Retail banking disruption is now spilling over to institutional and commercial banking with an increasing expectation from corporate customers of a seamless online experience from simple onboarding and account opening through to self-service product creation. The adoption of real-time payments is rapid and coupled with a growing demand for high transaction volumes, fast account opening and of API-driven solutions this is shining a light on the limitations of existing batch or overnight banking systems. Treasurers and CFOs are now expecting their data and banking services to be real-time and integrated, enabling consolidated solutions that provide multi-banking relationships and multi-entity, multi-national, payment streams in one channel (omni-channel propositions).
For many banks delivering a competitive offering that meets this expectation is challenging with siloed, on-premise core systems that are often not compliant with the latest standards, not API enabled and not open to third party system integration. The impact can be a poor customer experience where customer onboarding and account opening is slow, potential delays during peak transaction periods, and a lack of flexibility in meeting new product demands.
In this landscape Floe provides a solution that enables banks to offer an open, high volume, digital corporate bank account platform without the need for a complete system overhaul.
A Layered Platform
Floe offers a layered platform that can address many of these issues:
- An Orchestration layer leverages existing banking, payments and regulatory infrastructure and enables connection to multiple banking and regulatory sources, managing the flow of data in and out of the Floe Core.
- The Floe Core is a full featured modern bank account platform
- A Services layers offers a library of modular micro-services that provide the building blocks for delivering customised banking solutions. This includes the ability to seamlessly integrate third party apps.
- The Floe Foundry streamlines the assembly of services to rapidly deliver digital products and solutions that meet the needs of individual customers, verticals, partners or domains.
Floe’s open and API based architecture facilitates the delivery of this capability through any channel, including API integration with customer systems or through the provision of Banking as a Service solutions.
Digital Platform over a Legacy Core
To overcome the limitations of legacy core banking solutions Floe is able to provide a comprehensive bank account platform that sits as an overlay on the bank’s core institutional banking system. Though it can operate as a more traditional virtual account solution reacting to account activity in a core banking platform, Floe provides a more sophisticated approach that can manage all the day-to-day aspects of account management, payments and interest calculation while the integration with core systems can ensure that all payment, interest, balance and reporting data is managed for bank treasury, capital adequacy, cash flows and interest payment purposes.
Party creation will usually depend on existing bank KYC and AML systems however, once completed, account opening can be very fast and with real-time payments new accounts can be opened by the bank’s customers with new balances very quickly. Floe is able to integrate with any payment channels and for stockbrokers or other bank customers wanting to enable rapid on-line account set-up for their clients Floe can have users transacting from a new account within minutes.
With a flexible integration approach and an account and payment model that avoids some of the allocation issues of virtual account systems, Floe allows you to develop a customer-centric digital solution while working alongside the core systems you rely on today.
Floe enables you to remove your dependency on legacy technology, delivering innovation without the need for fundamental infrastructure changes.
Designed for Growth
Built as a fully cloud based platform Floe delivers the benefits that are now expected of a modern solution: flexible deployment through either on-premise infrastructure, in your cloud or in ours; the ability to provide near real-time customer onboarding and instant account opening; alignment with open banking and ISO20022 standards; scalable architecture that can deal with millions of accounts and transactions; an immutable database providing accurate and transparent recording of all financial transaction data, ensuring a robust and indisputable audit trail; and an open approach that will allow for new and future applications, standards and banking trends.
Unlock Limitless Banking Possibilities with Floe
Floe provides more than just a banking solution; it’s a catalyst for your financial institution’s transformation without the risks associated with legacy replacement. Experience seamless integration, enhanced flexibility, and reduced friction in your corporate banking operations with Floe to enable virtual account, client money management, corporate cash management, or any range of banking as a service solutions. Our innovative platform offers an adaptable and future-ready enterprise solution that allows you to stay ahead of the curve by taking advantage of cloud native digital banking and deliver exceptional corporate banking experiences for your customers.