your institution’s digital future? Discover how Open Banking Solutions can be your catalyst. Request your personalized demo today at Get a Demo.

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