October 14, 2021

Alongside JPMorgan Chase and BIAN ecosystem partners, Zafin initiated the second Coreless banking proof of concept (PoC) late last year, building on the success of the initial PoC

Today marks a significant milestone with Zafin’s ongoing journey with BIAN. Zafin, in conjunction with JPMorgan Chase and BIAN ecosystem partners, initiated the second Coreless Banking proof of concept (PoC) at the end of 2020. As each bank contemplates its unique approach towards modernization of its core systems, externalization of product and pricing from the core system has demonstrably reduced the risk of the modernization program while pulling in the benefits of modernization earlier. Building on the success of the initial Coreless proof of concept, the group sought to implement an end-to-end banking scenario surrounding Product Offer Management to demonstrate the core modernization approach leveraging the BIAN Framework in a real-world collaboration. In parallel, BIAN established an initiative to enable BIAN partners to certify their work as part of any future initiative and implementation.

The initial stages of the PoC 2 focused on the definition and documentation of the target business use case. Leading the use case stream, Zafin collaborated with the partners to establish the base use case and map to the common Service Domains used within BIAN. Each Service Domain was then further elaborated to the underlying Semantic Definitions and accompanying Business Object Models.

Through this discovery, additional initiatives sprang into life – two notable initiatives were the introduction of extensions to the BIAN Service Domains to accommodate new concepts of “Sub Behavioral Qualifiers” for complex business problems such as Rates & Fee determination as well as the need to support the mapping of new and existing business parameters.

These extensions, amongst other capabilities, also enable the true externalization of product, pricing and related functions from the core systems thus enabling dramatic improvements in time to market for products as well as holistic offer management across a variety of systems. The nature of the BIAN canonical model provides a strategic approach for introducing new business capabilities with lower technical challenges thereby lowering the risk inherent in any core modernization program.

Zafin has become the first participating member to define and implement sub-behavioral qualifiers for Fees and Rates within the Product Directory service domain for BIAN. Zafin provides several BIAN-compliant microservices which simplify the end-to-end business processes whilst increasing reusability for our clients and partners. Externalizing these services truly allow banking institutions to modernize their existing legacy cores with new business opportunities. Clients, such as PNC Bank, have benefited from this externalization approach to modernizing their core systems.

With the completion of the PoC 2, Zafin has also become the first participating member to successfully attain BIAN Certification for the implementation. This successful implementation also underpins the fact that Zafin can enable a variety of other complex business scenarios across both the retail and corporate bank of any financial institution.

Contact us at inquiries@zafin.com.