What is a core banking system? The engine behind every account
By SendPay Business · · 2 min read
- 1Name it and pick your colours
- 2Choose what it does
- 3Launch when you are ready
A core banking system is the software at the centre of a bank or money app. It keeps the ledger of every account and balance, records every payment in and out, and applies the rules for fees and limits. Apps, cards and payment networks all plug into it.
What it does
- Opens and closes customer accounts.
- Keeps the ledger: every balance and every transaction.
- Posts payments, card spending and transfers as they happen.
- Applies fees, interest and limits.
- Produces statements and reports.
Old cores and new cores
Many large banks still run cores built decades ago, which makes new products slow and costly to launch. Newer cloud cores are built to connect through APIs, which is part of why neobanks can move quickly.
Try it
Name your platform and watch it come to life
Type a name, tap a colour and pick what it does. The phone changes as you go.
Colour
What it does
Design and preview your whole platform free, then launch when you are ready.
Build, buy or white-label
Building a core from scratch takes a large team and years. Most new money brands license one, or use a white-label platform where the core, the app and the partner connections come ready, and focus on their brand and customers instead.
Where SendPay fits
SendPay platforms come with the accounts, ledger, cards, payments and apps already built, under your own brand and powered by licensed partners. You can preview your platform before you launch.
How it works
Money on its way- 1Pick who to pay and type the amount
- 2Tap send and it is on its way
- 3It lands in their account
Why sign up
Create your free SendPay account
It's all about creating your own financial platform with ease. Start with a free account today.
- 🪪A free business accountOpen it in about a minute with your business name, email, password and mobile. No card and no documents to start.
- 💳Get paid from day oneTake card payments, and share your own payment link and invoices so customers pay in a click.
- 🌐A free business websiteFree to build, free to publish and free to keep, with unlimited visits.
- 🚀Your own financial platformDesign and preview your whole platform free, then launch when you are ready.
SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.
Questions people ask
Is it cheaper to build it myself?
Work out the first-year cost of an in-house build, and see how a white-label launch differs.
Banking app build cost calculator →Read next
Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.