MIND-xQ - Bank Information System

MIND-xQ - Banking Information System project has been subsidized by European Regional Development Fund. The project lasts from 01.04.2010 till 31.03.2012.

The main goal of the project is a core bank information system – Mind-xQ – that covers an entire range of banking activities, including internet and analytical baking. The advantages of Mind-xQ are as follows:

• highly flexible architecture enables quick (even on-line) and cost-effective adjustments and changes to the system;

• advantageous price and low initial investments for implementation and use of the system (suitable also for small and medium sized start-ups);

• distributed functional modules allow clients to implement the functionalities that are crucial and necessary for particular institution’s current activities (requirements change over time);

• integrated decision-support system that provides input and support for decision making processes; high capacity and possibility to distribute IT resources among different modules;

• distributed architecture supports business model of outsourcing different services.

The advancement in technology, especially internet and information technology, has led to new ways of doing business in banking. These technologies have cut down time, increased efficiency and allow working simultaneously on different issues. The platform where communication technology and information technology are merged to suit the core needs of banking is known as Core Banking Solutions. Computer software is developed to perform core operations of banking like recording of transactions, passbook maintenance, interest calculations on loans and deposits, customer records, balance of payments and withdrawal.