The coreless banking system company, XYB, has made public its intentions to assist banks in updating their core infrastructure.

In order to assist financial services organizations in meeting the increasing demands for core banking modernization projects, XYB and IBM banking systems are collaborating to deliver technology and consulting skills.

In collaboration with IBM Consulting, XYB offers a modular core banking system on IBM Cloud for Financial Services, a sector-specific platform created to expedite digital transformations for financial institutions while prioritizing security.

The cloud-independent core banking platform of XYB is composed of independently deployable components and is componentized. With this design, banks should be able to provide new products or modernize their current ones with the least amount of risk and expense.

IBM Cloud for Financial Services addresses resilience, performance, and safety for financial institutions with the goal of assisting in the reduction of risk across the supply chain. It is intended to support clients in fulfilling their regulatory compliance responsibilities as well. The XYB platform is load-tested to surpass peak volumes that tier 1 banks with millions of clients and transactions encounter by utilizing the resilience of IBM Cloud for Financial Services.

The main banking platform of XYB is made to mimic a bank's current IT infrastructure and to come online and offline in the event of a system outage, hence saving clients' ongoing service.

The CEO of XYB, Derek Joyce, expressed excitement about the partnership, saying that it will allow them to collaborate with IBM, a powerful worldwide innovator, to create solutions that satisfy banks' demands while concentrating on developing their online presence to stay in front of the competition. They may assist financial organizations in enhancing their system capabilities and operational robustness by using their core banking system on IBM Cloud for Financial Services. Their objective is to spur innovation and establish new benchmarks for the financial services sector.

Businesses in the financial services, healthcare, telecommunications, government, and other regulated sectors may prioritize security, resilience, performance, and regulatory compliance while managing mission-critical workloads using IBM's enterprise cloud platform.