September 29, 2010 - You heard it here first: after years of mostly laments about aging systems, there's some good anecdotal evidence of banks forging plans to migrate from their 30-year-old (or older) core systems to more modern and flexible architecture, or to find new ways to inject flexibility into the legacy core. The big surprise is which vendors are getting closer looks.
The latest public news in this department comes from Silicon Valley Bank, which announced last month that it had deployed Oracle's Flexcube core banking system, and touted the bank's multi-currency capabilities as one of the motivating factors. On the other end of the spectrum was Carter Bank & Trust, which took a lonely road with its imaging vendor VSoft and worked for years to help design and build a real-time, Internet-based core system from scratch. And then there's BBVA Compass and Union Bank, both working diligently on, but likely years away from, launching core upgrades from Infosys. And outside the country, but still interesting, is the launch of Misys's new BankFusion core by CRDB bank in Tanzania, and news that somewhat closer to home Bermuda Commercial Bank would also deploy BankFusion.
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