AlRayan Bank partners with Monument Technology for cloud banking

By Divya Shah

Why it matters: Modular cloud banking platforms help specialist banks modernise infrastructure, accelerate product launches, improve digital experiences and maintain flexibility as technology evolves.

UK-based Islamic bank AlRayan Bank has signed an agreement with Monument Technology to move its banking operations to a modern, cloud-based and modular technology platform.

Under the agreement, Monument Technology will provide its ‘Bank in a Box’ Banking Platform as a Service (BPaaS) solution as the technology foundation for AlRayan Bank’s operations.

The platform will bring together banking capabilities covering savings accounts, current accounts, property finance, customer servicing and digital channels. It will also integrate regulatory and financial reporting functions within a single technology environment.

Steve Britain, CEO of Monument Technology, said the partnership was an important development for the company as it expanded into Islamic banking and current account services.

He added that Monument’s platform was designed to give banks and building societies access to modern technology without the cost and complexity of developing and maintaining their own systems.

The new platform is expected to help AlRayan Bank improve digital services, deliver a more seamless customer experience and simplify its technology infrastructure. Its flexible design will also allow the bank to introduce new products and services more quickly.

Monument Technology developed the original platform used by Monument Bank and has been expanding it to support other financial institutions. Ecology Building Society and Castle Trust Bank have also selected the platform.

Its modular architecture will allow AlRayan Bank to upgrade or replace individual technology components as its requirements change, without having to move to another technology provider.

Giles Cunningham, CEO of AlRayan Bank, said, “This agreement isn’t just a technology upgrade. It’s about giving customers the seamless digital banking they expect, and we hope it becomes a case study for how mid-sized; specialist banks can modernise without losing what makes them unique.”

The platform will be tailored to support AlRayan Bank’s Sharia-compliant products and operating model. Both organisations will now work on detailed implementation planning, with the new technology expected to be introduced in phases.

The phased approach will allow customers to continue using the bank’s services as normal while new capabilities and features are gradually introduced.