A core banking provider is the system provider behind the development of CORE (Centralized Online Real-time Environment) systems that allow banks to create a network of customized products to meet their customer’s needs. The term “core banking” refers to the network of banking functions that are provided for customers by both legacy and digital banks across multiple different platforms.
A real-life scenario for a core banking provider would be creating an API or software platform that local banks such as credit unions can use as an end-to-end system for financial transactions. This can then be integrated directly with other online facing sites or brands, to create an entire digital ecosystem for customers of the business.