Become an e-bank in eight weeks

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Become an e-bank in eight weeks

Nick Huber
Small and medium-sized banks in the UK could be able to develop Internet banking services in as little as two months by using a new technology platform.

The Java-based IBS Corporate platform from COR Internet Banking Solutions allows banks to slot pre-packaged modules, including corporate cash management and personal banking, into their existing IT systems.

COR Internet Banking Solutions said the platform is ideal for small and medium-sized banks that have not yet developed an Internet banking service and lack the IT resources of the large high street banks.

Previously, if a smaller bank wanted to develop its own Web banking service internally the project could take between 18 months and two years, according to COR estimates.

IBS Corporate has been endorsed by hardware manufacturer Sun Microsystems and consultancy Cap Gemini Ernst & Young, although COR has yet to announce any customers for the product.

"While there are many generic market offerings that can provide some of the required functionality banks want to hit the market quickly and avoid all the long internal systems build, they have little choice if they want to buy off-the-shelf," said Keith MacDonald, vice-president for retail banking at Cap Gemini Ernst & Young.

However, some question whether the COR platform will find a market, because many banks have already bought Internet banking systems from other suppliers. "You have to question whether there is a gap in the market," said Tony Lock, senior analyst at Bloor Research.

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