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New UK bank, Oaknorth, goes public on core system choice

A UK-based banking start-up, Oaknorth Bank, which focuses on the SME sector, has gone on the record about its choice of core banking software.

As IBS Intelligence exclusively reported last November, Oaknorth was in talks with Mambu, a cloud-based banking software provider. The contract has now been officially unveiled.

UK-based start-up, Oaknorth Bank, implements Mambu's core banking system

UK-based start-up, Oaknorth Bank, implements Mambu’s core banking system

‘Combining the lending expertise typically associated with a traditional bank with the technical and business agility of an online lender, Oaknorth chose Mambu’s platform for its speed, flexibility and security versus a traditional core banking system, allowing it to more rapidly enter, and better meet the needs of, the growing small and medium sized lending market in the UK,’ Mambu states in its announcement.

The solution will support Oaknorth’s back office operations for business loans to SMEs. The bank has also obtained approval from the UK regulators to accept deposits and make savings products available to individual retail and small business customers.

It is understood that Backbase will provide Oaknorth with its omnichannel banking platform at the front-end.

Speaking to IBS Intelligence last year, Eugene Danilkis, co-founder and CEO of Mambu, said that the banking community was seeking clarification from the regulators on the subject of whether banking regulations allow data to be stored in a public cloud. Mambu uses Amazon’s cloud offering. Mambu’s solution, he added, could be hosted at a local data centre on a private cloud, if required.

Interestingly, Mambu’s announcement about the deal with Oaknorth describes the vendor as ‘the SaaS banking provider’ rather than the cloud one.

Mambu already has two live customers in the UK. One is a small online credit union, My Community Bank, which launched last year (it should be noted that different regulatory frameworks apply to credit unions and banks in the UK). And the other is Savvy Loans, a short-term lender.

By Tanya Andreasyan

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