Market scan guide · Core banking
How to run a core banking market scan
A core banking scan is the longest and most consequential a deposit-taking institution runs: the system holds every account and ledger, the migration takes years and the contract a decade. The scan has to settle, before any RFP, which vendors run institutions of your size under your regulator, and which of them you could actually get to.
The core banking landscape in numbers
The registry lists 75 core banking vendors with 215 products, headquartered in 27 countries. 55 name at least one financial institution as a customer. 0 of the products mention an AI capability in their own text (0%). 11 mention a cloud native or SaaS delivery.
Core banking vendors by headquarters country: the figures as a table
| Item | Value |
|---|---|
| United States | 20 |
| Australia | 8 |
| India | 8 |
| United Kingdom | 6 |
| Switzerland | 4 |
| Brazil | 3 |
| Netherlands | 3 |
| Finland | 2 |
| France | 2 |
| Japan | 2 |
Capabilities most often mentioned by core banking products: the figures as a table
| Item | Value |
|---|---|
| Cloud native 0 confirmed | 11 |
| Deposits 0 confirmed | 7 |
| Cards 0 confirmed | 3 |
| Product config 0 confirmed | 3 |
| Term deposits 0 confirmed | 3 |
| Business 0 confirmed | 2 |
| General ledger 0 confirmed | 2 |
| Migration 0 confirmed | 2 |
| Becs bpay 0 confirmed | 1 |
| Cdr 0 confirmed | 1 |
| Lending 0 confirmed | 1 |
| Real time 0 confirmed | 1 |
Core banking vendors founded, by year: the figures as a table
| Year | Count |
|---|---|
| 2017 | 3 |
| 2018 | 1 |
| 2019 | 1 |
| 2020 | 0 |
| 2021 | 1 |
| 2022 | 2 |
| 2023 | 0 |
| 2024 | 0 |
| 2025 | 0 |
| 2026 | 0 |
The largest by named customers
| Vendor | HQ country | Named customers |
|---|---|---|
| DXC Technology | United States | 20 |
| ERI | Switzerland | 20 |
| Topaz | Brazil | 18 |
| Digizoo | Australia | 17 |
| Azentio | Singapore | 14 |
| Netcompany Banking Services | Denmark | 14 |
| IBM | United States | 13 |
| Treasury Prime | United States | 12 |
The newest entrants
| Vendor | HQ country | Founded |
|---|---|---|
| Constantinople | Australia | 2022 |
| Engine by Starling | United Kingdom | 2022 |
| SAP Fioneer | Germany | 2021 |
| Tuum | Estonia | 2019 |
| Netcompany Banking Services | Denmark | 2018 |
| DXC Technology | United States | 2017 |
The full list, with every vendor's flagship product and named customers: Core banking software vendors.
How to evaluate core banking vendors
- Fix the scope firstDeposits, lending, payments, cards and the general ledger are one platform at some vendors and four at others. Decide what the core must own and what stays beside it before reading a vendor.
- Read deployed customers, not roadmapsA core that runs at an institution of your size, in your country, under your regulator, is evidence; a planned region or a reference abroad is a question for the RFI.
- Test configuration against your productsAsk each vendor to configure two of your real products (an offset home loan, a tiered savings account) in a scripted demonstration, with the fee and interest rules.
- Price the migration, not the licenceThe subscription is the smaller number. Ask for the implementation plan, the data conversion approach and two comparable migrations with their elapsed time.
- Check the operating modelWho runs it: the vendor as a managed service, the institution, or a partner. Each changes the operational resilience evidence your regulator will ask for.
The method for the scan as a whole, longlist to shortlist, is on the market scan page; the report template gives the headings.
The requirements that separate them
Must-haves in most scans of this category: the register's gates. Each needs evidence named beside it.
- Product configuration by the institution without vendor code changes
- Real-time transaction processing and a real-time ledger
- Local payments rails and open banking obligations built in, not integrated later
- Hosting in the institution's country, with the sub-contractors disclosed
- A documented migration method with named prior conversions
- Business continuity and exit terms that meet the prudential outsourcing standard
The rules procurement teams ask vendors about
By country, the rules specific to core banking procurements. Vederca certifies nobody against these: they say what evidence to ask for.
Australia
- AML/CTF Act (AUSTRAC): Reporting entities keep customer identification, monitoring and AUSTRAC reporting in step with the Act and Rules.
- APRA reporting (APRA Connect): Returns are prepared to APRA's reporting standards and lodged through APRA Connect.
United Kingdom
- MLR 2017 and NCA reporting: Customer due diligence, monitoring and suspicious activity reporting meet the Regulations and JMLSG guidance.
- PRA, Bank of England and FCA reporting: Returns are prepared to the PRA Rulebook and FCA Handbook and lodged through BEEDS and RegData.
Canada
- PCMLTFA (FINTRAC): Reporting entities verify identity, keep records and report to FINTRAC under the Act and Regulations.
- OSFI and Bank of Canada reporting: Returns are prepared to the reporting instructions and lodged through the Regulatory Reporting System.
United States
- BSA/AML (FinCEN): Customer identification, monitoring and FinCEN reporting meet the BSA and the CDD Rule.
- FFIEC Call Reports and Federal Reserve reporting: Reports are prepared to the FFIEC and Federal Reserve instructions and filed on time.
Go further
- Core banking software vendorsEvery core banking vendor, the largest by named customers, the newest, the table and the questions.
- Core banking in financial services this weekThe weekly brief: the news in this category, with its sources.
- Fintech Market Scan 2026The whole landscape in numbers.
- Have Vederca run the scanYour requirements to up to 15 core banking vendors, every response evaluated, a report recommending a shortlist. One fixed fee.