Accenture has introduced an enhanced version of its core banking platform Alnova Financial Solutions that can be upgraded through the use of standard software components.
The company said that the new version can help banks support their product and pricing requirements and can be integrated with legacy systems using service-oriented architecture (SOA) and third-party business process management tools.
Matthew Edwards, managing director of banking software-backed solutions in Accenture’s Financial Services group, said: “Banks are currently at a crossroad, pressured to aggressively cut costs while positioning for advantage when the cycle shifts to growth. The high cost of maintaining and enhancing legacy systems stands squarely in the way of the kinds of product and service innovations needed in an increasingly competitive environment.”
In order to streamline implementations and future upgrades, the company said it has expanded the use of common software components and support for Alnova deployments through its global delivery network.
Teresa Alvarez, senior executive and head of core banking transformation services in Accenture’s banking industry practice, said: “Our development approach with Alnova is to balance the benefits of both standardised packages and tailored solutions. This upgrade can provide a full range of capabilities and reusable components for easier upgrading, while helping to enable customisation without all of the high costs of adapting external systems to core platforms.”
Other enhancements to the new version include: a delivery and implementation methodology to reduce implementation costs and risks; enhanced software-testing and data-migration capabilities; a new tool for estimation of time and efforts required for implementation; and an electronic repository of Alnova design data to help banks establish design requirements and customise the product.
