[Go] Suite Geniusto

Type: Core Banking System

Review Date: 30 September 2024

Overview

Geniusto International Ltd. is a digital-first banking and fintech company founded in 2018. Headquartered in Australia, with offices in the UK, Singapore, and the Philippines, Geniusto aims to empower financial institutions by providing cutting-edge digital banking and payment solutions. At the core of the company's offerings is the [GO] Suite, a comprehensive platform comprising four key products:

[GO] Omni-channel: Provides a fully customizable, digital-first experience for web and mobile banking, available to all customer segments across all channels, both digitally and offline.
[GO] On-boarding: Offers fully configurable KYC (Know Your Customer) and KYB (Know Your Business) processes, customized risk-scoring, biometrics, and integrations.
[GO] Core Banking: A platform designed from the ground up for flexible configuration, automated compliance, CRM (Customer Relationship Management), and real-time insights across multiple entities and jurisdictions.
[GO] Payments: A low-code payment orchestration solution that operates across borders, currencies, channels, and instruments.

In this review, we will explore key features, technology stack, implementation process, overall performance, cost of implementation and ownership providing a comprehensive analysis of its benefits and areas to consider.

Key Features, Benefits, Considerations

All-in-one Architecture

Geniusto's [GO] Suite offers a comprehensive package including: Core Banking, Payments, Web/Mobile Banking, Staging Area & Reporting, Card Processing.

This suite is particularly beneficial for new financial institutions (green field) with limited budgets, as it provides a ready-to-use, out-of-the-box solution that can be quickly deployed.

For mature financial institutions with existing multi-vendor setups, adopting the entire [GO] Suite might require careful consideration to ensure compatibility with their current systems.

Third-party Integrations

The platform includes seamless integration capabilities with external systems via its REST API, known as the Bifrost layer. This enhances the flexibility and functionality of the platform, allowing it to connect and interact with various third-party services and systems.

The integration layer partially supports end-point data validation. Therefore, the implementation demands robust expertise of the system and careful testing to ensure accuracy and data consistency.

PSP/EMI Business Logic

The [GO] Suite supports a wide range of functionalities and integration end-points that cater specifically to the needs of PSPs and EMIs. This includes payment processing, electronic money management, and other services crucial for these institutions.

However, it may not fully cover the more complex requirements of modern retail banking, corporate banking, or investment banking, where alternative solutions might be necessary.

Security and Compliance

The product is PSD2 compliant solution:
- support OAuth 2.0 authorization tokenization in OpenAPI;
- onboarded with AISP/PISP functionality;
- Web/mobile applications support multi-factor authentication.

For local compliance specifics, it is essential to verify with Geniusto whether they are supported.

Low Code Modifications

The system allows for the creation of low-code customized document forms, reports, and products allowing financial institutions to tailor the platform to their specific business processes and requirements.

While the platform supports extensive customization, it requires substantial knowledge of the system, and significant training investments are necessary to fully utilize these capabilities. Alternatively, users can opt to purchase customization services directly from Geniusto.

Low Ownership Cost

The solution's cost is lower than that of many well-known core banking systems found in the Gartner quadrant, making it particularly suitable for "greenfield" financial institutions with limited funds and no solid income source.

For mature financial institutions with extensive business requirements, it's recommended to engage early with Geniusto to ensure all needs are met within the desired timelines.

Technology and Architecture

Cloud Agnostic

The solution is designed to be cloud-agnostic, supporting deployment on major cloud platforms such as AWS, Microsoft Azure, Google Cloud, and others.

Database Support

The recommended database is PostgreSQL, but if required it is possible to use Oracle 19 and MS SQL 2019 database vendors.

Application Framework

The main development framework is Java, managed by Wildfly, offering flexibility and scalability.

Rest API

The use of a large number of APIs enables easy integration with third-party applications and services, supporting an extensive ecosystem.

Other Challenges

Time-to-market experience

With the growing number of customers, Geniusto is experiencing an increased demand for resources. To ensure timely implementation of significant changes, it is recommended that institutions collaborate closely with the vendor and plan well in advance.

Comprehensive Training

A high level of expertise and skilled resources are necessary to manage and maintain the system effectively over time.

Adequate training for staff is essential to fully leverage the system’s capabilities and ensure smooth operations.

Conclusion

Geniusto's [GO] Suite offers a comprehensive and flexible solution for digital banking and payment needs, particularly suited for new financial institutions and EMIs. Its robust technology stack, low-code customization, and strong security features make it a compelling choice. However, the system demands significant expertise and training, and may not fully cater to the complex requirements of larger, more diversified financial institutions. For those seeking a scalable, digital-first banking solution, Geniusto presents a strong option worth considering.

Disclaimer:

The views and opinions expressed in this article are those of the author and is based on publicly available data and the author's personal experience. This article has been prepared for general information purposes only and you should not rely on its contents.