Core banking software

Core banking is a general term used to describe the services provided by a group of networked bank branches. Bank customers may access their funds and other simple transactions from any of the member branch offices. ⁽¹⁾. Core banking is important to micronations, because just like countries, most micronations rely on money in one way or another.

The technological age has meant a major shift in technology, making professional core banking software available to micronations for free or at a low cost. Modern core banking software enables micronations to offer many services that large banks offer, such as internet banking, phone banking and of course front office or front counter management.

Core banking software solutions are solutions that are developed to perform core operations of banking. This includes:

• recording of transactions
• passbook maintenance
• interest calculations on loans and deposits
• customer records
• balance of payments and withdrawals

Core banking software is usually installed at different branches of a bank and then interconnected by means of communication lines such as telephones or internet.

See also

• List of core banking software
• Comparison of core banking software

References

1. "Core banking - Wikipedia, the free encyclopaedia". Wikipedia. Retrieved on 2008-08-01.