Corezoid, a process engine for creating a new banking digital core, today announced that it will deliver its recently-launched platform-as-a-service on the Amazon Web Services (AWS) Cloud.
Banks around the world are facing a huge problem: outdated, analogue, and poorly-managed IT systems. The degree of freedom that banks have in managing the non-digitalized aspects of their businesses is low. Corezoid’s platform simplifies digitalization by removing hardcoding as a necessity to creating banking services, and instead introduces a new approach to software engineering where APIs can be mixed and matched to assemble customized algorithmic solutions. This allows banks to be agile in creating new products and services, and to adapt more quickly to new business models.
“There are around 30,000 banks and financial institutions in the world, and they're all trying to create 30,000 different internet banks, 30,000 mobile banking apps, and so on,” said Alexander Vityaz, CEO, Corezoid. “But it’s a lot of unnecessary work. Ninety-nine percent of business operations in banks are the same standard. These operations need to be commoditized and moved to the cloud.”
The cloud-based Corezoid Process Engine allows banks to rethink all of their business operations as a set of states and processes, creating a digital core that offers a discrete, real-time model of the business. This new core digitizes previously-analogue banking operations and empowers banks with much faster processing, as well with as real-time management and superior insights for forecasting future scenarios and guiding business development.
The Corezoid Process Engine, as powered by the AWS cloud, has been a capable success for PrivatBank, the 8th largest bank in Eastern Europe. PrivatBank has over 80,000 processes running in Corezoid cloud. Corezoid's platform is also the basis of Western Union's recently launched online money transfer service in Ukraine, implemented in collaboration with PrivatBank.
“Ukraine is an important market for Western Union and we are pleased to announce the launch of new digital services in cooperation with Public Joint Stock Company Commercial Bank PrivatBank and to use their experience in the region. The launch of online services in Ukraine is consistent with our global growth strategy that will create additional opportunities for consumers and business,” says Molly Shea, Senior Vice President, Western Union Digital.
“The Corezoid Process Engine has allowed us to seriously change the management of our internal business processes, helping us to quickly digitize and rapidly expand,” said Alexander Dubilet, CEO, PrivatBank. “In only a few weeks — and sometimes in just a few days — we can now bring new services from concept to practical implementation at a truly remarkable pace for the banking industry.”
“Corezoid Process Engine running on AWS demonstrates how agility and product innovation are important levers for banks in launching innovative products,” said Nitin Gupta, Head of Worldwide Financial Services Partners, Amazon Web Services, Inc. “Using the cloud allows banks to focus on building world class applications, while leveraging the global scale, cost efficiencies, and world-class security of the AWS infrastructure. AWS is enabling financial services organizations — from startups to the largest global banks — to use the cloud to drive innovation and accelerate speed to market.”
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