A Core Banking system is a back-end system that processes daily banking transactions and posts updates to accounts and other financial records. Core banking systems typically include deposit, loan and credit processing capabilities, with interfaces to general ledger systems and reporting tools.
With the incredible growth of the internet, mobile devices, and AI technologies, people are interacting with banks in many ways. Anytime and anywhere. The core banking workload has increased dramatically. Traditional core banking systems based on a Symmetric Multi-Processor (SMP) architecture are hard and expensive to expand. They cannot keep up with the scale and performance needed at the high volumes resulting from this business growth. They need a distributed Massively Parallel Processing (MPP) architecture for that.
EsgynDB is being used by some banks for their core banking system, replacing the original Oracle database, while delivering higher transactions per second at a much lower cost. As business grows it is easy to elastically scale-out EsgynDB by adding new nodes to meet the additional transaction volume.
Besides core banking, EsgynDB also supports two other very important applications for a bank – Unified Payment System and Integrated Front-End System. The Unified Payment System unifies multiple payment channels into a single system. These channels are the High Value Payment System, Micro-Payment System, and Inter Bank Clearing System for Online Payments. These use cases require a very high-performance database engine. EsgynDB has successfully replaced Oracle for these applications.
The Integrated Front-End System supports traditional front-desk business. This includes:
Personal, company and intermediary businesses
System reconstruction & optimization of business processes such as comprehensive contract, unified receipts, unified collection, shopping cart transactions, etc.
Integration of centralized trading business such as city-wide business, bill business and centralized businesses etc.
Seamless system integration of third-party applications such as face recognition, network verification, image system and verification system, workflow platform etc.
At the same time, the system provides complete functional support for unified bank management, rule parameter management, operations management, business management etc., to fully meet the requirements of the front-end business of banks.
Multiple banks have signed on for this journey with Esgyn. This effectively demonstrates how many banks have a need to modernize their current OLTP and operational architecture, for the most basic of banking applications, in order to scale-out using a distributed MPP OLTP database, to meet tremendous business growth, fueled by a changing technology landscape.