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Core Banking Solutions Market Size is projected to reach USD 50 Billion by 2030, growing at a CAGR of 14.8%: Straits Research

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New York, United States, Aug. 11, 2022 (GLOBE NEWSWIRE) — Core Banking Solutions (CBS) is the networking of branches, facilitating the execution of everyday transactions such as withdrawal, passbooks, cash deposits, statements of accounts, and demand draughts. In addition, users can avail of banking services and operate their accounts from any branch of the banks on a single platform supplied by the CBS network. Moreover, fundamental banking solutions rely on computer and internet technologies to give users an optimized banking service experience. Furthermore, fundamental banking solutions enable to address constantly changing market & customer needs, enhancing & simplifying banking operations, speeding up banking transactions, and extending presence in rural & distant locations.

The rapid shift in customer behavior and preferences toward availing banking products & services has driven banks to enhance their existing product lines by incorporating core banking solutions to provide cost-effective and efficient banking services. Moreover, banks are using technology such as application programming interfaces (APIs), data analytics, artificial intelligence, cloud computing, and robotic process automation (RPA) to modernize banking capabilities and deliver real-time financial services. These factors, as a result, boost the core banking solutions market expansion.

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Need to Provide Better Customer Services Drive the Global Core Banking Solutions Market

Banks are upgrading their existing product lines on the market due to a significant shift in consumer preferences for banking products and services. To deliver cost-effective and efficient banking services, the market is anticipated to see an increase in the need for connecting traditional banking systems to a centralized server. Banks are rapidly adopting and deploying core banking systems to provide convenient services and ensure operational transparency. Banks’ focus has shifted toward growing existing product lines, enhancing techniques to manage operation costs, and enhancing customer service in the marketplace. Therefore, these factors promote the expansion of the market for core banking solutions.

Emerging Economies Create Lucrative Opportunities for the Global Core Banking Solutions Market

As several banks and financial institutions adopt advanced technology into their business operations, developing economies present core banking solution suppliers with ample opportunity to increase their products. High expenditures in expanding and converting existing product lines, enhancing operations to meet client requests, and increasing the productivity of business operations are anticipated to be the primary factors driving market expansion. In addition, countries such as Australia, China, India, Singapore, and South Korea are critical users of core banking solutions and are anticipated to drive market growth in the following years.

Report Scope

Report Metric Details
Market Size USD 50 Billion by 2030
CAGR 14.8% (2020-2030)
Historical Data 2019-2020
Base Year 2021
Forecast Period 2022-2030
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Component, Deployment Model, Enterprise Size, Type, End-user, Regions
Geographies Covered North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors Capital Banking Solutions, EdgeVerve Systems Limited, Finastra, FIS, Fiserv, Inc., NCR Corporation, Oracle, SAP SE, Tata Consultancy Services Limited, and Temenos Headquarters SA
Key Market Opportunities Untapped Potential of Emerging Economies
Key Market Drivers Need to Provide Better Customer Services

Booming Adoption of Core Banking Technology

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Regional Insights

North America is the highest revenue contributor and is estimated to grow at a CAGR of 12.7% during the forecast period. The expansion of the core banking solutions market in the area is primarily driven by advancements in information technology and the development of interactive and consumer-friendly user interfaces for websites and banking applications. In addition, consumers in this region are the most advanced core banking solution users. This is a result of the presence of major global players and the substantial government support for investment and adoption of advanced banking solutions in the region.

Asia-Pacific is the fastest-growing region. This is attributed to the rapid deployment of new architectures to encourage digital banking to preserve brand loyalty, accelerate a better user experience, and extend banking channel operations. In addition, an increase in internet usage and a substantial government budget for expenditure on information technology (IT) for banks are anticipated to stimulate market expansion in the region. The rise in the adoption of different core banking solutions platforms and the shift in consumer preferences toward convenient payment methods are also anticipated to create attractive market prospects in the upcoming years.

Europe is the second-largest region and is projected to reach USD 15 billion by 2030, growing at a CAGR of 14.4%. Increasing use of core banking solutions by banks for tracking and managing significant financial transactions, technological developments, and the expansion of existing banking services are some of the most prominent trends in the region. Major drivers projected to fuel the growth of the European core banking solutions market include increased internet use, improved consumer knowledge of real-time banking solutions, and increased banking payment services.

Key Highlights

  • The global core banking solution market was valued at USD 14 billion in 2021. It is projected to reach USD 50 billion by 2030, growing at a CAGR of 14.8% during the forecast period (2022–2030). 
  • By components, the global core banking solutions market is bifurcated into Solutions and Services. The Solution segment is the highest contributor to the market and is estimated to grow at a CAGR of 13.5% during the forecast period. 
  • By deployment model, the global core banking solutions market is divided into On-premise and Cloud. The On-premise segment is the highest contributor to the market and is estimated to grow at a CAGR of 13.7% during the forecast period. 
  • By enterprise size, the global core banking solutions market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). The Large Enterprises segment is the highest contributor to the market and is estimated to grow at a CAGR of 14% during the forecast period. 
  • By type, the global core banking solutions market is segmented into Enterprise Customer Solutions, Loans, Deposits, and Others. The Enterprise Customer Solutions segment is the highest contributor to the market and is estimated to grow at a CAGR of 14.1% during the forecast period. 
  • By end-users, the global core banking solutions market is segmented into Banks, Credit Unions & Community Banks, and Others. The Banks segment is the highest contributor to the market and is estimated to grow at a CAGR of 13.8% during the forecast period. 
  • By region, the global core banking solutions market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America holds the maximum market share.

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The key players in the global core banking solutions market are

  • Capital Banking Solutions
  • Finastra
  • FIS
  • Fiserv, Inc.
  • NCR Corporation
  • Oracle
  • SAP SE
  • EdgeVerve Systems Limited
  • Tata Consultancy Services Limited
  • Temenos Headquarters SA.

Global Core Banking Solutions Market: Segmentation

By Component

  • Solution
  • Service

By Deployment Model

  • On-premise
  • Cloud

By Enterprise Size

  • Large Enterprises
  • Small & Medium Enterprises (SMEs)

By Type

  • Enterprise Customer Solutions
  • Loans
  • Deposits
  • Others

By End-user

  • Banks
  • Credit Unions & Community Banks
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Core Banking Solutions Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Component Overview
    1. Introduction
      1. Market Size & Forecast
    2. Solution
      1. Market Size & Forecast
    3. Service
      1. Market Size & Forecast
  5. Deployment Model Overview
    1. Introduction
      1. Market Size & Forecast
    2. On-premise
      1. Market Size & Forecast
    3. Cloud
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Component
        2. By Deployment Model
      3. Canada
        1. By Component
        2. By Deployment Model
      4. Mexico
        1. By Component
        2. By Deployment Model
      5. Latin America
        1. By Component
        2. By Deployment Model
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Component
        2. By Deployment Model
      3. France
        1. By Component
        2. By Deployment Model
      4. U.K.
        1. By Component
        2. By Deployment Model
      5. Italy
        1. By Component
        2. By Deployment Model
      6. Spain
        1. By Component
        2. By Deployment Model
      7. Rest of Europe
        1. By Component
        2. By Deployment Model
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Component
        2. By Deployment Model
      3. China
        1. By Component
        2. By Deployment Model
      4. Australia
        1. By Component
        2. By Deployment Model
      5. India
        1. By Component
        2. By Deployment Model
      6. South Korea
        1. By Component
        2. By Deployment Model
      7. Rest of Asia-Pacific
        1. By Component
        2. By Deployment Model
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Component
        2. By Deployment Model
      3. South Africa
        1. By Component
        2. By Deployment Model
      4. Kuwait
        1. By Component
        2. By Deployment Model
      5. Rest of Middle East & Africa
        1. By Component
        2. By Deployment Model
  7. Company Profile
    1. Capital Banking Solutions
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. EdgeVerve Systems Limited
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Finastra
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations

Table of Content and Figure https://straitsresearch.com/report/core-banking-solutions-market/toc

Market News

  • In July 2022, Tata Consultancy Services (TCS) launched TCS Pace Port TM Toronto, its fifth global research and co-innovation center, to help Canadian companies bring digital innovations to life faster.
  • In June 2022, Tata Consultancy Services (TCS) launched the TCS Servitization Engine on Oracle Cloud to help customers create subscription-first business models and provide outcome-based solutions with intelligent service capabilities. The engine offers an industry package with bundled combinations of products, services, support, self-service, and a knowledge base that companies can leverage to add value to their core product offerings and robust front-end customer-facing solutions.

News Media

European Banking Sector to Get Severely Impacted After the COVID Breakout

Top 8 Mobile Banking Applications

Digital Currency — Rethinking Money

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Core Banking Software Market: Information by Solution (Deposits, Loans), Service (Professional and Managed Service), Deployment (Cloud, On-Premise), End-User, and Region — Forecast till 2030

Mobile App Development Market: Information by Marketplace (IOS, Android), by Application (E-commerce, Banking), Entertainment (Gaming and Media), End-User, and Region — Forecast till 2030

Smart Finance Services Market: Information by End-User (Bank & Financial Institutions, Independent ATM Deployer), and Region — Forecast till 2030

About Straits Research Pvt. Ltd.

StraitsResearch is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.

For more information on your target market, please contact us below:

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Artificial Intelligence

$10 million Artificial Intelligence Mathematical Olympiad Prize appoints further advisory committee members

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D. Sculley, Kevin Buzzard, Leo de Moura, Lester Mackey and Peter J. Liu appointed to the advisory committee for the Artificial Intelligence Mathematical Olympiad Prize.
LONDON, April 26, 2024 /PRNewswire/ — XTX Markets’ newly created Artificial Intelligence Mathematical Olympiad Prize (‘AIMO Prize’) is a $10mn challenge fund designed to spur the creation of a publicly shared AI model capable of winning a gold medal in the International Mathematical Olympiad (IMO).

XTX Markets is delighted to announce the appointment of five further advisory committee members. This group brings great expertise in machine learning, including D. Sculley, the CEO of Kaggle; Lester Mackey, a Principal Researcher at Microsoft Research and a Macarthur Fellow; and Peter J. Liu, a research scientist at Google DeepMind.
Prolific mathematicians Kevin Buzzard, who achieved a perfect score in the International Mathematical Olympiad, and Leo De Moura who is the Chief Architect for Lean, the automated reasoning tool, also join the advisory group.
They join the existing advisory committee members Terence Tao and Timothy Gowers, both winners of the Fields Medal, as well as Dan Roberts, Geoff Smith and Po-Shen Loh.
The AIMO Advisory Committee will support the development of the AIMO Prize, including advising on appropriate protocols and technical aspects, and designing the various competitions and prizes.
Simon Coyle, Head of Philanthropy at XTX Markets, commented:
“We are thrilled to complete the AIMO Advisory Committee with the appointments of D., Kevin, Leo, Lester and Peter. Together, they have enormous experience in machine learning and automated reasoning and are already bringing expertise and wisdom to the AIMO Prize. We look forward to announcing the winners of the AIMO’s first Progress Prize soon, and then publicly sharing the AI models to support the open and collaborative development of AI.”
Further information on the AIMO Prize
There will be a grand prize of $5mn for the first publicly shared AI model to enter an AIMO approved competition and perform at a standard equivalent to a gold medal in the IMO. There will also be a series of progress prizes, totalling up to $5mn, for publicly shared AI models that achieve key milestones towards the grand prize.
The first AIMO approved competition opened to participants in April 2024 on the Kaggle competition platform. The first progress prize focuses on problems pitched at junior and high-school level maths competitions. There is a total prize pot of $1.048m for the first progress prize, of which at least $254k will be awarded in July 2024, There will be a presentation of progress held in Bath, England in July 2024, as part of the 65th IMO.
For more information on the AIMO Prize visit: https://aimoprize.com/ or the competition page on Kaggle: https://www.kaggle.com/competitions/ai-mathematical-olympiad-prize/
Advisory Committee member profiles:
D. Sculley
D. is the CEO at Kaggle. Prior to joining Kaggle, he was a director at Google Brain, leading research teams working on robust, responsible, reliable and efficient ML and AI. In his career in ML, he has worked on nearly every aspect of machine learning, and has led both product and research teams including those on some of the most challenging business problems. Some of his well-known work involves ML technical debt, ML education, ML robustness, production-critical ML, and ML for scientific applications such as protein design.
Kevin Buzzard
Kevin a professor of pure mathematics at Imperial College London, specialising in algebraic number theory. As well as his research and teaching, he has a wide range of interests, including being Deputy Head of Pure Mathematics, Co-Director of a CDT and the department’s outreach champion. He is currently focusing on formal proof verification, including being an active participant in the Lean community. From October 2024, he will be leading a project to formalise a 21st century proof of Fermat’s Last Theorem. Before joining Imperial, some 20 years ago, he was a Junior Research Fellow at the University of Cambridge, where he had previously been named ‘Senior Wrangler’ (the highest scoring undergraduate mathematician). He was also a participant in the International Mathematical Olympiad, winning gold with a perfect score in 1987. He has been a visitor at the IAS in Princeton, a visiting lecturer at Harvard, has won several prizes both for research and teaching, and has given lectures all over the world.
Leo de Moura
Leo is a Senior Principal Applied Scientist in the Automated Reasoning Group at AWS. In his spare time, he dedicates himself to serving as the Chief Architect of the Lean FRO, a non-profit organization that he proudly co-founded alongside Sebastian Ullrich. He is also honoured to hold a position on the Board of Directors at the Lean FRO, where he actively contributes to its growth and development. Before joining AWS in 2023, he was a Senior Principal Researcher in the RiSE group at Microsoft Research, where he worked for 17 years starting in 2006. Prior to that, he worked as a Computer Scientist at SRI International. His research areas are automated reasoning, theorem proving, decision procedures, SAT and SMT. He is the main architect of several automated reasoning tools: Lean, Z3, Yices 1.0 and SAL. Leo’s work in automated reasoning has been acknowledged with a series of prestigious awards, including the CAV, Haifa, and Herbrand awards, as well as the Programming Languages Software Award by the ACM. Leo’s work has also been reported in the New York Times and many popular science magazines such as Wired, Quanta, and Nature News.
Lester Mackey
Lester Mackey is a Principal Researcher at Microsoft Research, where he develops machine learning methods, models, and theory for large-scale learning tasks driven by applications from climate forecasting, healthcare, and the social good. Lester moved to Microsoft from Stanford University, where he was an assistant professor of Statistics and, by courtesy, of Computer Science. He earned his PhD in Computer Science and MA in Statistics from UC Berkeley and his BSE in Computer Science from Princeton University. He co-organized the second place team in the Netflix Prize competition for collaborative filtering; won the Prize4Life ALS disease progression prediction challenge; won prizes for temperature and precipitation forecasting in the yearlong real-time Subseasonal Climate Forecast Rodeo; and received best paper, outstanding paper, and best student paper awards from the ACM Conference on Programming Language Design and Implementation, the Conference on Neural Information Processing Systems, and the International Conference on Machine Learning. He is a 2023 MacArthur Fellow, a Fellow of the Institute of Mathematical Statistics, an elected member of the COPSS Leadership Academy, and the recipient of the 2023 Ethel Newbold Prize.
Peter J. Liu
Peter J. Liu is a Research Scientist at Google DeepMind in the San Francisco Bay area, doing machine learning research with a specialisation in language models since 2015 starting in the Google Brain team. He has published and served as area chair in top machine learning and NLP conferences such as ICLR, ICML, NEURIPS, ACL and EMNLP. He also has extensive production experience, including launching the first deep learning model for Gmail Anti-Spam, and using neural network models to detect financial fraud for top banks. He has degrees in Mathematics and Computer Science from the University of Toronto.
About XTX Markets:
XTX Markets is a leading financial technology firm which partners with counterparties, exchanges and e-trading venues globally to provide liquidity in the Equity, FX, Fixed Income and Commodity markets. XTX has over 200 employees based in London, Paris, New York, Mumbai, Yerevan and Singapore. XTX is consistently a top 5 liquidity provider globally in FX (Euromoney 2018-present) and is also the largest European equities (systematic internaliser) liquidity provider (Rosenblatt FY: 2020-2023).
The company’s corporate philanthropy focuses on STEM education and maximum impact giving (alongside an employee matching programme). Since 2017, XTX has donated over £100mn to charities and good causes, establishing it as a major donor in the UK and globally.
In a changing world XTX Markets is at the forefront of making financial markets fairer and more efficient for all.
 

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Artificial Intelligence

Hikvision redefines urban mobility with AIoT-powered solutions at Intertraffic 2024

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HANGZHOU, China, April 26, 2024 /PRNewswire/ — Hikvision made a significant appearance at Intertraffic Amsterdam, the leading global trade fair for mobility and traffic technology. At the trade event, Hikvision unveiled a suite of traffic, transport, and parking management solutions and products powered by Artificial Intelligence of Things (AIoT) technology, which promised to improve urban mobility, road safety, and operational efficacy.

Elevating urban traffic intelligence with AIoT
One highlight of the Hikvision stand was its intelligent urban traffic solution, which leveraged the power of AIoT to deliver comprehensive real-time monitoring, incident detection, and traffic control. This solution intelligently reshapes traffic dynamics, offering a more responsive and data-driven approach to enhance situational awareness and traffic management. Key innovations in the solution included:
Hikvision’s radar-video fusion camerasThese combine the range perception of radar with the visual perception of video. The 4 MP Radar and Video Vehicle Detector, for example, helps to enhance road safety by providing early warning of potential hazards in challenging situations such as blind spots at intersections and obstacles outside the visual range.Hikvision’s All-In-One Traffic SpotterThis stands out with its multifaceted design incorporating video, radar, and lighting technologies for heightened traffic violation detection. Its streamlined column design facilitates effortless installation.Hikvision’s Radar-Linked PTZ Camera This ensures consistent performance in adverse weather and lightening conditions, and minimizes false alarms with advanced deep-learning algorithms.Innovating parking management
Hikvision also introduced its parking management solutions. These combine extremely precise license plate recognition and intelligent barrier controls incorporating highly accurate radar sensors. This comprehensive approach enhances security, reduces the need for manual intervention, and streamlines traffic flow across parking areas. The Global Shutter CMOS* (GMOS) ANPR camera was a new addition to the lineup. Designed to seamlessly blend in the environment, it is tailored for the task of discreetly capturing license plates at parking facilities that prioritize subtlety.
Advancing public transportation safety and efficiency
Attendees also had the opportunity to explore Hikvision’s latest public transport solutions, integrating AI-driven analytics with advanced video security, on-site voice broadcasting, and centralized management for enhanced onboard security, improved passenger experience, and operational efficiency for buses and taxis. This included the Four-way monitoring system and the Panoramic Auxiliary System, both designed to reduce blind spots and provide high-definition imaging to improve driving safety.
“As ever, we are continually expanding our suite of technologies to enhance traffic safety and efficiency,” said Nick Wu, Project Product Director at Hikvision Europe. “Our commitment lies in minimizing the need for extensive roadside installations by incorporating comprehensive perception and robust AI within unified device frameworks. These innovations automate and streamline every aspect of traffic management, from violation detection to traffic flow monitoring, driving safety, and parking management.”
To find out more about Hikvision’s urban mobility products and solutions, please explore its official website.
Note: CMOS stands for Complementary Metal-Oxide-Semiconductor.
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Artificial Intelligence

London Blockchain Conference Launches the No Future Campaign

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LONDON, April 26, 2024 /PRNewswire/ — The London Blockchain Conference is excited to announce the launch of its ground-breaking, ‘No Future Campaign’. This initiative aims to create a strong narrative surrounding blockchain technology by challenging perceptions and sparking conversations. By creating this platform, the campaign aims to instil a fear of missing out (FOMO) sensation among the audience, positioning the London Blockchain Conference as a gateway to securing a stake in the future and unlocking the potential of blockchain technology.

With a bold and evocative narrative theme, the campaign will initially confront the audience with a jarring reality check of “NO FUTURE” and then resolve the statement “WITHOUT BLOCKCHAIN” to spark curiosity and engagement with the optimistic revelation that blockchain holds the key to a prosperous future.
The ‘No Future Campaign’ started on 17 April 2024 with the London Blockchain Conference creating and executing content on/with media platforms and partnerships:
Wharf Life inserts (17/04/2024) – Print and a digital advert/editorial-sponsored pieces.Animations being released on paid and organic channels in a 3-week campaign.Alex Stein, Conference Director said, “The No Future Campaign is a call for individuals, enterprises, and governments to recognise the importance and role of blockchain in shaping the future. Through the London Blockchain Conference, we aim to educate and inspire attendees to understand and harness the potential of blockchain technology.”
The three-day London Blockchain Conference at the ExCel will bring together politicians, business leaders, and innovators. The conference will be running from 21 – 23 May 2024 and will focus on disruptive and real-world applications of blockchain technology and the impact it is having on politics, emerging technologies, and enterprises.
For more information about the ‘No Future campaign’, visit the London Blockchain Conference website.
About the London Blockchain Conference
NETWORK. LEARN. ENGAGE. 
 At the London Blockchain Conference, we show how Blockchain will change the world and help people see another way to manage data, build scalable on-chain solutions and achieve great things. We do this by creating valuable, insightful, and engaging events that educate and inform, allowing you to connect and network to build strong business relationships. Our conference is the best avenue to see blockchain innovations, ecosystem announcements, product launches, technology updates, keynote speeches, panels, and fireside chats from blockchain leaders. Join us and experience it for yourself. 
 
 

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