Why WoodCore?

One question we get a lot is this — “What exactly are you guys building?” “Are you trying to build something like PayStack or Flutterwave?” Well, the simple answer is no. To understand what we are building, it’s necessary to have a proper grasp of what core banking means.

Let’s start with this example, say you open an account at a bank’s branch in Lagos. A couple of months later, you move to a different state and you need to withdraw money via the cashier desk within the bank’s premises. When you submit your withdrawal slip, you don’t doubt that you are going to get your money even though you opened your account at a different branch in a different state.

So you are able to get your money because there is a centralized platform where data is being stored and shared, it is at the core of all the bank’s operations, it is this system that allows you to perform activities like internet banking, withdrawing from ATM’s, mobile banking, performing transfers etc.

That is what a core banking platform does, it is a program that enables customers to be able to perform tons of activities across the financial/banking spectrum.

Now, having a core banking platform is integral to the operation of every financial service provider (fintechs, digital banks, payment service providers, traditional banks) and basically any tech enabled business with a product requiring banking capabilities.

Here is where it gets interesting, At WoodCore, what we are doing is building a modern cloud enabled core banking software that is lightweight and flexible so it can be rapidly integrated with your product.

What this means is that;

1. You can speed up your go-to-market: We have over 50 ready to use API resources that enable you to rapidly launch products that require banking capabilities way faster than you normally would have. So whether you are a building a savings product, a loan product etc. Integrating WoodCore onto your platform means you have the backend of things covered. Basically, we are your back office.
2. We help you save costs: WoodCore takes care of system maintenance for you, freeing up costs and time for you to focus on growing your operations. We have a flexible pay as you go price plan so that means, you only pay for what you use.
3. You get real-time data with our analytics features: We provide you with analytics features that enable you to do regulatory reporting, accounting and financial planning. With WoodCore, data and reports for your entire organisation can be accessed in real time.
4. We offer seamless integration to external API’s: WoodCore has been designed to allow fast and straightforward external integrations using modern web technologies such as Webhooks. Complete API documentation is available, showing detailed API calls for any action and providing example responses for all system functionality. Our development team is also on hand to provide on-going support through the integration process.
5. Increased Security & Support: From our hosting structure through to individual access rights, we take security extremely seriously. Working with credible cloud services ensures all data is encrypted and protected.

If you are curious to know more about WoodCore, you can shoot us a mail tech@woodcoreapp.com and join our community here where you get firsthand access to company news, product updates and API access before anyone else.