In particular, it will demonstrate how it can link with the Ripple payment protocol to offer the only viable proven alternative path of migration for financial institutions wishing to be part of the new ‘banking reality’.

Matrix Middle-Office software platform is the beating heart of financial institutions’ infrastructure: the centre of operations, the hub of the architecture, and the core of the customer machine. All internal and external interface conduits are combined to provide a consistent and relevant suite of services for customers. A single intelligent platform links all front-end channels to the back-office systems and 3rd party provider solutions, automating the fully integrated delivery of cost-efficient financial services. A built-in visual designer facility allows for quicker and easier creation of brand new bank products without the need for major software releases.

Matrix’ core target market is any bank wishing to deliver customer centric banking, most of which are held back by clunky, inflexible legacy systems that prevent innovation. Banks wishing to offer a true and new cross border payment alternative in addition to the existing Swift-based network can now consider offering Ripple, the open-source protocol for global, interbank transactions to their clients. At Finovate, Five Degrees will demonstrate how easy it is to embed services such as the Ripple protocol into Matrix, its state of the art SOA based banking platform, thus enabling banks to be part of the ‘alternative’ landscape too, giving them the benefit of reduced liquidity holdings in foreign banks and a fast - 5 second settlement - low cost service for their clients in an open, competitive and transparent marketplace.

“In a timeframe where legacy transformation and digital banking are amongst the key themes for Bank CIOs in 2015, we see a considerable move from ‘fear of change’ to ‘appetite for change’ in order to be ready for increasing customer demand of digital banking services, as well as the effects of impending regulation such as PSD2 in Europe, which will open up an entirely new playing field,” states Brian van Wachem, Chief Commercial Officer for Five Degrees. “Our Matrix platform kicks off this enablement where it matters most: in the mid-office by unlocking data in existing back office systems; enabling straight through business processes including customer dialogue, account opening; supporting financial solutions such as current accounts, saving and loans; and providing connectivity with third parties through an API enabled environment. Financial institutions are a vital pillar of our economy and there is absolutely no reason why they shouldn’t be able to offer the most customer centric proposition in this new market dynamic.”

“Our Matrix platform allows an agile connection with external services such as Ripple”, states Bjorn Holmthorsson, Co-Founder and Chief Technology Officer at Five Degrees. “What we demonstrate today underlines our development strategy of building technology that unlocks customer data from legacy systems to deliver next generation bank services in order to create a digital ‘bank’ that can serve customers at the top of the experience angle and at the bottom of the cost curve.”