Core banking technology innovator Corezoid announced that its platform-as-a-service process engine will be available via the Amazon Web Services (AWS) cloud. The technology improves bank operations by coordinating API data into processes and then organizing and locating these processes in a single cloud-based platform. Whether used as a new digital core or as a process layer above current systems, Corezoid enables banks to spend less time and money in development, and more time deploying ready-made mobile banking, e-commerce, compliance, and other solutions.
“There are around 30,000 banks and financial institutions in the world, and they’re all trying to create 30,000 different Internet banks, 30,000 mobile banking apps and so on,” Corezoid CEO Alexander Vityaz said. “But it’s a lot of unnecessary work. Ninety-nine percent of business operations in banks are the same standard. These operations need to be commoditized and moved to the cloud.”
Pictured: Corezoid CMO and cofounder Sergey Danilenko demonstrating the Corezoid process engine at FinovateSpring 2016 in San Jose.
Developed as a project from the R&D department at PrivatBank, Corezoid’s Process Engine enables companies to build business intelligence, communications, workflow management, and other apps in a matter of days with no hardcoding. The technology serves as a development platform, enabling banks to take advantage of the proliferation of banking and financial APIs without having to spend significant amounts of time and money finding or developing their own local technical talent. “Banks can stop acting as if they are IT companies,” Danilenko said from the Finovate stage this spring.
Founded in 2014 and headquartered in Redwood City, California, Corezoid demonstrated its process engine at FinovateSpring 2016. The company also participated in our developers conference, FinDEVr San Francisco 2015, with a presentation, “Build Your Company’s Digital Core with Corezoid.” Corezoid announced last month that its service would be available in both the U.S. and Western Europe. In February the company’s technology was deployed by Western Union to launch its new online money transfer service in Ukraine.