2 min read
five°degrees helps SME lenders quickly tap into new markets with rule engine.
Dutch cloud-native core banking provider gives SME lenders the tools to quickly enter new markets using their rule engine.
Amsterdam – °neo by five°degrees, a next-generation core banking platform that helps financial institutions transform their legacy core banking system within weeks, has integrated a new feature. This enhancement enables financial institutions to quickly set up or configure business rules to achieve a much faster time to market for introducing new product propositions and business models.
The rule engine gives lenders the possibility to quickly and efficiently establish, execute, and manage their own rules. It does so via its low code configuration possibilities, translating to easy-to-create rules, test case functionality and ensures rules are consistent. This includes deployable rule libraries, where lenders can keep track of rule usage, safeguarding system efficiency, and above all, keep the rule library maintainable.
Fridrik Reynisson, Chief Architect °neo by five°degrees: “We are excited to announce that we have integrated a business rule engine into our core-banking platform °neo, allowing for easy rule customization. By including a business rule engine, a launching time of several weeks becomes days. This allows lenders to quickly tap into new, profitable markets and adhere to fast-changing consumer demands. We recently demonstrated the new feature on stage at Finovate Europe in London. Here we showed a use case of an SME lender who wanted to work with broker channels. Using the rule engine, the lender quickly configured their fee structures by setting up different fees on different loans, allowing them to work with multiple brokers in minutes. This gives lenders a tremendous amount of flexibility.”
°neo is a secure, robust, and open cloud-native modular platform that provides lending and transactional accounts as core product engines, as well as client data management. The system is fully configurable and offers a complete view of all entities, events, products, and relationships.
As °neo has a banking-grade data structure that is specifically designed for modern banking, institutions can move, access, and manage data to suit their requirements. This gives banks and other lenders control over and insights into their organizations. Both are key to meeting regulatory requirements and driving growth in a competitive digital landscape.
About °neo by five°degrees
°neo by five°degrees is a cloud-native core banking solution that enables financial institutions to meet today’s standards. The platform was born in 2019 with a mission to support financial products for banks and lenders that want seamless SaaS (Software as a Service) loan management technology. °neo combines a deep knowledge of banking, years of experience, and outstanding technological expertise. Its users benefit from a next-gen core banking system that provides banking-grade granularity with extensive data management capabilities and a codeless configuration.
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