For the Cloud Banking solution IBSP uses National Cloud (in the nation) or Local Cloud (at the banks IT-department) server locations to ensure the security as most central banks not allow customer and transaction information to be stored at unknown locations on the internet.
Cloud Banking accesses the banking services via the internet (the ‘Cloud’) rather than using a personal computer software or local branch servers. It allows users to tap into secure networked servers and to access data and applications from anywhere from any device.
Cloud banking and cloud computing is also seen as a subset of grid computing that includes utility computing and other approaches to the use of shared computing resources. Again, this is seen as a reliable, secure and cost effective alternative to local installed bank servers or personal devices handling users’ applications.
The IBSP services are sold as licenses for banks and financial institutions which handle core banking services, transactions and payment services for their customers. The services were established in 2010 through IBSP Hong Kong Ltd, and it was introduced to the world market 2013.
Goals & Vision
IBSP’s vision is to be the dominant and global web-based cloud banking service provider for the next generation of banking solutions. In addition to relieving and eliminate the headache of complicated and expensive administration tasks for banks and financial institutions we offer our customers a cost effective cloud banking solution.
Our vision is to expand to new markets from Sweden, Europe and into new markets such as Africa and Far East Asia where mobile phone networks are well developed and can be used by our services for payments and transactions via different mobile devices.
Our main target market is to reach new customers such as the unbanked, elderly and young people as they all use money. The IBSP system is developed to reach these customer groups with easy to use and secure solutions.
The business idea is to offer banks and financial organizations a cost effective alternative in parallel with existing installed banking systems, where the user easily via the Internet or mobile devices can handle banking functions with high security and easy to use functions.
The core banking system is developed in Sweden by well-experienced personnel on the Linux platform, where the security knowledge has been supported by Ardy Electronics AB with 30 years experience of secure communication solutions to governments and banks. The IBSP Banking system contains bank management backoffice functions for registration and reporting for all users, accounts, transactions, payments, loans, interests and currencies.
The IBSP system can be connected via APIs or protocols to external services such as other core banking systems, ATM´s, POS, exchange, clearing houses, SWIFT and telecom companies.
Customers groups for this cloud banking system and services are; new started banks and payment services who like to offer their customers cost effective, secure and easy to use Internet and mobile device based banking.
Another important customer group is well established banks who strive to increase their cost effectiveness and reach new customer groups and gradually move new customers to the cloud banking system at the same time keeping the existing already installed core banking systems from other vendors.