BankExchange
BankExchange is a financial software that allows banks and credit unions to easily switch between core banking platforms. It migrates accounts, transactions, customers, and other data between platforms with minimal downtime.
banking
finance
data-migration
BankExchange: Financial Core Banking Platform Migration
BankExchange facilitates seamless transitions for banks & credit unions, migrating key data with minimal disruption
What is BankExchange?
BankExchange is a financial technology software designed specifically for banks and credit unions looking to switch core banking platforms. As opposed to ripping out old systems, BankExchange allows financial institutions to migrate gradually through an automated transition process.
Here are some key features of BankExchange:
- Migrates all customer accounts, transactions, balances, and account history from the legacy system to the new core banking platform
- Minimizes downtime during transition, allowing the new and old systems to run in parallel temporarily
- Data mapping and validation checks ensure all data is ported accurately into the new system
- Built-in integrations with major core banking systems like FIS, Fiserv, Finastra, Temenos, and more
- Cloud-based platform requires no on-premise installation or hardware
- PCI DSS and GDPR compliant to meet security and privacy regulations
Overall, BankExchange smooths the often risky process of switching core banking systems, making it safer, faster, and more cost effective for financial institutions with up-to-date features and functionality.
BankExchange Features
Features
- Seamless migration of accounts, transactions, customers, and other data between core banking platforms
- Minimal downtime during platform switching
- Automated data mapping and conversion
- Customizable workflows and integration with existing systems
- Comprehensive reporting and audit trails
Pricing
- Subscription-Based
Pros
Reduces the complexity and risk of core banking platform migrations
Enables banks and credit unions to quickly adapt to changing market needs
Improves the customer experience by minimizing service disruptions
Provides a centralized platform for managing the entire migration process
Cons
Requires a significant upfront investment in implementation and integration
Ongoing maintenance and support costs may be high
Potential for data loss or integrity issues during the migration process
Official Links
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