Core banking in financial services this week

Week ending 19 October 2026 · 25 sources

MyState and Queensland Country Bank pick new cores as tokens reach the ledger

MyState Limited chose TCS BaNCS and Queensland Country Bank chose Fiserv and VeriPark to replace their cores 12. In the US, Cross River and Jack Henry moved to bring stablecoins and tokenised deposits into core banking 34.

Which way the market is moving

Two Australian institutions pick new cores

MyState Limited selected TCS BaNCS and Queensland Country Bank selected Fiserv and VeriPark to replace its core 12.

MyState Limited has selected TCS BaNCS to transform its core banking operations, according to Tata Consultancy Services 1. In the same week, Queensland Country Bank selected Fiserv and VeriPark to replace its core banking system 2.

One choice names a single supplier, the other pairs two suppliers 12. Separately, investors suing Fiserv told a judge this week that the company has no basis for having their shareholder lawsuit dismissed, given its own comments about a reset 9.

What it means: Australian institutions planning a replacement now have two fresh local reference points to compare. Supplier financial and legal standing belongs in due diligence alongside functional fit.

Questions for vendors:

  1. Which Australian clients are live on your core today, and on what version?
  2. How are responsibilities split when a second vendor supplies digital channels or onboarding?
  3. What NPP, PayTo, BECS and APRA reporting capability is available on day one?

In the registry: Banking and Financial Services (NTT DATA), Core Banking (M2P Fintech), Pismo Core Banking (Pismo)

Stablecoins and tokenised deposits reach the core

Cross River is embedding Ripple's RLUSD stablecoin into its operating system and Jack Henry is working with Google Cloud on tokenised deposits 34.

Cross River Bank is partnering with Ripple to embed the RLUSD stablecoin into its operating system 310. Yahoo Finance covered the deal as a core banking win for Ripple 11. Jack Henry expanded its collaboration with Google Cloud to deliver tokenised deposits for banks and credit unions 4.

Episode Six launched Verified Backing from its E6 Token Control Ledger, offering real-time backing verification for tokenised money 12. Payments Dive reported that stablecoin start-ups are pushing payments modernisation forward and bringing incumbents along with them 13.

What it means: Digital money is starting to be booked in the same core that holds ordinary deposits, which raises reconciliation, reserve and settlement questions for any institution's ledger. Institutions should know where their core supplier stands before customers or partners ask.

Questions for vendors:

  1. Can your ledger hold tokenised deposits or stablecoin balances, and how do they reconcile to the general ledger?
  2. How can backing or reserves be verified in real time?
  3. What settlement hours apply to token transactions, and how do they post to customer accounts?

In the registry: Bantotal Core (Bantotal), Accounting and Back Office (Sharetec), Savings (Akkuro)

AI is being built into the core platform

Emprise Bank picked AI-native start-up Maximum for its core overhaul and SBS launched a sovereign AI platform for core banking with NVIDIA 56.

Emprise Bank has picked Maximum, an AI-native start-up, for a core banking technology overhaul 5. The deal is with a start-up rather than an established core supplier 5. SBS launched a sovereign AI platform for core banking with NVIDIA 614.

Finastra used Sibos to discuss AI security alongside core banking modernisation 15. These moves put AI inside the core platform rather than only in channels around it 56. The stories describe launches and selections, not live results 5614.

What it means: AI acting on ledger and customer data brings model risk, audit and data residency into core selection. Claims will need testing against evidence from live clients.

Questions for vendors:

  1. Where does AI act on customer or ledger data, and who approves its actions?
  2. Where are the models hosted, and can they run within our jurisdiction?
  3. How are AI-initiated changes logged for audit and model risk review?

In the registry: Banking and Financial Services (NTT DATA), Core Banking (M2P Fintech), Pismo Core Banking (Pismo)

Core ledgers sold beyond banking

Tungsten Automation selected 10x Banking to power the ledger behind its Pay+ payments platform 78.

Tungsten Automation selected 10x Banking to power the ledger behind its new Pay+ payments platform 7168. FinTech Futures described the deal as 10x extending into embedded finance 7.

The deal shows a core ledger sold to a non-bank to run payments inside its own product 78. Cross River, which describes itself as a technology infrastructure platform powering embedded financial solutions, is moving in a similar direction from the bank side 3.

What it means: Core suppliers with non-bank clients may split roadmap attention between regulated institutions and embedded finance. Buyers should check that regulated features keep their priority.

Questions for vendors:

  1. What share of your roadmap goes to non-bank clients compared with regulated institutions?
  2. Is the ledger we would license the same code base as the one sold for embedded finance?

In the registry: Bantotal Core (Bantotal), Accounting and Back Office (Sharetec)

Modular SaaS and phased modernisation

Sound Credit Union selected Temenos SaaS for collections and Glades Bank and Trust chose CSI ahead of its 2027 debut 1718.

Sound Credit Union selected Temenos SaaS to modernise its collections operations 17. Glades Bank and Trust in Florida has chosen CSI for core banking ahead of its 2027 debut 18. Temenos published a benchmark of its composable modernisation model and spoke at Sibos about modernising cores for real-time payments 1920.

CLS, a financial market infrastructure group, completed an infrastructure migration with Kyndryl 21. RedCompass Labs argued at Sibos that banks can manage payment modernisation complexity by using the wider ecosystem and AI 22.

What it means: Starting with a single function such as collections lets an institution test a supplier's SaaS before any core cutover. Vendor benchmarks of composable models should be read with their method in view.

Questions for vendors:

  1. Which modules can run on SaaS ahead of a full core change, and how do they integrate with our current core?
  2. What data and method sit behind your modernisation benchmarks?
  3. How do you support real-time payments during a phased migration?

In the registry: Core Banking (M2P Fintech), Banking and Financial Services (NTT DATA), KeyStone (Corelation)

Regulation and supervision

Sources

  1. Tata Consultancy Services, 2026-10-14: MyState Limited selects TCS BaNCS™ to transform core banking operations
  2. IBS Intelligence, 2026-10-13: Queensland Country Bank selects Fiserv and VeriPark to replace its core banking system
  3. Finextra (payments), 2026-10-15: Cross River embeds Ripple stablecoin into operating system
  4. Morningstar, 2026-10-16: Jack Henry Expands Collaboration with Google Cloud to Deliver Tokenized Deposits for Banks and Credit Unions
  5. FinTech Futures, 2026-10-15: Emprise Bank taps AI-native start-up Maximum for core banking tech overhaul
  6. Yahoo Finance, 2026-10-14: SBS launches sovereign AI platform for core banking with NVIDIA
  7. FinTech Futures, 2026-10-16: 10x Banking extends into embedded finance with Tungsten Pay+ ledger deal
  8. IBS Intelligence, 2026-10-16: Tungsten selects 10x Banking for Pay+ payments platform
  9. Payments Dive, 2026-10-15: Fiserv ‘reset’ bolsters case, litigants say
  10. The Paypers, 2026-10-16: Cross River integrates Ripple's RLUSD into core banking
  11. Yahoo Finance, 2026-10-16: Ripple Lands Core Banking Deal With Cross River — What Does It Mean For XRP?
  12. Finextra (payments), 2026-10-15: Episode Six launches real-time backing verification for tokenised money
  13. Payments Dive, 2026-10-13: Stablecoin startups advance payments
  14. Finextra Research, 2026-10-13: SBS unveils sovereign AI platform for core banking
  15. FinTech Futures, 2026-10-14: Video: Finastra at Sibos 2026 - The future of AI security and core banking modernisation
  16. The Paypers, 2026-10-16: 10x Banking powers Tungsten Automation’s Pay+ ledger
  17. Temenos, 2026-10-15: Sound Credit Union Selects Temenos SaaS to Modernize Collections Operations
  18. FinTech Futures, 2026-10-16: Florida's Glades Bank and Trust taps CSI for core banking ahead of 2027 debut
  19. Temenos, 2026-10-13: Benchmarking the Composable Modernization Model
  20. FinTech Futures, 2026-10-14: Video: Temenos at Sibos 2026 - Modernising core systems for the real-time payments era
  21. Finextra (security), 2026-10-15: CLS completes infrastructure migration with Kyndryl
  22. Finextra, 2026-10-15: The Smarter Path to Managing Payment Modernisation
  23. ABA Banking Journal, 2026-10-16: ABA supports bill to update regulatory thresholds
  24. NCSC, 2026-10-15: Post-quantum updates to our TLS guidance
  25. SEC, 2026-10-14: SEC Small Business Advisory Committee to Discuss IPO Modernization and Regulation Crowdfunding

About core banking software

Core banking platforms run the accounts, products and ledgers of deposit-taking institutions: deposits, loans, interest, fees and the general ledger.

Browse the products in the registry

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