Is your core banking solution flexible enough? Does it provide unlimited opportunities to make modifications, extend functionality or enable additional integrations?
Flexibility is at the core of the software architecture. If you deploy a rigid structure, it will be hard to adjust the environment and usability without making structural changes. Flexibility is likewise an important enable for evolution and growth. Upgrading or customizing the system should be simple without any deployment risks.
To evaluate how flexible your Core banking software is and which changes you may need to integrate in the future, consider 4 main parameters/measurements.
1. Transition from small business to big – support for your growth
How easily can you adjust your solution from supporting a small business to supporting a big business? You can start with simple or low-cost software functionality and then transit to another, more advanced. It is of great importance that software supports your business growth.
One of the good examples of how your software can support your business growth is the architecture that enables transition from one software model to other. With EpaySuite SaaS software model, you can start your business fast with basic functionality and minimum investments at a first stage and then you can transit to the Software license, which will be developed according to your requirements and open for future changes.
2. Extending functionality
You can start with basic software functionality. And later, this solution can be transformed to bring your company to the next level. Your solution provider must provide flexibility to easily add additional modules, payment methods or change software to meet new regulatory requirements. It is all about the solution’s modular architecture and a variety of ready-to-use payment features and integrations.
3. Minor adjustments and customisations
The high degree of flexibility and scalability means that the solution can be customized and adjusted to individual needs in the future. What if you need to make some minor changes – for example, changing some processes or a document workflow? Is it easy to deploy and manage? Do these modifications require a lot of time and extensive knowledge in programming? Your software provider shouldn’t limit you in making minor changes. Think of the business intelligence that is built in your solution’s software and flexibility to make changes easily.
One of the most innovative features of EpaySuite Core banking is a Business Process Workflow feature. Using this feature, you can customize your business processes quickly and easily. For example, you can build and configure new scenarios, change the sequence of steps in your business process or even develop your own custom flow.
Also, it is easy to change fields for a mobile application – make changes in the admin cabinet and they will be integrated right after you save your edits. Your customers do not need to refresh the mobile app to fetch for new changes.
4. Additional integrations with new partners, payment service providers, etc
EpaySuite offers built-in integrations with different partners as well as unlimited possibilities to connect new partners via our API. In order to support customer business, we able to make additional integrations on demand - to connect you to new features or partners, which are not listed in available integrations. In other words, the flexible infrastructure enables our clients to make integrations with new banks, forex companies or other partners without any hassle.
If you are planning to become a licensed Emoney Institution and you need a reliable infrastructure to enable opening current accounts to your customers and providing payments, contact us to watch a demo. Learn more about our Core Banking solution EpaySuite here.
