Core Banking Software

Core Banking Software

"Core Banking Software" is a troublesome term because every banking software vendor has its own definition!

Strategic Information Technology defines core banking software as the functionality required to run a bank or credit union. Period. SIT's Portfolio Plus core banking includes:

• Retail Banking (includes EFT, Chequing, Savings, teller functionality, etc.)
• Lines of Credit & Segregated Lines of Credit
• Loans
• Mortgages
• Web Banking
• Investments (Includes retirement plans)
• Clearing
• Term Deposits
• Accounting
• ... and more.

In addition, there are many third party interfaces that a core banking system must accommodate. These include:

• CANNEX
• ATM & ABM
• FundSERV
• Telpay
• Cheque Clearing
• Equifax
• TransUnion
• Point of Sale (POS)
• Loan Insurance

Core Banking Software: Look at the Vendor's Customers

When shopping for a core banking system, we advise you to look ahead five or more years to where you'd like to be (in terms of growth, lines of business, profit, etc.). Then ask yourself if the vendor you're talking to can help you get there. A great way to determine this is to look at the vendor's customer base. Are there any star performers?

If you'd like to find out more about our products please read our products page.

If you'd like to talk to someone at SIT about your banking or financial software needs, please refer to our contacts page for who to contact.