The FinTech sector is undergoing significant changes, all because of the introduction of innovations to the finance industry. Its ultimate goal is to enhance the efficiency and accessibility of banking systems.
As a result of this, the core banking sector now prioritizes meeting customer demands by leveraging various technologies and government commitments. These efforts are expected to promote financial inclusivity, especially in places where it is not accessible.
Velmie stands out as a major player in this transformative movement. The company offers solutions that aim to enhance business flexibility and effectiveness. Their mission is to simplify life for everyone, beginning with the ability to make transactions anytime, anywhere. So, let’s look at what Velmie is and how it works.
What is Velmie?
Velmie is a seasoned banking software company with over a decade of experience, and it expanded its services in 2019 by developing a customizable solution for banks and fintech firms. Their product lineup includes an online banking system featuring a web-based management interface, user-friendly web and mobile apps, a cryptocurrency exchange solution, and a global remittance platform.
Its new modern digital banking platform offers financial institutions opportunities for growth and innovation, enabling efficiency, digitalization, and robust security. Velmie has positioned itself as a strategic technology partner, helping firms leverage the potential unleashed by the disruption of open banking in the EU. The company identified a significant market in a region where a lot of people lack access to affordable and secure payment systems, making it a top priority to address this issue.
Through Velmie’s services, customers can conduct secure, efficient, and direct transactions. Various corporate brands can utilize this new system to create a financial ecosystem, build trust, and establish vital connections with consumers.
What Are Core Banking Solutions (CBS)?
The banking options that are available today are all a result of Core Banking Solutions. CBS has been the biggest reason for the appearance of mobile wallets and faster banking options. Everything that used to be done by a human is now done a lot quicker by a computer.
CBS has helped people get better access to a bank’s services, allowing them to make simple transactions in an instant. With the help of core banking solutions, people have the ability to make use of any bank’s services no matter where they are.
CBS systems work the same way banks do. They can handle several banking services like accounts, payments, loans, and even payments. What’s better is that these systems can carry real-time information, allowing you to go through your data whenever you want. This helps ensure that all bank data, like balance, is available whenever needed.
What Makes Up the Core Banking System?
The Core Banking System is a type of extensive banking solution that enables banks to provide unified banking services via multiple elements. When we talk about what makes up this system, we’re talking about the importance it has in today’s world and why it was needed by small banks. So, let’s break down the Core Banking System:
Managing Customer Relations
Customers fall at the center of every business, and that hasn’t changed in the Core Banking System. One of the main aspects of this system is making sure firms provide excellent customer service while looking out for new consumers and partners.
CBS can’t replace banks unless they start working like banks. And the first step to that is making sure there’s a proper way to make payments. Payment processing is the most basic component behind the CBS. This ensures that all monetary transactions like bill payments, deposits, and withdrawals are done quickly and directly.
CBS deals with all our financial information and monetary transactions, so security plays a very important role. The system would never work if it didn’t come with its own security systems. These systems include data encryption, authentication as well and control access to ensure that our data doesn’t end up in the wrong hands.
A big part of working with banks is hearing their advice. Banks provide all kinds of information about market or credit risks, and it’s imperative to know all about them before making any major financial decisions. CBS’ risk management focuses on identifying these risks and coming up with a contingency plan to help its customers.
How Velmie Provides Core Banking Solutions for Small Banks
Velmie has been making great strides in the financial sector as its services have been used to introduce several modern innovations in smaller banks. Follow on as we talk about the advantages of partnering with a company like Velmie:
Velmie has introduced several security features that focus on user authentication. This ensures that financial data is handled by the customer and the customer alone. By partnering with Velmie, small banks have gained access to ISO 27001 and PCI-DSS-compliant software solutions that come with their own extra set of privacy features.
A key aspect of retaining customers and boosting brand loyalty is ensuring that services are as personalized as they can be. Velmie’s end-to-end services are customized from one consumer to another, making sure that the advice and solutions that are provided are unique.
Core Banking Solutions depend on service centralization. This refers to all of Velmie’s services being handled on a central server. This allows for real-time updates, which allows businesses to keep track of all their finances and detect early signs of fraud. Moreover, this gives customers access to a wide variety of transaction partners from all around the world.
Technology is rapidly making its way into every industry, and Core Banking Solutions is proving that. CBS is the process of modernizing banking systems and transactions. This makes all banking services a lot more efficient and accessible by transporting financial data online. In this regard, Velmie is a software company that is revolutionizing small banks by providing CBS and bringing modern innovation. With their help, customers can experience safer and simpler banking tools.