EconPapers    
Economics at your fingertips  
 

Core Banking Systems and Options for Modernization

Julian Alcazar, Samuel Baird, Emma Cronenweth, Fumiko Hayashi and Ken Isaacson
Additional contact information
Emma Cronenweth: https://www.chicagofed.org/people/c/cronenweth-emma

Payments System Research Briefing, 2024, 8

Abstract: Each U.S. depository institution (DI)—including banks and credit unions—uses a back-end information technology system to process daily transactions and manage financial accounts. Many of these “core banking systems” are outdated and unable to fully accommodate modern services, such as open banking and instant payments. Modernizing these systems is a complex process, and DIs may consider a full replacement, a component-based replacement, or augmenting their existing system.

Keywords: banking system; updating; instant payments (search for similar items in EconPapers)
Date: 2024
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.kansascityfed.org/Payments%20Systems%2 ... ashiIsaacson0228.pdf Full Text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedkpb:97881

Ordering information: This journal article can be ordered from

Access Statistics for this article

More articles in Payments System Research Briefing from Federal Reserve Bank of Kansas City Contact information at EDIRC.
Bibliographic data for series maintained by Zach Kastens ().

 
Page updated 2025-03-30
Handle: RePEc:fip:fedkpb:97881