Solarisbank AG, Europe’s leading Banking-as-a-Service platform, announced that it has successfully migrated its entire customer base from an externally sourced core banking solution to its own core banking system.
The migration was carried out gradually in 2021 and was completed last weekend without any banking downtime for its business partners. Solarisbank enables any business to offer their own financial services rapidly and compliantly.
Solarisbank offers a simple API-based infrastructure and a self-explanatory API-documentation. By developing its own modular core banking system, Solarisbank has optimized its infrastructure to meet the specific requirements of a Banking-as-a-Service platform. It can now perform core processes such as account openings and SEPA credit transfers.
In addition to the improved performance of the payment ledger itself, removing the dependency on a third-party provider also enables Solarisbank to automate formerly manual processes connected to the ledger in the areas of operations and customer support.
For the migration of its existing partners, Solarisbank decided against a big-bang migration and in favor of an iterative approach in order to ensure a frictionless experience for its partners and their end customers. In the first phase, all new end customer onboardings for a given partner were switched to the new system. In the second phase, the existing customer accounts were migrated over.
Dr. Jörg Howein, CPO of Solarisbank. said:
Running our own core banking system allows us to offer all of our partners improved service level agreements and grants us full control over performance. I am incredibly proud of what our product and tech teams have achieved. The swift execution of the project and especially the smooth migration demonstrate the professionalism and deep expertise of Solarisbank’s tech organization.
Dr. Roland Folz, CEO of Solarisbank, said:
With the activation of local IBANs in France, Italy and Spain, Solarisbank is cementing its position as Europe’s Banking-as-a-Service leader. Thanks to the in-depth automation in our entirely self-developed software architecture, we have set a new European benchmark in terms of cost efficiency and service quality.
