Full implementation completed in record 88 days
MUMBAI, India, Feb. 16, 2023 /PRNewswire/ -- Unity Small Finance Bank Limited (Unity SFB), a new-age digital-first bank, has replaced its core banking system (CBS) with M2P Fintech's Turing CBS. The new generation platform will revolutionize the way the bank serves its customers by offering seamless digital banking experiences.
The implementation entailed migration of the Bank's Core Banking System covering 111 branches serving over 15 lakh customers. A first-of-its-kind and a record of sorts, the entire CBS implementation was completed in 88 days with no parallel run and all branches were migrated to the new CBS on the same day. Turing CBS, built on Micro Services architecture, comes with native capabilities that includes low-code / no-code product capabilities, API gateway on top of the cloud-agnostic Turing platform that allows the entire bank to be ready with embeddable journeys.
Jaspal Bindra, Executive Chairman, Centrum Group said, "Congratulations to Unity SFB and M2P Fintech on the successful implementation of the new core banking system in record time. This accomplishment not only demonstrates the bank's commitment to innovation and efficiency, but it also promises to enhance the customer experience and accelerate the bank's growth. The partnership with M2P and Unity Bank teams was no doubt successful, and I am confident M2P will continue to provide the technology assistance for Unity Bank to stay ahead of the curve in digital offerings."
"We are delighted to offer our customers the convenience and capabilities of the new digital core banking system," said V. Vaidyanathan, Chief Information Officer, Unity Small Finance Bank. "This new system demonstrates our commitment to continuously improve the banking experience for our customers and stay at the forefront of innovation in the industry. M2P's deep understanding of the digital banking ecosystem has been a huge advantage and we shall continue to innovate in partnership with them."
Unity Bank has worked closely with M2P Fintech to ensure that the CBS is reliable, nimble, secure, and is built to cater to myriad of digital initiatives that the Bank intends to introduce.
Madhusudanan R, Co-founder of M2P Fintech said, "We are delighted to partner with Unity Bank in their journey to transform into a digital native Bank. By working with our teams to replace the entire technology stack of the bank in record 88 days, Unity Bank has reset the innovation cycle times for banks in India. In most markets, a CBS migration runs in quarters and years - we have changed the narrative to months and weeks. We thank the Bank's leadership team for the confidence and trust placed in M2P."
Satish Krishnaswamy, Head of Banking Business, M2P Fintech said, "We congratulate Unity SFB for the implementation and Go-live of Turing CBS. We are also glad to bring to fore our core capabilities around proprietary data migration platform that allowed us to complete the migration in record time and in that, the bank has accelerated its go-to- market plans for new and innovative digital banking products. India is leading the world in financial services technology innovation, and this implementation, we believe, is an important inflection point in realising our technology prowess."
M2P's TURING CBS is a modern core banking system that that offers cutting-edge security, lightning-fast processing, and ease of data migration. The comprehensive platform comes bundled with Enterprise Service Bus and an API manager to cater to embedded journeys, Treasury platforms, natively integrated Payment processing systems to cater to burgeoning payment ecosystem including cards, AEPS (Aadhaar Enabled Payment System), UPI (Unified Payments Interface), IMPS (Immediate Payment Service) et all. Banks also have the option to leverage distinct features around AI/ML capabilities for financial risk management, low-code platform, and agility to hyper-personalise offerings.
Customers can experience the power and convenience of the new system by visiting https://www.unitybank.com/
