1. Temenos Core Banking (TCB) by Temenos………………………………………………………………………. 4
2. Temenos T24 by Temenos………………………………………………………………………………………………. 8
3. Finacle by Infosys……………………………………………………………………………………………………………. 10
4. BankFusion Universal Banking by Misys…………………………………………………………………………. 13
5. CFT‐Bank by Center of Financial Technologies (CFT) ……………………………………………………… 16
6. Corebank by Fidelity National Information Services (FIS) ……………………………………………… 17
7. Flexcube by Oracle Financial Services Software…………………………………………………………….. 18
8. Unisys Open Payments Platform by UNISYS………………………………………………………………….. 20
9. CoreSoftt by VSoft Corporation……………………………………………………………………………………… 22
10. ICBA by Infopro Sdn Bhd……………………………………………………………………………………………….. 24
11. Insite Banking System by Automated Systems, Inc…...………………………………………………… 28
12. Cyclos by STRO……………………………………………………………………………………………………………… 30
13. I‐Koruna……………………………………………………………………………………………………………………….. 34
Today‚ next generation financial institutions have realised ‐ not unlike with the evolution of the
manufacturing industry ‐ that considerably improved quality, productivity and cost reduction can be
achieved through reusing standardised proven components across multiple product lines and that the end
products can be much more closely aligned to the needs of their customers. The advancement in
technology, especially Internet and information technology has led to new ways of doing business. These
technologies have cut down time, working simultaneously on different issues and increasing efficiency. The
platforms where communication technology and information technology are merged to suit core needs of
banking are known as core banking solutions.
Core banking system is defined as a back‐end system that processes daily transactions, and posts updates
to accounts and other financial records. The aim of core banking solutions is to enable phased, strategic
approach intended to reduce costs, improve operations, etc. Implementing a modular, component‐based
enterprise solution can facilitate integration with already existing technologies. An overall service‐oriented‐
architecture (SOA) helps to reduce the risk that can result from manual data entry and out‐of‐date
information, increases management information and review, and avoids the potential disruption to
business caused by replacing entire systems.
Core banking solution is an application that enables customers to conduct common transactions and a large
subset through net banking, ATM, or phone‐banking, instead of visiting banks.
Computer software is developed to perform the following main core operations of banking: opening new
accounts, making and servicing loans, processing cash deposits and withdrawals, managing customer
accounts, credit‐processing capabilities, customer relationship management activities, recording of
transactions, passbook maintenance, customer records, maintaining records for all transactions, etc.
Strategic spending on these systems is based on a combination of service‐oriented architecture and
supporting technologies that create extensible, agile architectures.
Core banking functions differ depending on the specific needs. Core banking systems are often specialized
for a particular type of banking. Products that are designed to deal with multiple types of core banking
functions are sometimes referred to as universal banking systems.
Effective core banking systems requires a robust technical architecture capable of meeting rigorous
scalability and availability demands while seamlessly integrating multiple channels and ancillary programs
to create an end‐to‐end process framework.
The aim of this paper is to analyse main solutions on the market, define their functionality, provide details
of their architecture and describe the technology. The purpose of this analysis is to determine whether it is
possible to create a demurrage complementary currency electronic payment system using core banking
software to be implemented in case of emergency scenario (providing additional liquidity to the economy
in case of credit crunch) assuming the system to be implemented on a UK nationwide scale as local solution
for a medium‐size town reproduced for 100+ locations. We aim at drawing comparison between
proprietary core banking solutions, open source solutions and ready to use solution based on
1. Temenos Core Banking (TCB) by Temenos
TEMENOS CoreBanking (TCB) is a contemporary functionally‐rich core banking platform, deployed on IBM
mainframe technology and designed around IBM’s Information Framework (IFW) industry banking model,
to maximise re‐use, eliminate duplication and minimise redundancy. It is considered that TCB is used by the
world’s largest mass‐market retail banks. It is designed to enable application components to be
implemented independently, allowing banks to transition from their evolved, fragmented and highly
complex legacy processing environments on a step‐by‐step incremental basis. TEMENOS CoreBanking (TCB)
is a core banking processing engine for large, complex retail banking businesses operated either by the
bank or by an outsourcing operation. TCB is particularly well suited to banks that wish to adopt a phased
core banking transformation in one or multiple lines of business.
TCB provides banks with:
• Single Definition of the Bank’s Data (based around Industry Standard FSDM)
• Global, Group and Entity Customer Views
• Common Processes across lines of business, eliminating silos, redundancy and complexity
• True “Product Builder” Component Assembly Capability
• Lifecycle Management in Product and Relationships, such as accounts
• Ease of Integration, SOA and flexibility of aggregation
• Mainframe and Open Technology off a single source
• High Volume Processing
• Multi‐Currency, Multi‐Language, Multi‐Entity, Multi‐Time Zone
• Global Continuous Processing for all functionality
• Integrated Operational Data Store, based on the Same Data Definition
• Reusability of fine‐grain functions
These provide common applications used throughout several business events.
Customer Data Administration
• provides data on all entities related to the financial institution including customers, prospects,
employees and relationship managers
• provides grouping of related customers
• includes ‘properties’ for any entity (that several entities can share to avoid data duplication)
• includes a documents management sub‐system
• designates special handling instructions or restricted access accounts
Product Builder and Catalogue
• enables users to create, modify and market products
• manages the life‐cycle of customer products
• provides product‐build capability across all banking areas
• provides an audit trail of the product build process
• maintains a catalogue of all products, including how and where they can be sold and the
Contract and Relationship Management
• describes the relationship between any party/product and the financial institution (relating across all
• indicates the status of the arrangement. For example, offered, requested, approved, active, matured,
suspended or cancelled.
• describes all the internal organisation structure of the financial institution, branches and employees
• maintains user access and authorisation levels
• maintains holidays and user profiles
TCB is designed as a Software‐Oriented Architecture (SOA) supporting the co‐existence interface
requirements that are a necessity in the complex application architectures, which have evolved within large
Retail Banks. However, more importantly, the reusable discrete component design of TCB takes SOA
significantly beyond ease of integration to delivering agility and flexibility whereby discrete functional
components can be aggregated to create new products, services, and processes easily and quickly.
TCB is a global continuous processor for all functionality. With TCB, business is processed continuously as
required by each time zone while background processing executes scheduled jobs with no service
disruption. As a result, published services are continuously available for channels and time zones are
processed as required without affecting other operations.
TCB was architected and designed from its inception to handle the extreme high volume transaction
processing needs of Retail Banks. TCB is a contemporary scalable open multi‐platform solution, whether
processing on mainframe or Unix operating environments.
TCB is based on the industry standard Financial Services Data Model from IBM, referred to as FSDM –
Financial Services Data Model. This is the foundation by which TCB enables ‘one version of the truth’. FSDM
is a proven industry standard data model that forces one instance of data definition, owned at an
Enterprise level. As a result, the bank benefits from one single version of the truth, no replication of data,
real insight, and better decisions. The TCB data model is database‐independent and can be supported by
any relational database.
2. Temenos T24 by Temenos
TEMENOS T24 is built on open architecture, offers low cost of ownership and uses established standards
such as HTTP, XML and J2EE. The design of T24 offers multiple application server support offering
horizontal scalability and supporting huge numbers of users with true non‐stop resilience. Probably the
most innovative aspect of T24, however, is that it will totally eliminate the need to run End Of Day
processing. T24 is available as a model bank implementation, with best practice processes built in, or a
more tailored implementation for clients preferring differentiation.
T24 provides a solid foundation for banks to manage customers, processes, risks and monitor on‐going
activities, as well as specialized line of business functionality, which provides the full range of banking
services such as:
Private Wealth Management
Products & Instruments
Commercial Lending and Syndicated Lending
Written for performance and reliability, T24 is based on established industry standards as promoted by
independent bodies and not on the particular interpretation of these standards by other vendors. T24 is
provided in C or Java. T24 runs on:
Open J2EE application server
Open UI through browser, HTML and XSLT
Open connectivity through XML and Web Services
Open C or Java language code
Open Java development environment
T24 also supports the full Microsoft stack:
Support for Microsoft technology on all tiers
Native ASP.NET Web Services support
Deploy on high capacity servers with Windows Server 2003 Data Center Edition and SQLServer 2005
Leverage the BizTalk Server EAI capabilities for XML, EDI and other message formats
Multiple Application Servers
T24 achieves these high volumes through an efficient and scalable architecture based on multiple
TEMENOS T24 servers. This means that as volumes expand, further servers can easily be added improving
performance and also improving availability.
No End of Day
T24 is true 24 by 7 banking system. It eliminates the need for traditional end of day processing, enabling
users and customers full access to the system at all times.
T24 permits the use of local programming to further extend the functionality and flexibility of the system.
Local programs are written in Java and may be inserted in the T24 business logic at over 12,000 different
exit points or APIs. This capability greatly extends the local flexibility of the system without compromising
clients’ ability to upgrade to later versions of T24 when required.
MINIMUM TECHNICAL SPECIFICATIONS
TEMENOS T24 R11
IBM System z/OS 1.10
IBM WebSphere v7
IBM WebSphere MQ v7
IBM DB2 v9 & IBM DB2 v10
3. Finacle by Infosys
The solution has an integrated CRM module, enabling banks to offer a rich and differentiated value
proposition to customers. The layered Service Oriented Architecture (SOA), STP capabilities, Web‐enabled
technology and 24X7 operations ensure multi‐channel, multi‐country and multi‐currency implementations.
The functionality‐rich modules in the solution provide banks with a varied palette of features to
continuously innovate on their product and service offerings. From the services innovation perspective,
Finacle offers a comprehensive and unified customer repository with capabilities to educate and empower
Core Banking Solution
Universal Banking Solution
Enterprise Customer Information
Finacle provides a comprehensive solution to leverage customer information and create differentiated
customer experience through the Enterprise Customer Information File (CIF). It empowers banks to manage
the various life‐cycle stages in their relationship with the customer. Comprehensive segmentation
information, including demographics, psychographics, financials and product preferences, is captured and
presented through a unified view. This view presents information on products and services availed within
the core banking solution and across multiple back‐end systems. Inquiry, creation and maintenance of the
CIF are enabled through flexible and user‐definable templates while supporting compliance KYC and AML
Parameterization of product features is enabled for reuse of components, resulting in faster rollout of new
products. Each product can be associated with a wide range of properties to help banks create innovative
products. In addition to the standard product offerings, consumer banking products that can be configured
include multi‐currency accounts, structured deposits, top up deposits, master term deposits, top up loans,
revolving loans, loans with flexible repayment schedules, offset products, mortgages and securitization.
The wealth management module supports rule‐based definition. It also supports configuration of features,
structure, commission, redemptions, relationship pricing, customer communication and a wide range of
related properties and entities for structured products, distribution of insurance products and distribution
of mutual funds. The module is tightly integrated with the core banking and CRM solutions, ensuring
unique customer definition, unified customer portfolio view and seamless transaction processing.
This core banking solution presents a range of offerings for corporate banking ‐ from simple products such
as overdrafts and cash term loans to complex ones such as securitization and syndication. The commercial
lending module is rich in functionalities such as multi‐currency disbursements and repayments, flexible and
varied interest rate setup, commitment fee setup, crystallization, amortization and debt consolidation. The
centralized limits and collateral function is multi‐currency and hierarchy enabled thus empowering banks to
support collateral based lending and online exposure monitoring.
The trade finance module is integrated seamlessly with the core banking solution to give an end‐to‐end
perspective to the trade finance needs of a bank. Fully integrated with the payment system and exchange
rate setup, the module supports multicurrency processing of trade products such as:
• Documentary credit
• Forward contract
• Import and export financing
• Letter of guarantee
Finacle core banking solution offers a range of mainstream and bank‐definable functional services that help
bundle products with services, enabling banks to achieve differentiation.
• Standing orders integrated with the payment systems, enabled for multi‐ currency and having auto‐
• Liquidity management supporting notional pooling and target balancing structures
• Feature‐rich bill payment feature supporting multicurrency payments and collections
• Remittances offering comprehensive inter‐bank and intra‐bank funds transfer capabilities
• Payments enabled for Straight Through Processing (STP)
• Flexible and feature‐rich clearing service supporting both paper‐based and image‐based clearing
• Automated exception and approval management with referral for financial and non‐financial
Reusable Business Components
This core banking solution supports the following business enabler functions that can be defined by the
bank and reused across various cross‐functional solutions:
• Interest feature with support for definition of differential and slab‐based interest rates
• Rule‐based Signature Verification System (SVS)
• Exchange rate structure with multi‐ tiered definition facility
• Tax structure definition and application of withholding tax for defined events
• Event‐based charges with provision for online and batch collection of charges
• Support for preferential pricing and discounts, both adhoc and based on customer segments
• Inventory management
• Elaborate channel rules and channel‐ based differential pricing of charges and interest
• Rebates, clawbacks, subsidies, planned prepayments and multi‐source repayment configuration
capabilities in retail loans
• Direct Selling Agent (DSA) feature with capabilities for sub‐DSA, turnover and commissions calculations
• Extensive framework for bank management with user definition capabilities, audit trail features,
reporting and exception management
Finacle core banking solution has an inbuilt integrated financial and accounting management system that
caters to multi‐ currency and hierarchical bank structures comprising multiple branches and profit centres.
The integrated General Ledger supports real‐time online updating of transactions generated, providing the
bank with the facility to accurately generate its financial position at any point of time. The transaction
manager provides the facility to auto generate batch and online transactions while processing large
transaction volumes, complete with validations and defined checks.
Finacle core banking solution empowers users with a range of utilities such as:
• 24 X 7 capabilities to operate round‐the‐ clock through branches and channels even during batch job
execution and day‐end operations
• Integrated, secure and scalable reporting infrastructure to meet various reporting needs
• Ease of integration with industry standard‐based framework to integrate with existing and external
• Single Sign‐on (SSO) for uniform and common authentication
• Sophisticated security management at application, database and user levels with inbuilt checks and
• Support for multiple calendars such as Gregorian, Hijri and Buddha
• Batch Job Scheduler (BJS) to automate invocation, execution and monitoring of batch jobs at defined
• Finacle Scripting Studio to extend the solution beyond parameters, to include bank definable business
rules and logic for behaviour and outcome of business events
• BPEL/BPML based workflow for automation of sequential business processes with reduced manual
4. BankFusion Universal Banking by Misys
Misys BankFusion Universal Banking is a customer‐centric core banking system that contains a range of
banking and financial services functionality for both front and back office deployment. The solution covers a
range of retail banking instruments such as lending, deposits and payments in addition to supporting
business and enterprise banking requirements including treasury and trade services. Misys BankFusion
Universal Banking includes an integrated General Ledger application that can be used for bank‐wide
financial management or alternatively, can act as a product ledger and integrate with an existing enterprise
GL solution. The BankFusion UB technology platform and tools enable banks to create and configure
functionally rich product and services using an innovative process capability that allows the flexible
management of user interactions based on decoupling products, services and associated workflows from
back‐end core banking systems. The SOA designed based J2EE BankFusion platform supports 24x7 banking
operations, removing traditional systems constraints around user ‘down‐time’ during end of day
The Misys BankFusion platform on which Misys BankFusion Universal Banking is built manages the
underlying data separately from the business logic that, in turn, is separate from, but easily accessed by,
the channel applications.
The data layer maintains and persists the core banking data relating to customers, accounts, products,
transactions, and the overall banking environment. Misys BankFusion Universal Banking has a well‐defined
data model that can be easily extended. The data layer is defined at both a logical and physical level, so that
changes to the underlying data model will have a minimal impact on the live application.
The Misys BankFusion platform enables fast design and deployment of new products and services and the
Channel Layer ensures that one can reach out and support ones customers when and where they want:
• In the branch
• At the ATM
• Via Point of Sale
• Through call centers and IVR
• On the Internet
Product & Process Layer
The Product & Process layer is the home of the product portfolio. The Process layer provides a range of
business processes to support the channels. The Product layer provides the common product and service
functions to support the core banking processes in the bank.
• AIX and IBM DB2 platform with choice of other operating system and database (including HPUX and
• Scalability, performance and resilience, due to the underlying enterprise capabilities offered by the
• Speed of implementation and integration due to the use of recognised international standards, such as
XML, Web‐Services, JMS and JMX;
• Built upon a powerful multi‐tier architecture which provides flexibility around service delivery and
• Built‐in process management;
• Faster development turn‐around reducing delivery times and increasing speed to market;
• Integrated development environment enabling lower cost localisation;
• Centralised operations supporting centralised management;
• Scalable and resilient enabling both organic growth and growth through acquisition.
• Backward compatibility with existing applications;
• Automated tooling is provided to migrate bank data;
• Customer data is greatly extended and enriched in BankFusion Universal Banking;
• User‐defined data can be mapped to extension tables;
• No enforced account number change;
• No size limitation on historic data.
5. CFT‐Bank by Center of Financial Technologies (CFT)
CFT‐Bank (Oracle‐based development platform) is an object‐oriented banking system based on Oracle
DBMS. CFT Bank Information Complex was created and is developing on the basis of advanced experience
of CFT and practices of the leading Russian banks. Currently, CFT‐Bank (Oracle‐based development
platform) has over 250 installations and is commercially operated in the Savings Bank of the Russian
Federation. The information complex was certified by the Russian Savings Bank and is used to develop a
centralized solution at the level of territorial administrations of the bank. The system combines elements of
product‐ and customer‐oriented approaches to automation of bank business. It provides a uniform
technological bank platform, which means an integrated access to the functions of different back‐offices
(including regional ones); a possibility of centralization of all back‐office functions; unified and integrated
sales channels (branches, divisions, self‐service points, Internet, mobile phones, etc.); centralization of
customer data. The system has an installed administration means and object‐oriented structure.
The system is the leader in the Russian banking market, including the following:
• number of installations of bank systems based on Oracle DBMS
• number of simultaneously working system users
• volume of transactions performed within the system within an operation day
• the best price‐quality ratio in its class
The system provides a single technological platform of the bank:
• an integrated access to the functions of different back‐offices (including regional ones)
• an opportunity of centralisation of all back‐office functions
• unified and integrated sales channels (company’s branches, divisions, self‐service points, Internet,
mobile phones, etc.)
• centralisation of customer data and its comprehensive analysis
The advantages of the banking systems based on the Platform 2 MCA:
• support of all modern means of integration
• the independence of the system core and the applied solutions control system update
• unlimited opportunities in the productivity build‐up
• reliability: ensures the operation of crucially important applications in the 24/7 format
• scalability and centralization. Scalability is possible on both levels: application servers and database
Due to the applied logics and database division the possibility to scale the system with the middle‐range or
lower levels servers instead of the high‐end servers, was enabled. Middle‐range server is used as a
database server, while the system is scaled by application servers, the total processing power of which will
cost the bank 10 times less than a high‐end server of the same power.
Basic principles of architecture:
• independence of the OS, potential independence from the database
• independence from the application servers OS
• independence from the application servers manufacturers
• continuity of CFT platforms
For the bank that have already installed banking systems CFT Platfrom 1, the transference to the Platform
2MCA is a shift of the applied part of the systems onto the new technological core. Furthermore the bank
has no need to re‐skill business‐users of the system, as the interface and functionality of the system are
identical. Bank’s IT‐personnel has no necessity to study new programming languages as the CFT experts
have created a compiler from PL/plus to Java.
Platform 2 MCA ensures simultaneous service for 500 up to 100 000 users and support for up to 100 000
000 users’ accounts in a single database in the real time mode. The high performance and scalability
indexes of the technological platform have been proved under the CFT‐Bank information bank complex
testing (Platform 2 MCA), developed on the database server based on the HP Superdome platform with the
Oracle 10g database. The dependence of the hardware‐software complex productivity upon the number of
sessions has been analysed.
6. Corebank by Fidelity National Information Services (FIS)
FIS supports a range of financial institution market segments, including:
• Credit unions
• Bankers’ banks
• De novo and community banks
• Mid‐tier and large financial institutions
• International financial institutions
In addition to deposit and loan account processing, FIS core banking solutions address financial institutions’
needs in the areas of accounting/general ledger; data access and integration; and lending, payment and
Corebank is a customer‐centric, real‐time, relational database solution that provides a 24/7 continuous
processing solution for global banks and supports a wide range of customer, product build, deposit, lending
and payment functionality for the retail banking environment. Based on IBM’s Information Framework
Financial Services Data Model (FSDM), Corebank’s application architecture supports a component‐based
business model and is efficient at re‐using software components, thereby reducing complexity,
maintenance effort and development risk. Corebank’s business functionality can be delivered in COBOL on
the mainframe zSeries platform as well as in a J2EE environment on either UNIX pSeries or mainframe
zSeries. Corebank is delivered as a set of integrated core banking components that are then tailored to fit
the institution’s individual business requirements. These components can be re‐configured as business
requirements change, protecting the organization’s strategic investment and maintaining a unified business
Corebank components include:
• Corebank Financial Institution Infrastructure
• Corebank Product Build
• Corebank Customer Management and Customer Overview
• Corebank Account Administration
• Corebank Payments
• Corebank Management Information
• Enable the organization’s Customer Relationship Management (CRM) strategy by providing operational
customer database and customer administration.
• Provide cost savings and improved customer service through simplified account administration.
• Support portfolio growth with a fast‐track Product Build component that creates flexible financial
products, providing the capability to build products in line with the prevailing market conditions.
• Deliver speed to market in terms of product development with support for a wide range of account
types online in real‐time.
• Facilitate increased productivity and reduction of errors through components that automate
calculation of complex fees and interest rates.
• Provide full multibank and single‐bank operations, including multilanguage support, to support
mergers and acquisitions and other branding strategies.
• Support multicurrency operations.
• Provide increased business and operational efficiency with true 24/7 operations.
• Generate accounting and management information from operational data for compliance, risk
management and profitability analysis.
• Provide the opportunity to rationalize processing infrastructure with resulting cost reductions and
increased operational resilience.
• Provide data structures and user‐exits to extend Corebank’s functionality to support bank‐specific
needs, thus reducing maintenance and upgrade costs.
7. Flexcube by Oracle Financial Services Software
With Oracle FLEXCUBE Core Banking, banks gain a cost advantage through straight‐through processing and
exception handling. In addition, the solution supports regulatory requirements in key markets through a
highly secure data management system, which can easily integrate with third‐party solutions at a bank.
Working in concert with Oracle Industry Reference Model for Banking, a comprehensive repository of
industry‐specific processes, Oracle FLEXCUBE Core Banking's application architecture supports agile and
business processes management using Business Process Execution Language (BPEL), service‐oriented
architecture (SOA), and a Web services‐based model. It enables integration of all third‐party applications,
including in‐house banking software, to facilitate simple and complex business processes.
Oracle FLEXCUBE Core Banking delivers broad functional solutions for banking products and services that
reflect industry best practices. These modules can be deployed individually or together, at the same time or
in a phased approach. Regardless of ones deployment preferences, every module delivers world‐class
functionality on the same technical framework. Oracle FLEXCUBE Core Banking is a robust platform and
Oracle FLEXCUBE Core Banking can be deployed in either a centralized or decentralized model. Supporting
both approaches allows organizations to optimize their IT infrastructure around enterprise business
processes—rather than moulding their processes to meet inflexible system constraints. In the decentralized
model, each branch has its own server setup. This enables offline support and also localizes the impact of
any single server failure to a specific branch. Such a deployment option is most suitable for banks with
branches across geographies, especially in locations where the network is unreliable and the connection
with the host could experience frequent interruptions. In a centralized approach, the branch server and the
host server reside in the same data center. This provides centralized control over hardware and system
availability, which reduces deployment and maintenance costs. In addition, because the branch server is
located in the data center, it is subject to the data center’s stringent security controls, which helps protect
against fraudulent activity.
Host Component Setup
The host component consists of three primary layers, each one engineered to be feature rich.
• Application server. Dynamic logical partitioning (LPAR) is used on each application server machine for
server consolidation, which minimizes maintenance, power consumption, and chances of failure. In
addition, servers are clustered to ensure that no one machine becomes a single point of failure.
• Database. Advanced Interactive eXecutive high‐availability cluster multiprocessing moves Oracle 10g
servers from primary to secondary central processing units (CPUs) to distribute the load and provide
failover support. Oracle Real Application Clusters aids load balancing across LPAR CPUs and assists
recovery from specific memory failure points.
• Disk. Redundant array of independent disks (RAID) 1+0 ensures high availability in the event of disk and
disk driver failures.
The host database is deployed in the production data center with a mirrored image at a disaster recovery
site. The system is architected so that the disaster site contains a backup of all mission‐critical servers.
This ensures that recovery can be completed quickly without any data loss using Oracle Data Guard or
8. Unisys Open Payments Platform by UNISYS
Unisys has developed an Open Payments Platform to meet the demands faced by banks in maintaining and
growing their payments business. The Unisys Open Payments Platform is based on a Service‐Oriented
Architecture (SOA) Bank Payment Hub—from Unisys partner Clear2Pay—that includes proven components
for external interfaces, and for the validation, processing, and management of payments. The components
can be quickly orchestrated with Business Process Engineering Language (BPEL) rules into next‐generation
payment solutions. The Bank Payment Hub can reuse components to process any type of payment by
normalizing the payment type to ISO 20022. A powerful Software Development Kit (SDK) that enables easy
modification of existing components and creation of new ones complements the Bank Payment Hub. A
Payments Landing Zone feature of the Open Payments Platform consolidates data from multiple payment
types and multiple sources into a single enterprise view. In addition, Unisys and Oracle have jointly
developed a Payment Business Intelligence Accelerator as an optional service for the Open Payments
Platform. It enables financial institutions to manage their payments business more effectively by
monitoring key performance indicators (KPI) in enterprise‐wide dashboards and reports. With the Open
Payments Platform, banks can consolidate redundant payment functions to reduce infrastructure costs,
manage payments operations across multiple product lines, and adapt to changing regulatory requirements
and market demands.
By leveraging industry standard software and commodity hardware, the Unisys Open Payments Platform
breaks the performance, reliability, and disaster recovery barriers—achieved in the past with expensive,
inflexible, and silo mainframe solutions. The Open Payments Platform supports choices for the underlying
infrastructure. It is compatible with operating systems such as Linux that support standards‐compliant J2EE
Application Servers, BPEL engines, and relational databases on today’s most popular computer hardware
In benchmark tests conducted with partners Oracle and Clear2Pay, Unisys demonstrated that the Open
Payments Platform, including the Clear2Pay Bank Payment Hub, can process more than 17 million
electronic check images in the industry X9 Standard, along with associated data, in 40 minutes. These high
performance results achieved inbound and outbound payment throughput rates of 8,100 and 6,800
transactions per second respectively. To achieve these results, the test was conducted with Unisys
ES7000/one Enterprise Servers based on Intel processors running the Clear2Pay Bank Payment Hub, the
Oracle 10g Enterprise Database, IBM WebSphere, Red Hat Linux, and the Unisys SafeGuard 30m business
continuance solution. The benchmark test included demonstrating the secure, robust failover capability of
the Open Payments Platform that ensures that it keeps working within a site if any component fails.
Reliable disaster recovery to a remote site in less than 30 minutes was also verified.
The strategy for Enterprise Payment Solutions is based on Unisys 3D Blueprinting™ approach. This approach
and its associated 3D Blueprints™ help jump‐start the client engagement and enable companies to see the
interconnections among the core dimensions of their business.
• A proven approach: 3D Blueprinting links strategy, process, applications, and infrastructure to deliver
secure end‐to‐end services and reduce implementation time, cost, and risk.
• Fast start: Unisys Open Payments Platform with the Clear2Pay Bank Payment Hub provides proven
components and integrated solutions to quickly meet today’s critical payment challenges.
• Insight and innovation: Unisys payments experts have been providing innovative payment solutions
and services in every geography for over 50 years.
• Global and complete: Unisys provides end‐to‐end payments solutions and services with global
resources and presence—all with a single point of accountability.
The Unisys Open Payments Platform modernizes a bank’s payment solutions to drive revenue growth,
improved business agility, lower costs, and reduced risk and liability. The resulting payment environment
has several benefits:
• SOA component solutions incrementally transform aging legacy payment systems
• Standards‐based software on commodity hardware lowers costs and adapts easily
• Scales incrementally to meet growing performance demands
• Provides mission‐critical reliability and disaster recovery
• Single solution platform for multiple payment types eliminates silo redundancy and improves security
• Quickly meets new market requirements using the existing components and SDK
9. CoreSoftt by VSoft Corporation
CoreSoft is a comprehensive core processing system built on browser‐based technologies. Its platform‐
independent and open‐system design based on Service Oriented Architecture (SOA) gives high level of
flexibility, integration and value. CoreSoft offers freedom of choice in terms of deployment options,
operating environments, and processing methods. The parameter‐ driven design of the system enables one
to quickly and efficiently adapt to dynamic market needs.
CoreSoft simplifies and automates business processes without having to make sweeping changes to the
existing applications or data structures. As a technological ecosystem, SOA can organize and integrate
disparate systems, platforms, and applications within ones enterprise into interoperable, standards‐based
services that can be combined and reused quickly to meet business needs. Sets of reusable code contained
in CoreSoft for important business services give flexibility to link different sets of services. CoreSoft works
with multiple operating systems, including Linux. The system is architected to work with multiple database
and application servers. Coresoft is designed using object‐oriented techniques to provide a single view of all
the relationships between the customer and financial institution.
The screens for customer setup allow users to quickly search for existing details of a customer or to create a
new customer record. Users are prompted to verify that the details stored in the system are compliant with
the requirements of the U.S. Patriot Act. The system facilitates scan and storage of all identification
documents provided by the customer, through a seamless interface with document imaging systems. It
allows multiple customers to be set up on an account and provides for different responsibility assignments.
The platform provides access to:
Automated Credit Reporting Module (CRM)
Certificate of Deposit
Demand Deposit Accounting
• Health Savings Accounts
• Debit Card Ordering
• Bond Accounting
CoreSoft contains a complete Loans Management system that can process all types of loans. Whether it is
a fixed or variable interest rate loan; has simple or amortized interest calculation methods; or has regular or
irregular payment schedules; in CoreSoft, single system allows management of all loans, no matter the type
or terms. This gives financial institution unlimited flexibility in combining features such as interest
calculation, repayment method, and collateral to make customized loans, thus enhancing customer
satisfaction and maximizing profitability.
CoreSoft’s GL system combines sound financial principles with the power of information technology. The
system allows to set up multiple ledgers, perform transaction processing and generate daily, monthly and
year‐end reports. Multi‐institution support is provided for consolidation of data at multiple levels, from
branch to holding company. The system is designed to allow backdated entries to be posted to the ledger.
This enables a real‐time snapshot of the corrected ledger for any day in the historical archive.
All financial institutions are required to submit both regulatory and internal reporting on the financial
condition and the results of its operations. CoreSoft’s reporting suite includes reports that are commonly
used across the industry. CoreSoft offers an easy‐to‐use and easy‐to‐access reporting tool that aids in the
creation of new reporting required either by a regulatory agency or the operations department. CoreSoft
offers a variety of reporting to meet financial institution’s needs. The reports below represent a sampling of
the breadth of CoreSoft’s reporting capabilities.
• Automated Credit Reporting
• Federal Call Reporting
• Retirement Reporting
• OFAC Reporting
• Transaction Authorization
CoreSoft is built on the J2EE platform that simplifies enterprise applications by first basing them on
standardized, modular components and then by providing a complete set of services to those components.
By handling many details of application behaviour automatically, J2EE eliminates complex programming.
The Enterprise Service Bus (ESB) within CoreSoft is a common communication infrastructure that acts as a
platform‐neutral adapter between applications. As a result, applications can be integrated with each other
in a loosely coupled manner through this mediator, eliminating the interdependence between each
interface. Some of the applications that can be easily integrated with CoreSoft are: internet banking, mobile
banking, cash management, merchant card services, bill payment, and telebanking. CoreSoft’s business
benefits can be viewed from three broad perspectives: flexibility, integration and value.
Flexibility enables one to adapt quickly to external changes with the ability to scale ones operations
accordingly. CoreSoft’s unified view of customer information, synchronizing fragmented sources from
multiple systems, helps one make truly customer‐centric business decisions. Freedom to select the delivery
model of choice, based on size, required features, and budget results in optimum resource allocation that
satisfies the strategic mission of the institution. One can adapt either real‐time or batch posting, or a
combination of these transaction processing methods in an operating environment of ones choice.
CoreSoft is built on the best principles of SOA resulting in re‐usable business services. This enables to
quickly respond to business changes and wider integration capabilities with external systems on multiple
platforms. Popular industry standard protocols such as J2EE, Hibernate, XACML, JTwain, and Apache Service
Mix enable the system to run on any environment that supports these standards. Hardware independence
provides the freedom of choice in hardware and software infrastructure that best fits existing or desired
environment. With reliable and highly secure data management systems built into CoreSoft, risk and
regulatory compliance is ensured.
The true value of CoreSoft is the superior benefit‐cost ratio it offers with higher return on investment (ROI)
for lower total cost of ownership (TCO). The modular structure of the system and SOA‐enabled, re‐ usable
business services combined with multiple delivery models and hardware independence gives
comprehensive flexibility in terms of ownership costs.
10. ICBA by Infopro Sdn Bhd
eICBA Banking System is a comprehensive, integrated yet modular banking solution designed to meet the
demands of today's financial institutions. Providing the full spectrum of Conventional and Islamic Banking
operations at retail, commercial, small‐to‐medium size enterprises (SME) and corporate levels,
incorporating a full complement of transactional services, the eICBA Banking System offers a
comprehensive integrated banking & financial system. Its multi‐currency and multi‐lingual capabilities
allows financial institutions to serve markets all over the world via an array of delivery channels. The eICBA
Banking System supports institutions of every operational size and complexity, including corporate banks,
retail banks, microfinance banks, and financial cooperatives of any kind. Architecturally sound, eICBA
System is an easy‐to‐integrate, scalable, enterprise‐wide solution that handles large transaction volumes on
a 24x7 basis. This solution has been successfully deployed in over 28 countries around the globe. The eICBA
Banking System has an integrated CRM module that offers a 360‐degree customer portfolio management ‐
enabling banks to offer rich and differentiated value proposition to a diverse range of customers. It
provides user‐friendly functionality for the front office for interaction with clients and the initiation of new
From the services innovation perspective, eICBA Banking System offers a comprehensive and unified
customer repository with capabilities to educate and empower customers. The functionality‐rich modules
in the solution provide banks with varied features to continuously innovate on their product and service
offerings. The eICBA Banking solution enhances the basic business of banking with the capability to
configure and manage the full cycle of the banking process, from origination to servicing across multiple
eICBA Banking System leverages the business functionality gained by INFOPRO over decades of experience
and expertise as banking solution provider. In essence, eICBA Banking System provides the full spectrum of
Conventional and Islamic Banking operations at all levels of banking, including retail, commercial, small‐to‐
medium size enterprises (SME) and corporate levels. The solution supports a variety of products which
covers deposits, including savings accounts, checking accounts, overdraft accounts, term deposit accounts
and a variety of lending products including personal loans, corporate loans, and mortgages, along with a full
complement of transactional services incorporating remittances, foreign exchange, drafts, banker’s
cheques, cards and trade finance. These capabilities are accessible through multiple channels, from branch
to call center to Internet and mobile banking. The solution integrates front, middle and back‐office
processes in real‐time, providing bankers throughout the organization with complete timely and actionable
information about customer relationships and providing a single view of the bank to the customer.
The eICBA Banking System supports the following areas of business:
Solutions (Conventional & Islamic) Core Services
• Core Functions • Enterprise Customer Relationship
• Retail Banking Management
• Corporate Banking • Deposits (includes SA, CA, Term Deposits, etc)
• Private Wealth Management • Lending (includes Term Loans, Leasing, HP,
• Trade Finance Mortgage etc)
• Treasury Operations • Remittance
• Channels & Integrations • Payments
• Loans Origination System (LOS)
Retail Banking • Debt Collection System (DCS)
• Equities and Bonds • Litigation
• Cash Deposits and Accounts • Recovery
• Asset Management ‐ Discretionary and • Collateral Management
Advisory • Risk Management
• Portfolio Rebalancing • Business Performance Management
• Performance Reporting • Accounting & General Ledger
• Portfolio Management and Accounting • Regulatory MIS
• Execution only Transaction • Document and Image Management
• Alternative Instruments • Product Builder
• Structured Products • Workflow Management
• Third party commissions and trailer fees • Other Core Support Services (e.g. Multi‐
company, multi‐currency and multi‐language
Private Banking Channels
• Securities • Branch
• Portfolio Management • ATM / EFTPOS
• Portfolio Modelling and re‐balancing • Call center
• Portfolio reporting including performance • Internet Banking
• Fiduciaries • Mobile Banking
• Intermediary (agent) compensation and • Other electronic channels
Integrations (External Systems)
Corporate/Wholesale • Credit Bureaus
• Commercial Lending • Card Issuers
• Syndicated Lending • Insurance
• Letters of Credit • Clearing Houses
• Documentary collections • Rating Agencies
• Bills • Payment Gateways
• Guarantees & Standbys • Market Feeds
• Leasing • Regulators
• Cash Management • Back‐End Systems
Multi‐tiered, Web‐enabled, designed to conform to Service Oriented Architecture (SOA) and Open
Standards, and built on the Java Platform, Enterprise Edition (Java EE) technology, the eICBA Banking
System is a financial services platform that encapsulate efficient business process infrastructure that is cost‐
effective and open platform. The eICBA Banking System incorporates an innovative Enterprise Application
Infrastructure component that makes it ready for future integration with external systems, business
partners and customers. This advanced technology infrastructure, in addition to the 24x7 operations
capabilities, multi‐channel, multi‐country and multi‐currency implementation options, and world‐class
business functionality provides financial institutions a competitive advantage in a global marketplace.
Open Standards & Open Systems
The eICBA Banking System is developed based on standard enterprise framework called eICBA Enterprise
Architecture, which is a derivative of a widely adopted industry standard ‐ The Open Group Architecture
Framework (TOGAF). The TOGAF platform provides a consistent framework and strategic context for the
evolution of the eICBA Banking System in response to the constantly changing needs of the business
environment. eICBA Banking System’s commitment to open standards and systems means the solution
remains independent and not locked‐in to any particular vendor technology. This feature, together with the
support for an extensive range of technology platforms, gives banks the freedom to choose the best vendor
or environment for their implementation based on factors such as cost, performance and support.
Essentially, eICBA Banking System supports the following open standards:
• Open Systems
• Database Standards
• Java EE Application Platform
• HTML / XHTML Standards for User Interface
• XML and Web Services for Open Connectivity
• Open Java Development Environment
In its present version 9.6, eICBA Banking System supports an extensive range of technology platforms
including Oracle Database 11gR2, Oracle Solaris 11, Oracle WebLogic Server 11g R1 and Oracle Linux 5.5.
eICBA Banking System adopts an n‐tier architecture where each business domain is divided into the several
tiers making the system highly modular composed of flexible and reusable components. The system is
divided the following tiers:
Apart from the advantages of modular software with well‐defined interfaces, this multi‐tier architecture
allows any of the tiers to be upgraded or replaced independently as requirements or technology change. A
change of operating system in the presentation tier, for instance, would only affect the user interface code,
leaving the other components in the other tiers unaffected and therefore completely reusable.
As eICBA components are built on a Java EE framework, there is added advantage of platform
independence that makes eICBA a truly open system. For instance, in any given deployment the
presentation UI could run on either Windows or Linux OS, business components could be contained in
either IBM Websphere AS or JBoss AS and database objects could reside in Oracle or DB2.
Service‐Oriented Architecture (SOA)
The eICBA is a system where business components are developed with capability of consuming or
publishing Web services within industry standards Service‐Oriented Architecture (SOA) framework. The SOA
based framework enables application connectivity, automate business process, software reuse, reduce
integration cost and reduce vendor lock‐in. In addition, it comes along with the compelling business
modelling (BPEL modeller) and activity monitoring (BAM) tool aid in governing and keeping up the
performance of the automated business processes participating in the SOA infrastructure.
The eICBA Banking System provides increased flexibility by leveraging on the Enterprise Architecture
Interface with multiple connectivity standards. The interface, a high level architecture that is layered on top
of the application architecture and platform architectures, serves to improve integration and enhance
service monitoring, and thereby reduce the risk of integration with external systems.
Unified Customer Repository
All the eICBA modules are fully integrated to a unified customer repository, known as the Customer
Information File 360 (CIF 360) to provide a total (360 degree) view of assets and liabilities of each customer
online real‐time. With the system’s Web Services capabilities, the repository can be made available to
external systems so as allow consolidation of customer related information at global level, enabling
institutions to quickly and accurately aggregate customer information.
Scalability, Availability & Performance
The eICBA Banking System has built to scale easily from the smallest to the largest of banks merely by
adding more servers to the cluster‐ready architecture as volumes or number of branches expand. The
eICBA Banking System has demonstrated good performance in benchmarking exercises performed on even
modest mid‐range servers. Among other things, these benchmark exercises have demonstrated that system
is capable of end‐of‐day processing duration of less than 2 hours for 20 million accounts and 10.4 million
daily transactions ‐ a strong testament to eICBA Banking System's speed and scalability.
11. Insite Banking System by Automated Systems, Inc.
Automated Systems, Inc. is the developer of the Insite Banking System, a core banking software application
package for community banks. The Insite Banking System application is designed to provide customers with
a complete in‐house core data processing solution with flexibility to expand processing capabilities
seamlessly through the inclusion of integrated ancillary products. The Insite Banking System application is
designed to utilize the Microsoft Windows® operating system environment to create a single operating
system solution: no Unix, no AS/400, and no mainframe. Insite provides directly integrated check imaging,
document imaging, online real‐time telephone banking, online real‐time online banking, iTeller, an image
teller solution, and more. The Insite Banking provides financial institutions with a complete in‐house data
The Insite Banking System offers a flexible platform that enables customers to integrate ancillary
products such as Check Imaging or Online Banking easily. The Insite Banking System is ODBC‐compliant,
providing customers with unlimited ways of leveraging and maximizing the value of their data.
Microsoft Windows 2008 Server
• No Unix, no AS/400, and no mainframe
• Single operating system solution
• User‐friendly point and click technology
• More productive environment for mobile and remote users
• Tight integration allowing up‐to‐the‐minute information to flow seamlessly
Utilize Thin‐Client Technology
• Improved network manageability and system performance
• Greater centralized control and security
• Streamlined implementation of applications and upgrades
• Increased productivity
• Improved customer service for an increased competitive advantage
Complete array of integrated and add‐on products available
• Includes all major core banking aspects such as DDA, savings, loans, CDs, GL, and more
• Directly integrated check and document imaging
• Directly integrated online real‐time internet banking and online real‐time telephone banking
• Multiple report creation and data mining tools
• Customer Inquiry from anywhere in the software
Single Source Vendor
• Provide software, hardware, networking, installation, training, and support
• Backed by certified networking professionals and support staff
• Lower total cost of ownership
• Remove hassles of multiple vendors
• Strong, independent financial solutions provider since 1981
• No shifting or lack of trust between you and the multiple vendors' various responsibilities
Below are the top 12 benefits of the Insite Banking System core software solution:
• Lower total cost of ownership
• Increased performance
• ODBC compliant
• End service bureau dependency
• Removal of legacy systems
• Only one operating system to manage
• Utilizing thin client technology
• Seamless check imaging
• Integrated document imaging
• 100% Microsoft® Windows® Server environment
• Toll free direct support lines
• Windows® core data processing software
12. Cyclos by STRO
Cyclos is a project of the Dutch non‐profit organization STRO. Cyclos offers a complete on‐line banking
system with additional modules such as e‐commerce and communication tools. Cyclos is currently available
in ten languages and used worldwide by many organizations and communities. The Cyclos platform permits
a de‐centralization of banking services that can stimulate local trade and development. With the latest
version it is possible to roll out mobile banking services using mobile channels such as SMS. Cyclos is
published under the GPL (open source) license meaning that it can be downloaded for free and used at no
The objective of the project is to develop open source complementary currency software that is easy to use
and maintain, flexible, secure, and highly customizable. The Cyclos structure is entirely dynamic. This means
that it is possible to 'build' a monetary system from scratch. Organizations that want a standard system can
use the default database that comes with basic configurations and can be easily enhanced. Cyclos is used
for mutual credit systems like LETS, Barter systems, administration of Micro credits, Time banks and backed
currency systems such as a C3 (consumer and commerce circuit). Cyclos just started to be used as a back‐
end for mobile banking services in Africa, and various Universities are studying the possibility to use Cyclos
as a campus payment system.
• Register on‐line (optional registration agreement)
• Home (dashboard) page with status overview, quick access icons, message board
• On‐line client profile (client information, images)
• Payments (normal, installments, scheduled, authorization levels)
• Payment request to mobile user (requires confirmation by SMS)
• Loans (view open closed loans, repay loan)
• Loan groups (micro finance)
• Account summary / history, print & export payments lists
• Personal alerts & notifications
• On‐line request forms (e.g. loan request)
• Personal documents, group documents (managed by administrators or agents)
• Manage account operators (a user can create operators and give them permissions to do specific tasks)
Mobile banking (SMS / WAP)
• On‐line sign‐up
• Payment to other users or administration
• Payment request (two‐way payment)
• Retrieve account information (optional browse through pages)
• Info texts (texts managed in Cyclos can be retrieved by sending an SMS with a specific words/alias)
• Notifications & alerts (personal alerts and general alerts & notifications)
• Mailings (from administration and agents)
• Bank and Telecom provider independent
• Custom SMS operations (programming interface that allows adding new operations)
Cards / POS (Point Of Sale)
• Debit / credit card support
• Different security options PIN, security card code, OTP (one time or session password)
• On‐line card management (activate/cancel/block card, reset/block PIN)
• POS (Point Of Sale) cash‐in cash‐out payments
• Daily transaction overview & print on POS
• Receipt printer support for WebPOS
• Print transaction reports for specific POS operators
• Manage POS devices on‐line (activate, deactivate, block)
• Market place (offers & wants)
• On‐line (rich text) editor
• Advertisement matching alerts
• Member directory
• Contact list
• Messaging module
• Brokering / agents module
• Business referrals and transaction qualifications
System administration & configuration
• Dynamic system configuration (support for various economic models)
• Define custom fields for users, advertisements, loans, payments, member records
• Account & user management
• Import tools (users, advertisements)
• Content management (translations, pages, images, styles)
• System alerts & logging
• Reports & Statistics
• System tasks (e.g. set system offline, indexing)
• Easy maintenance (all data stored in database)
• Automatic upgrades (version check on initialization process)
• Strong security (bank level security implementation)
• API (application programming interface) for communication with third party software.
• Plugins available for integration with the Joomla CMS
Cyclos is build according to the Model‐View‐Controller concept. There are 3 layers:
The Model is located in the cyclos3 project. It is the layer that connects to the data. This project defines the
entities, which are mapped to the database, and it defines the services that respond to calls from the
control layer. Services are defined by a service interface (used by the web layer) and a local interface (used
by other services). There is also a security layer for services, which implement the service interface and is
responsible of checking the permissions for each method being invoked.
The View is located in the cyclos3_web project, those are the jsp's showing the pages.
The Controller is also located in the cyclos3_web project; those are the java (action) classes of this project
especially the ones under nl.strohalm.cyclos.controls. The connection to the model layer is done via the
The Cyclos workflow (through all layers) can be summarized as follows: JSP > Struts/Spring > Service > DAO
There are two ways to interact with a web application: by selecting a link, which in most cases will be a
menu item (GET request) or by clicking the submit button of a form (POST request). On these requests the
Any request will be caught by Struts and passed to its related action (Control) class (it gets this information
from the struts‐config files).
All control classes extend the BaseAction class that takes care of the authentication and handles common
When a form is filled in and submitted Struts puts it into a form object (a class that extends the Struts
The control class will put the form object into an object that is prepared for the model layer like a query
parameter object or entity object. DataBinders are used to convert strings into proper data types like
numbers, dates, entities, collection and the other way around (result data that need to be put back from
objects to strings that will be shown in the jsp pages).
The control class will pass the data objects to the services layer that handles the business logic.
To store or retrieve data from the database the services layer uses the DAO (data access object) layer.
The DAO layer accesses the database via the Hibernate framework.
When all these actions are done Struts will forward the request with result data (in the request object) to
Tiles and Tiles will compose the correct jsp result page.
Cyclos Model Layer
All entity classes in Cyclos extend the main Entity and are located in subpackets of nl.strohalm.cyclos.entity.
Each entity objeto has acces to the instance ID of the entity and some common methods like equals(),
Object – relational mapping (ORM) using Hibernate
The Cyclos entities need to mapped the database tables. This is done in the hibernate mapping files. The
hibernate mapping files are located in the same packages as the entity classes that they map. For example
in the directory as the ad entity cyclos3/src/nl/strohalm/cyclos/entities/ads you will find the ad entity
Ad.java and the related mapping file Ad.hbm.xml
DAO (Data Access Object) layer
The DAO classes are the classes that are responsible for basic access (crud create/remove/update/delete)
to the database. They are located in the package cyclos3/src/nl/strohalm/cyclos/dao For each entity there
is a DAO interface that defines the methods and a class with the implementation. For example AdDAO.java
All business logic of Cyclos resides in the services. They have 2 interfaces: the "remote" service interface,
used by the web layer and a "local" interface, which extends the remote and adds methods used only by
other services (they can be seen as internal methods). Then there are 2 implementations: a security layer,
which implements the remote interface and is solely responsible of enforcing the access of the logged user
to the current method and the service implementation itself, which is responsible of performing the
business logic. Services are located in cyclos3/src/nl/strohalm/cyclos/services and are grouped in logically
named packages (e.g. access, accounts). Some of these packages contain a package called exceptions where
the exceptions related to the group are located.
DTO (Data Transfer Objects) objects
DTO objects are used in cases where complex parameters needed to be passed from view to the model
layer and sometimes within the model layer. The DTO objects are located in the same location as its related
The aspect classes are intercepting specific service methods and will add functionality and behavior based
on aspect rules. Typical aspect uses are permissions checks, logging and notifications.
The aspect classes are located in cyclos3/src/nl/strohalm/cyclos/aop
Util classes are helper classes used by the services layer for all kind of common needed functions. Date
convertions etc. The Util classes are located in cyclos3/src/nl/strohalm/utils
The scheduling classes are used to execute tasks that need to run periodically. Tasks can be registred in the
config file cyclos3/src/nl/strohalm/spring/scheduling.xml The scheduling classes are located in
When the embedded database creation option is used Cyclos will create a default database with an
account, group and permission structure and will populate the database with default settings. If you want
anything within a new function be part of the default database (field, permissons) you will have to add
them to the Setup.java file located in cyclos3/src/nl/strohalm/setup
Dependency injection using Spring
The communication between the model, data and control/view layers in Cyclos3 is not hardcoded. The
Spring framework is used to ‘tie’ the interface layers dynamically together. The ‘binding’ of the layers is
specified in the Spring configuration files.
The payment system «I‐Koruna» is the service of processing of financial operations, reception of payments
and money transfers. The payment instrument of the system is an electronic crone denominated in the
form of an electronic payment card. There are several kinds of the cards of the system "I‐Koruna", such as
electronic, plastic contactless NFC card «I‐Koruna card», a mobile phone and a sticker «I‐Koruna mobile».
According to their will clients can order plastic NFC card connected with the client's account in system from
their private office.
«I‐Koruna card» substantially broaden the possibilities of its owner. By means of NFC cards the owners
receive access to funds on their account in the system I‐Koruna being off‐line.
By means of a payment sluice it is possible to acquire a new card, as well as to fill up existing or to pay a bill
in the shop. The system is NFC‐ready – can be accessed from a mobile phone.
• e‐commerce payments
• e‐money exchange
• money transfer
• regular payments
• micropayments (games, dates, networking and communities)
• off‐line payments (supermarkets and shops, vending, transport systems)
Services for merchants (on‐line and off‐line):
• payment service provision
• access to all payment instruments
• collection & clearing of payments
• Issue on demand
• Check‐in system
As this platform is written on java it can work on any system where java is supported. The basis of the
system is Oracle Glassfish Application Server. GlassFish is an open‐source application server project started
by Sun Microsystems for the Java EE platform and now sponsored by Oracle Corporation. GlassFish
supports all Java EE API specifications, such as JDBC, RMI, e‐mail, JMS, web services, XML, etc., and defines
how to coordinate them. I‐Koruna uses Enterprise JavaBeans, Connectors, servlets, JavaServer
Faces, JavaServer Pages and several web service technologies.
GlassFish is based on source code released by Sun and Oracle Corporation's TopLink persistence system. It
uses a derivative of Apache Tomcat as the servlet container for serving Web content, with an added
component called Grizzly, which uses Java New I/O (NIO) for scalability and speed. I‐Koruna uses SOA
architecture, the connection between components is done through SOAP protocol.
Transactions can be operated through API. Admin interfaces is used for creating user roles and controlling
them. Admin interface may be accessed using smart cards, certificates or login and password. I‐Koruna
works through hibernate which supports a variety of relational databases, however it is recommended to
use PostgreSQL 9.0 or Oracle Database 11. The use of OS Solaris and Oracle Database ensures high
productivity and speed, perfect conditions for unlimited scalability. It is possible to make payments with the
help of SMS, USSD commands, NFC, iPhone and Android applications.
In the course of this paper we analysed main core banking solutions, defined their functionality, provided
the details of their architecture and described the technology.
Understanding the total cost of the complementary currency electronic payment system implementation
requires a detailed analysis of an exhaustive list of functionality as well as the precise scale of users’
transactions and determined security requirements, which is beyond the scope of this paper. However
important elements which should be considered include:
• annual maintenance fees or core solution development costs
• initial cost of implementation
• initial cost of customization
• initial license cost of a core banking solution package
• cost of server and network equipment, collocation in data centres
It is reasonable enough to assume an approximate total complementary currency electronic payment
system implementation budget at about £ 2.5 – 4 m.
What is evident is that for most legacy core system environments the cost of maintaining the system often
consumes 70%‐80% of the available budget ‚ severely constraining the ability of IT to innovate. By contrast
and assuming a highly productized implementation, the annual maintenance cost of a core system becomes
highly predictable and is made up of the annual maintenance fee and‚ ideally, an annual investment in the
effort associated with upgrading to the latest release.
There is no doubt that a core system replacement project can be expensive. In‐house project attempts,
reported in the public domain, have often been denominated in US $ hundreds of millions.
Even though the average initial license cost for a core banking package is now reported by industry analysts
as being in the range of $2M to $4M, the actual cost of a project includes many more dimensions.
However, there are such open‐source solutions as Cyclos project. It is mostly used as a Time bank, LETS and
Local currency. Cyclos is published under the GPL (open source) license meaning that it can be downloaded
for free and used at no cost; it can also be modified to the customers’ needs. However providing enough
security for local use, open source solutions are rarely enough secure for a large scale project performing a
relatively large turnover.
Some vendors have the certainty and experience to show that it is realistic to build core banking software
which is so flexible that it can meet requirements without source code modification, or where the ‘core’ is
protected and customization is achieved through extensions of ‘the platform’. The number of vendors
holding this opinion is not substantial, however it can easily be seen that this claim is convincing.
What more and more traditional adherents of the ‘build in‐house’ policy have come to understand is that
the resulting code is often far more sophisticated than that which a single country implementation would
The only banks who have been able to successfully sustain a ‘built in‐house’ policy are of course the truly
international brands like Citibank or HSBC, where the sheer number of countries they operate in have often
forced similar design constraints on their large teams of developers. But this just serves to confirm the
point about the sophistication of truly productized core banking software.
Despite of providing advantages of full control over the system, easy modifying and compliance with the
architecture, development of a core banking system ‘from the scratch’ brings crucial disadvantages which
include costliness, much longer terms of development and implementation (not less than 20‐30 months) as
well as possible errors in development, scaling or implementation.