SOURCE: Corezoid

Corezoid

May 10, 2016 09:00 ET

Corezoid's Cloud Platform for Assembling Plug-and-Play Banking Processes Expands to the U.S. and Western Europe

Available Out-of-the-Box Services for Banks Include P2P Money Transfers Through Visa, MasterCard and Western Union

REDWOOD CITY, CA--(Marketwired - May 10, 2016) - Corezoid (https://www.corezoid.com), the platform-as-a-service for orchestrating data from APIs, today announced its immediate availability for banks in the U.S. and Western Europe. This major expansion builds upon Corezoid's rapid success in Eastern Europe -- especially in the financial sector -- where Corezoid technology powers some 70,000+ business processes for PrivatBank, the largest bank in Ukraine. Corezoid's platform is also the basis of Western Union's recently launched online money transfer service in Ukraine, implemented in collaboration with PrivatBank.

Corezoid works like super glue for APIs, able to assemble and connect disparate business processes to produce powerful integrations. No matter what language a piece of software is written in, if it has an API it can push data to Corezoid -- where data from dozens or hundreds of APIs is orchestrated. Corezoid gives banks a new digital core, enabling them to have a single cloud platform for all of their existing processes. Corezoid eliminates many legacy software issues and facilitates real-time event processing, as well as fast prototyping and the adoption of new API-based capabilities. With the wider availability of Corezoid's platform allowing for any API-based process to be hot-swapped into any business solution, Corezoid has built the foundation for a new global marketplace of processes and algorithms, in line with what Gartner has envisioned as the emerging "algorithm economy."

"Right now there are 30,000 banks in the world, and each has an IT department inefficiently reinventing the same bank-specific solutions," said Alexander Vityaz, founder, Corezoid. "With Corezoid, banks can instead use ready-made processes for online banking, mobile banking, e-commerce, P2P money transfers, compliance, etc., simply by connecting the APIs they need. This saves banks time, it saves them money, and allows them to get new products to market faster than ever. That's the promise that cloud banking has to offer."

The Corezoid-invented concept of purchasing and utilizing new processes with plug-and-play ease is especially vital to cloud-based banking and an industry grappling to replace costly and cumbersome legacy IT infrastructure with more capable and customer-centric solutions. To help deliver on the promise of this concept, Corezoid is first offering banks in the U.S. and Western Europe APIs available "out of the box" for implementing P2P money transfer services through Visa (Visa Direct), MasterCard (MoneySend), and Western Union.

Whereas traditionally banks and other financial companies would need to perform considerable hardcoding to make use of any particular API, Corezoid allows for them to be orchestrated and implemented with ease. At the same time, major players in the financial and technology sectors are making moves in preparation for cloud banking as a reality. Both Visa and MasterCard have recently strengthened commitments to API-based ecosystems. In 2015, MasterCard announced its Open API Declaration and last month Visa followed by making hundreds of powerful financial APIs available through its developer.visa.com portal. Amazon has also recently stated its intentions to target the banking industry with its cloud services offerings -- the same cloud services that Corezoid's platform runs on.

Sign up for Corezoid at www.corezoid.com.

About Corezoid

Founded in 2013, Corezoid provides a platform-as-a-service cloud operating system that enables companies to build agile business processes triggered by real-time events. Corezoid's platform is a super glue for APIs, allowing companies to avoid hardcoding by instead assembling API-based solutions. Key customers include PrivatBank, the largest bank in Ukraine. The company is headquartered in Redwood City, California.