Geniusto International is a Perth, Western Australia-based technology ‘enabler’ for banks and credit unions, payment providers, remittance companies, and eMoney issuers.
Oradian, headquartered in Zagreb, Croatia, offers an extensible, cloud-native core banking solution optimised for financial institutions in emerging markets. The two groups have formed a partnership. IBS Intelligence asked Antonio Separovic [AS], Co- Founder & CEO, Oradian, and Matthew Edmunds [ME], Group CEO, Geniusto International to explain the background to their partnership venture:
[AS] “Oradian provides the native-cloud core banking platform forming the architecture layer that underpins all our customers’ business operations, including accounting, loan management and products, with a suite of services fully enabling any mainstream lender or neobank providing financial services to its end-clients. From the very beginning, we designed our system with an accessible and simple API architecture layer to enable third parties, like Genuisto, to plug in and add functionality that further enhances our customers’ offerings to their end clients.”
[ME] “Geniusto and Oradian were initially brought together by our mutual customer Cantilan Bank in the Philippines. It was clear from the beginning that there is an excellent synergy between the two companies in terms of philosophy and approach to delivering world class, flexible, and scalable solutions for banks and non-bank financial institutions. The two product sets nicely complement each other to provide a complete suite of tools for a financial institution to fully address the post-Covid digital landscape.”
What is the back story… how has each company evolved?
[AS] “As a provider of the core we seek out the optimal partners that can enable enhanced functionality and widen the suite of services our customers offer their clients. Geniusto fits this perfectly. We needed
a provider that could that integrate seamlessly to our core via APIs and a team we could work with to make the integrations simple while also taking the extra effort for our customers. Since partnering we’ve successfully deployed the joint solution with two large banks in the Philippines. The recent implementation of AgriBank is a testimony to the partnership, we have many more to follow.”
[ME] “The Geniusto technology was first established out of the UK in 2001. The suite of tools was fully focused from the beginning on the customer facing challenges of ‘transactional banking’. The powerful Geniusto Payments Orchestration suite, paired with mobile and web apps, allows an institution to fully address the needs of both its retail and business customers with high security and deep capability around all types of payment services.”
What are the benefits of a cloud native core banking system?
[AS] “Oradian is optimised for financial institutions in emerging markets looking for a flexible, adaptable approach to reaching more clients, scaling their business, and digitalising their processes, quickly. Our advanced, extensible banking system integrates seamlessly with our customers’ businesses via APIs to provide automated lending, risk management, scoring, accounting, compliance, messaging, reporting and more. Our core is extremely flexible with the ability to meet our customers’ ever-evolving demands. This has been achieved by focusing on understanding
our customers’ needs, their local lending and saving practices and ensuring our system can parametrise easily, with no coding required.
“Being on the cloud means these financial institutions can work more effectively and efficiently in the remote environments in which they operate. Being cloud-agnostic and built for extensibility means financial institutions can extend their banking and lending services through our core system to add a suite of services that fit local regulatory requirements or meet changing customer expectations.”
Geniusto is described as a ‘technology enabler’ – what does that mean in practice?
[ME] “We take an agnostic approach to empowering the needs of an institution. At the heart of our solution is a powerful API integration hub tool that allows us to connect to unlimited systems and payment rails. We are happy for a bank to use some or all our modules and mix and match with solutions from other providers such as Oradian. Our goal is to ‘enable’ the customer with the best set of tools to address their specific challenges.”
How does a subscription-based service benefit clients?
[AS] “In the past many financial institutions were excluded from the best technology due to large upfront costs, complicated lengthy contracts, and no business alignment. With the Oradian way, we grow and scale as our customers grow, ensuring our business interests are always aligned throughout our partnership. It can be seen as ‘pay
as you grow’ and it enables access to cloud-native, extensible core banking technology, inclusive of the infrastructure and hosting, with no hidden costs.
“Included in the subscription fee is full support over the implementation phase, hosting, updates, data recovery and all the enablement to operate the software too. This keeps the pressure on us to ensure full implementation is delivered in the shortest possible time, the system is always online and that our customer can focus 100% on their core business.”
[ME] “Geniusto’s ‘pay as you grow’ subscription-based licensing model provides a highly cost-effective approach for customers, providing considerable savings over time as their volumes grow. This OPEX model provides capital efficiency and predictability of costs for the institution.”