To call the core banking market in the U.S. Entrenched is an understatement, with several blue-blood domestic technology vendors defending their turf against a handful of top-notch international players looking to make inroads. But that's not stopped VSoft, a company known mostly in the U.S. for its image solutions, from jumping into the fray with a new core banking product called CoreSoft. The March announcement from the Atlanta-based company might have been disregarded if not for the fact that Virginia-based Carter Bank & Trust, a $3.4 billion institution, concurrently announced its successful beta conversion to VSoft's core system.
Even in a crowded field —with the likes of Fiserv, FIS and Jack Henry — CoreSoft's technology is differentiating says Rajesh M R, an analyst at Celent. It's a browser-based system built from the ground up on Java technology that includes multiple delivery channel support, real-time transactions, 24/7 availability, regulatory compliance standards, and reporting capabilities, such as functional, informational, design and deployment perspectives. It integrates with third-party software solutions while providing a 360-degree view of customer relationships in a secure environment.