Corezoid's applications

Corezoid’s applications

Corezoid, a US-based provider of a Platform-as-a-Service (PaaS) solution to banks, has announced that its product can now be delivered on the Amazon Web Services (AWS) cloud.

Corezoid’s offering is a process engine for banks to create a digital core. It “allows banks to rethink all of their operations as a set of states and processes, creating a discrete, real-time model of the business”, according to the vendor.

Corezoid’s flagship customer in Ukraine-based PrivatBank (the eighth largest bank in Eastern Europe), which is now also using the AWS cloud. PrivatBank has over 80,000 processes running on Corezoid’s platform.

It is also the basis of Western Union’s online money transfer service in Ukraine, recently launched in collaboration with PrivatBank.

Alexander Dubilet, CEO of PrivatBank, says that Corezoid has allowed the bank “to seriously change the management of the internal business processes”, enabling quick digitalisation and expansion.

“In only a few weeks – and sometimes in just a few days – we can now bring new services from concept to practical implementation at a truly remarkable pace for the banking industry,” he states.

Corezoid Process Engine

“Banks around the world are facing a huge problem: outdated, analogue, and poorly-managed IT systems. The degree of freedom that banks have in managing the non-digitalised aspects of their businesses is low,” Corezoid states.

Its platform “simplifies digitalisation by removing hardcoding as a necessity to creating banking services”, it explains.

Instead, it offers “a new approach to software engineering where APIs can be mixed and matched to assemble customised algorithmic solutions”.

This allows banks to be agile in creating new products and services, and to adapt more quickly to new business models.

“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,” says Alexander Vityaz, CEO of Corezoid. “But it’s a lot of unnecessary work. 99% of business operations in banks are the same standard. These operations need to be commoditised and moved to the cloud.”

Corezoid’s CEO strongly believes that it’ll be Visa and MasterCard – not tech start-ups – that truly disrupt banking. Click here to read his view.