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NetXD Banking Platform: Next Generation Banking Tools

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4 December 2023
Gareth Lodge
Colin Kerr

Abstract

Banking and banking technology are undergoing massive change. New business models and market strategies driven by neobanks and fintechs have pushed banks to reevaluate how they go to market. Whether they engage in the open ecosystem or not, they feel competitive pressures to deliver new solutions faster.

NetXD set out to define an advanced technology architecture that could enable an ambitious goal of a high-volume, highly scalable platform with core banking and payments capabilities. The result is the NetXD Banking Platform. Rather than taking a traditional product-centric view of banking applications, their objective was to build banking capability from the ground up. Starting at a very granular level, the intent was that the platform would run autonomously in the cloud (using immutable ledger technology), be highly risk-aware, and be managed safely by programmatic instructions, with manual interventions as needed when alerted on an exception basis. These baseline principles are the basic building blocks for this next-generation, highly available platform for core banking and payments. This solution brief also contains a customer case study which shows how BFC Payments rapidly benefited from adopting this leading edge technology.

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