Unity Bank upgrades Core Banking System to M2P’s Turing CBS
Full implementation completed in record 88 days
MUMBAI, India, 15 February 2023 /PRNewswire/ — Unity Small Finance Bank Limited (Unity SFB), a new era digital-first bank, has replaced its core banking system (CBS) with M2P Fintech’s Turing CBS. The new generation platform will revolutionize the way the bank serves its customers by offering seamless digital banking experiences.
The implementation involved migration of the bank’s core banking system covering 111 branches serving over 15 lakh customers. The entire CBS implementation was completed in 88 days without any parallel execution and all branches were migrated to the new CBS on the same day, a first of its kind and a record. Turing CBS, built on Micro Services architecture, comes with native features that include low-code/no-code product features, API gateway on top of the cloud-agnostic Turing platform that allows the entire bank to be ready with integrated journeys.
Jaspal BindraCEO, Centrum Group so, “Congratulations to Unity SFB and M2P Fintech for successfully implementing the new core banking system in record time. This achievement not only demonstrates the bank’s commitment to innovation and efficiency, but also promises to improve the customer experience and accelerate the bank’s growth. The partnership with the M2P and UNITY Bank teams was undoubtedly successful and I am confident that M2P will continue to provide technology assistance for Unity Bank to stay at the forefront of digital offerings.”
“We are excited to offer our customers the convenience and capabilities of the new core digital banking system,” so V. Vaidyanathan, Chief Information Officer, Unity Small Finance Bank “This new system demonstrates our commitment to continuously improve the banking experience for our customers and stay at the forefront of innovation in the industry. M2P’s deep understanding of the digital banking ecosystem has been a great asset and we will continue to innovate in partnership with them. . “
Unity Bank has worked closely with M2P Fintech to ensure CBS is reliable, agile, secure and built to accommodate a myriad of digital initiatives the bank intends to introduce.
Madhusudanan R, Co-Founder by M2P Fintech said, “We is excited to partner with Unity Bank in their journey to transform into a digital native bank. By working with our teams to replace the entire technology stack of the bank in a record 88 days, Unity Bank has zeroed out innovation cycle times for banks in India. In most markets, a CBS migration runs for quarters and years – we’ve changed the narrative to months and weeks. We thank the bank’s management team for their trust and confidence in M2P.”
Satish KrishnaswamyHead of Banking, M2P Fintech so, “We congratulate Unity SFB on the implementation and commissioning of Turing CBS. We are also pleased to highlight our core capabilities around proprietary data migration platform which enabled us to complete the migration in record time, and in which the bank has accelerated its marketing plans for new and innovative digital banking products. India is a world leader in technology innovation for financial services, and this implementation we believe is an important turning point in realizing our technological prowess.”
M2P’s TURING CBS is a modern core banking system that offers cutting-edge security, lightning-fast processing and easy data migration. The comprehensive platform comes with Enterprise Service Bus and an API manager to accommodate embedded travel, Treasury platforms, embedded payment processing systems to accommodate a growing payment ecosystem including cards, AEPS (Aadhaar Enabled Payment System), UPI (Unified Payments Interface) , IMPS (Immediate Payment Service) et all. Banks also have the opportunity to leverage distinct capabilities around AI/ML capabilities for financial risk management, low-code platform and agility to hyper-customize offerings.
Customers can experience the power and convenience of the new system by visiting
About Unity Small Finance Bank Limited
Unity Small Finance Bank Limited is a scheduled commercial bank, promoted by Centrum Financial Services Ltd with Resilient Innovations Pvt Ltd as a joint investor. It strives to be a Digital First Bank with a collaborative and open architecture business model, uniting all its stakeholders to deliver a seamless digital banking experience. Driven by its mission to have the highest standards of corporate governance, Unity Bank has in place a strong board of industry veterans. Unity Bank started its operations in November 2021. MR. Vinod RaiFormer CAG of Indiais chairman of the bank’s board.
About M2P Fintech
Founded in 2014 and headquartered in ChennaiM2P Fintech is Asia’s largest API infrastructure company offering a wide range of services that enable businesses of any scale to embed financial services. M2P Fintech is an omni-channel platform operating in over 20 markets worldwide Asia Pacific, MENA and Oceania regions. Pioneering next generation financial services through innovative offerings, M2P operates 300+ Banks, 100+ NBFCs and 800+ Fintech engagements across various industries serving over 35 million end users. Our comprehensive technology stack powers the core banking system, core lending suite, BNPL, customized credit cards, prepaid cards and much more.
SOURCE M2P Solutions Private Limited
