The rapid development of the IT sector has led to positive changes in modern technologies in all areas of business, especially financial services and online banking. One such major change was the emergence of the neobank. Neobank is a bank that operates exclusively on the Internet without any traditional physical banking branches. This made it easier for the client to access the bank and allow them to work remotely with their finances anywhere in the world. The appearance of neobank also contributed to the formation of experienced development companies that made it possible for other companies to acquire banking core software and open banks without independently investing in the development of banking software code and without spending money and time on development. It is not necessary to spend time, money, or recruit a relevant stack to create the source code of the online banking system. When you take the opportunity to purchase basic banking software, you not only get the product, but also learn how it works. This opens up more opportunities for product flexibility as you get the ability to change the code to suit your business needs and integrate third party solutions, KYC tools. This opportunity keeps you ahead of the competition.
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What is a banking solution’s source code?
Just to be on the same page, let’s look into what banking software is for the fintech niche. Banking source code is the core of the system from which you can create any online banking products, such as neobank, e-wallet, digital retail bank, currency exchange. These systems help to avoid paperwork, get huge customer coverage in more than one country without opening physical bank branches. It gives you the ability to avoid problems related with the cash money such as change money, encashment, counterfeiting. Most companies provide a product on a subscription basis, which limits your growth opportunities. The most suitable option would be a one-time purchase of the banking software code, since when you purchase the entire product, you get full control over the product and can change the functionality and expand your capabilities as you need. But when the base source code is provided to you, your programmers or our specialists can enter the software to reprogram it by changing, adding or removing any function, and then you compile and use the version you need.
SDK.finance develops the source code for neobanks
Find out more about our banking software solution.Learn more
When is it worth buying software source code?
After we figured out what banking core code is, we should find the most opportune moment to buy software source code. As a rule, the most suitable option for a purchase is if you have a new developing company with a relevant stack that plans to have the time-to-market step as efficiently as possible. Online banking system source code software will also be useful for those companies that want to completely change their system, but do not want to spend money on retraining their coders and want to get a system without a lot of errors. Even if a system without this source code used to be ideal for your requirements, we are sure that your needs will change sooner or later, and with the source code, you can respond as quickly as you need. For a better understanding, it is worth noting that fintech source code is suitable for medium-sized companies with established IT staff who want to save their own time to accelerate development in this area.
How does it work?
When you understand what are the right moments to buy and whether your company fits the requirements it’s worth talking about how it works. Banking core software works as a multicomponent system consisting of:
- Core banking (conducts transactions and operations);
- Open API (automates business processes, controls the status of accounts, documents, client management system, contains information on clients);
- Reporting engine DWH (responsible for the safety of the necessary data and provides faster access to data);
- 3rd party providers (give the ability to add additional modules and functions);
- Transaction Viewer Database (protects all transaction information from third-party access);
- Operational Database (completely protects all information about clients);
- LoadBalancer (connected to stabilize the system load).
SDK.finance provides an opportunity to see all the benefits of neobank.
Open source software on premise. Build your neobank on a reliable coreFind out more
Business advantages of open source banking software
To understand why an online banking system source code is needed at all, it is necessary to consider the benefits for business. The most important advantage is that you have more efficient time to market. You don’t waste time developing banking core software, you save money on development, so you can use this time and money to get to the market faster. While your competitors are developing online banking system source code software, you are already making a profit and attracting more clients.It takes a huge amount of time and money to develop banking source code. So, a ready-to-go on-premise software may be a solid solution that solves all the issues for your growing business:
- No vendor lock-in. We provide you with the source code of the platform, along with all the freedom to update, upgrade, and innovate—on your terms and at your own pace.
- More features. The ability to create user groups and give them the rights of administrators, editors of certain sections, set limits on the withdrawal of currencies, change the commission percentage. Simple and understandable graphs with real-time analytics, and receiving commissions dashboard. Convenient CRM system for faster KYC.
- Saving money. Such investments are the most profitable. You do not need to hire a large number of programmers to create an online banking system source code. You can economize financial resources on fixing errors in the system, as it is created by specialists who have worked with it many times and are confident in it. You conserve finance to further improve the system and introduce new features. You get more efficient time to market, so you get profit immediately, and not after several years.
- Stability. Since professional programmers who have many years of experience in this field work on the banking core software, your system works without errors, your transactions and operations go through without any failures. You get a more stable system and you do not need to deal with unnecessary bug fixes.
- Safety. The core banking engine has a Transaction Viewer Database (MongoDB) which fully protects all types of transactions from third-party access and an Operational Database which fully protects all customer information.The transactions that go through software are encrypted and fully secure.
- Freedom. You get the opportunity to customize this system for your specific tasks. In addition to the main modules, you can also connect 3rd party solutions. The system is completely in your hands, coders can change it as needed.
- Feedback. We will help you select the necessary configurations in accordance with your requirements in order to make your business more unique – product type, feature set, components, how much support is needed, etc., so that you can get started in the shortest possible time.
High performance transaction core. Banking software source code offers you a durable mechanism without any failures, able to conduct an increasing volume of transactions and various operations without any failures.
Read this article to get information about top neobanks.
The source code of the online banking system allows you to save not only time but also money
Summing up, we can say that buying an online banking system source code is right for you if you want to save money and time, if you want to get an easier start to your project, if you want to completely change your banking system and not start all over again. We try to make your work easier and are set up only for long-term cooperation. Therefore, we try to reduce your programming costs as efficiently as possible and simplify your work with the source code in order to obtain a quality product in the final result.
Core banking software for your bank
Build the most effective and agile banking ecosystem with our neobank engine.More details
Why choose SDK.finance banking software source code solution?
Why should you choose us over other companies? At the moment, there are many companies from which you can purchase core banking software and each of them has a completely different experience in this area. To understand why you should choose our product, we will provide you with a list of the main features that make us the best in this field:
- We always know how to help you and our consultants are ready to help you at any moment.
- SDK.finance provides training in the form of documentation, live online, webinars, in person, and videos.
- 15+ years of experience in FinTech. We are completely confident in what we do. Our experience will help to realize any of your ideas.
- Due to our fintech source code, you will always be ahead of your competitors. We save you over 1 year on software development with ready-made software solutions with source code. Develop your product with the most efficient speed
- SDK.finance works with these users and organization types: Mid Size Business, Enterprise, Nonprofit, and Government.
Banking software source code makes it easier to open your own neobank or another banking system. You don’t have to build your system from scratch and spend time and money fixing further bugs. You get a system made by professionals. You don’t need to be limited to customers in your own country. You get access to clients all over the world. You get a flexible product that can be changed to fit any of your business needs.