Banking software

Banking software is enterprise software that is used by the banking industry. Typically banking software refers to Core Banking Software and its interfaces that allows commercial banks to connect to other modular software and to the interbank networks. It can also refer to the trading software used by investment banks to access capital markets.

Commercial or retail banks use what is known as core banking software which record and manage the transactions made by the banks' customers to their accounts. For example, it allows a customer to go to any branch of the bank and do its banking from there. In essence, it frees the customer from his/her home branch and enables him to do banking anywhere. Further, the bank's databases can be connected to other channels such as ATMs, Internet Banking and SMS based banking.

Banking software is used by millions of users across hundreds or thousands of branches. This means that the software must be managed on many machines even in a small bank. The core banking system is a major investment for a retail banks and maintaining and managing the system can represent a large part of the cost of running a bank.

All banking and other financial institutions have areas which they specialize in. Bloomberg is another privately held financial software, news, and data company located in New York City, USA. It offers financial software tools such as analytics and equity trading platform to financial companies around the world through the Bloomberg Terminal, its core money-generating product.

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