Openbank in core banking system selection

Openbank in core banking system selection

EXCLUSIVE: Openbank, a digital bank in Spain (and part of Santander), is believed to be in the concluding stages of its core banking system selection.

As reported by Banking Technology earlier this year, Openbank has undergone an enterprise-wide overhaul, including products and services, branding, corporate culture and technology (you can read all about it here).

All front-end operations were moved onto a public cloud. There is a full API layer – so the bank is ready for the upcoming PSD2 and other regulations. At the back-end, the legacy core banking system was “sliced” to move out as much functionality as possible and the bank went to market to find a replacement.

Banking Technology understands Openbank considered a broad range of solutions, including Santander’s existing suppliers such as Finastra (formerly Misys) and Temenos, as well as market newcomers such as Thought Machine. The final has come down to two, it is understood: Infosys with Finacle and Temenos with T24.

Infosys is new to Santander, while Temenos is already supplying its T24 core banking system across a number of the group’s locations, including in Switzerland, Mexico and the Bahamas, to Banking Technology‘s knowledge.

Also, last year Temenos landed a deal to implement T24 at Santander’s private banking subsidiary in the UK, Cater Allen Private Bank, although the progress of this venture is unclear.

Openbank declined to comment.