• Nymbus: Nymbus was founded in 2015 and offers a full stack banking platform that includes Nymbus Core. Its core system is built for the cloud, supports real-time processing, and is natively API first. Nymbus has 24+ bank and credit union customers on its Nymbus Core solution and is particularly known for its ability to help banks launch side-core or greenfield initiatives. Nymbus Core is a good example of a hybrid option that includes fourth generation capabilities.
  
  

• Oracle FLEXCUBE: The FLEXCUBE suite of products, including core banking, first launched in 1997 as part of i-flex Solutions (which Oracle later acquired). The FLEXCUBE core banking system has undergone a series of major upgrades since then, and today its capabilities include real-time functionality, cloud deployment, and a large library of RESTful APIs. It is widely in use globally and designed to allow institutions to quickly launch and manage a range of banking products.
  
  
• SAP Fioneer’s Transactional Banking (TRBK): It is difficult to trace the exact launch of SAP’s core banking platform, but its roots are with the release of SAP HANA in 2011. It is now part of SAP Fioneer — a joint venture between SAP and investor Dediq that provides an extensive suite of solutions to the financial services industry — and sold under TRBK. The system is cloud agnostic and real time. Its OpenCore architecture offers “granular domain and process APIs.” In 2024, SAP Fioneer formed an alliance with EY to deliver financial transformations.
  
  
• TCS BaNCS: TCS BaNCS has a long history that dates to 1983 when the original core system was released by Financial Network Services (FNS). Tata Consultancy Services (TCS) acquired FNS in 2005, after which the company made several significant updates, including a rewrite of the system’s database from COBOL to Java. Today, it is part of a suite of products sold under the TCS BaNCS umbrella. The TCS BaNCS core system supports public/private cloud hosting and real-time processing. All business functions are available via APIs.
  
  
• Temenos Transact: Temenos’ core banking platform launched as Temenos T24 in 2003, after a major rewrite of its Globus product. Several major updates were made in the early- to mid-2000s, and it relaunched as Temenos Transact in 2019. Today, it is available on-premises, via cloud, and as Software-as-a-Service (SaaS). It is a real-time system and offers modular solutions beyond core banking delivered via API, including payment, digital, financial crime mitigation, and AI capabilities.
  
  

What to look for in third generation core banking systems

Third generation core banking systems represent modern, open approaches to core development. A third generation system should be real time, built for the cloud, and API ready. It may or may not include bolt-on functionality and will generally offer greater vendor support than fourth generation systems.

• Real time: System is available 24/7/365, with no batch windows.
  
  
• Built for the cloud: Built for the cloud, allowing for frequent releases through continuous integration and continuous delivery (CI/CD).
  
  
• API ready: Communicates via modern, RESTful APIs.
  
  
• Turnkey functionality: Out-of-the-box functionality that requires little to no customization (unless by choice).
  
  
• Bolt-on functionality: May bundle additional functionality beyond the transaction engine, such as a digital frontend or onboarding, etc.
  
  
• Vendor support: Third generation systems are less “choose your own adventure” than fourth generation systems; vendors typically stay more involved.