Coreless Banking Provider XYB to Help Modernise Core Banking with IBM

XYB, the leading Coreless Banking Platform business, has announced its plans to help banks modernise their core systems. XYB is working with global tech leader IBM to provide technologies and consulting expertise that can help financial services organisations address the growing requirements for core modernisation initiatives. 

XYB, working with IBM Consulting, provides a componentised core banking platform on IBM Cloud for Financial Services ®, an industry-specific platform designed to accelerate financial institutions’ digital transformations with security at the forefront.

Additional areas of focus include:

A New Era of Core Modernisation

To address the escalating need for modernising existing systems after years of postponing core modernisation with point solutions such as a digital banking platform, middleware and API integration layers, banks need to take decisive action. The delay in addressing the central issue of core modernisation is primarily driven by a lack of a componentised banking platform. A platform with independently deployable components enables a progressive transformation approach through component-by-component modernisation. Banks could use these independently deployable components as accelerators in their in-house build strategy, providing them with greater control and reduced vendor dependency.

IBM Consulting’s deep understanding of hybrid cloud strategies and the complexities of the core banking landscape, coupled with XYB’s componentised platform, aims to help address banks’ needs and scale globally.

Delivering Coreless Banking on IBM Cloud for Financial Services

 XYB’s componentised core banking platform is built on a cloud-agnostic foundation with independently deployable components. This architecture aims to allow banks to modernise their existing systems or launch new propositions with minimal risk and cost and is designed to help them achieve the shortest time to value. IBM Cloud for Financial Services aims to help reduce risk throughout the supply chain by addressing resiliency, performance, and security for financial institutions. The IBM Cloud for Financial Services is also designed to help clients as they work to meet their regulatory compliance obligations. Leveraging the resiliency of IBM Cloud for Financial Services, the XYB platform is load-tested to exceed peak volumes that tier 1 banks with millions of customers and transactions experience. 

XYB’s core banking platform is designed to mirror a bank’s existing tech stack and switch in and out during system downtimes, helping to enable uninterrupted service for customers. Regulatory deadlines, such as the FCA’s March 2025 operational resilience compliance date and the EU’s January 2025 DORA framework, underscore the need for such solutions.

Derek Joyce, CEO of XYB, comments: “We are thrilled to announce this relationship, which enables us to focus on advancing our platform to stay ahead of the market while working with IBM, a strong global innovator, to deliver our solutions to meet the needs of banks. With our core banking platform on IBM Cloud for Financial Services, we can help financial institutions enhance their operational resilience and system capacities. Our goal is to drive innovation and set new standards in the financial services industry.”

With IBM’s enterprise cloud platform designed for regulated industries, enterprises across financial services, healthcare, telecommunications, government and more can manage mission-critical workloads while prioritising resiliency, performance, security and regulatory compliance.