Banqsoft brings a fresh approach to core banking

Traditional core banking systems are like grand mansions built decades ago. Impressive in scale and reliable for the time, they’re now creaking under the weight of outdated design and endless upkeep. Handling every new regulation or technological shift is like maintaining one of these antique homes: expensive, slow and never quite seamless.

Contrast this with Banqsoft’s SaaS-based core banking solution, which is like a modern condo in a smart city. Designed with adaptability in mind, it’s easy to expand, upgrade and customize without any hassle. The foundation is built for the cloud era, with open APIs that keep the solution ready for whatever it needs to integrate with. 

“We’re not the largest or the oldest kid on the block, but that’s our advantage. We can move fast, we’re adaptable and our costs are lower than traditional players. We’re constantly innovating to meet the evolving demands of the banking sector” 

Tor Lindgren, Banqsoft Product Manager

Banqsoft’s digital banking platform supports everything a modern financial institution needs: savings, unsecured and secured loans, mortgages, credit cards (including installment options and interest-free periods), sales financing (i.e. buy now, pay later), shopping accounts, tranche solutions, invoicing and more. 

Today, many banks are embracing leaner operating models than ever before. Flexibility, low overheads and a digital-first approach are not exclusive to neobanks – traditional banks are also adopting these strategies. The industry is open to new approaches, with Banqsoft ready to meet the needs of both established banks and niche players.

Six geographies and counting

The Banqsoft core banking solution is now operational with customers in six European countries. Integration with national banking frameworks and local legislation has been prioritized, including dedicated support for public-sector requirements. 

In Norway, for example, the platform integrates seamlessly with national payment infrastructure like the Norwegian Interbank Clearing System (NICS) and BankAxept. International standards are reinforced by ISO 27001 certification, giving financial institutions confidence in meeting stringent regulatory requirements.

“I believe Banqsoft’s core banking solution is one of the best in the industry. It’s a hidden gem,” says Camilla Sorknes, Banqsoft’s Director of Banking & Credit Services. “Our ambition is to serve banks of all sizes, including the large pan-European players. Our SaaS model keeps costs low, while our features and performance are second to none.”

Our ambition is to serve banks of all sizes, including the large pan-European players. Our SaaS model keeps costs low, while our features and performance are second to none.

Camilla Sorknes, Director of Banking & Credit Services, Banqsoft

A Nordic banking group with operations across multiple European jurisdictions is one of Banqsoft’s most important core banking customers. The company uses the solution to offer a consistent suite of products across different geographies with a streamlined cost structure. Within just a few months, the bank was able to go live in new markets with consumer loans, credit cards, savings products and more.

“We were a good fit for what they needed – offering the right products, deep market knowledge and competitive pricing. We’ve helped to establish several new banks, even providing solutions before they secured regulatory approval. That’s how much customers trust us,” says Lindgren.

“When we start working with clients, they often begin with a single product. But as their needs grow, they tend to expand into other areas and widen their offerings. Instead of turning to multiple vendors, they can cherry pick the parts of our solution they would like to have,” he says.

Open APIs. Ready for collaboration

Nordic financial institutions using Banqsoft’s core banking solutions report significantly lower IT costs than other Nordic banks. They can also serve far more customers per full-time employee. 

Banqsoft achieves these efficiencies through cloud-native hosting on the Microsoft Azure platform. The backend is built on a .NET Core, with frontend frameworks like Angular and React. Seamless deployment is enabled through the use of Kubernetes for containerization, while continuous delivery pipelines allow banks to stay ahead in the fast-changing financial landscape. 

Banqsoft collaborates with a diverse range of specialized partners, including providers of solutions for secure document flow, digital signing and identity verification. Partnerships for anti-fraud solutions are also being explored. 

“Our .NET infrastructure and highly mature APIs enable a level of openness that our partners cannot offer. We’re built for speed and innovation,” says Sorknes. “Banqsoft also embraces collaboration. Our vision is ultimately to create a dynamic and open platform for innovation that our customers can benefit from time and time again.”