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Tandem Bank opts for Fiserv’s Agiliti outsourced tech set-up

A digital banking start-up, Tandem Bank, has selected Fiserv’s  Agiliti.

Ricky Knox, co-founder at Tandem Bank

Ricky Knox, co-founder at Tandem Bank

As IBS Intelligence reported in December last year, Agiliti was seen as the most likely to get the contract. Temenos’ T24 and FIS’s Profile were also understood to be in the running.

Ricky Knox, co-founder at Tandem Bank, says the selection of Agiliti is a ‘critical phase for the business’ as it ‘fine tunes’ its launch plan.

Tandem Bank received its banking licence on 30th November 2015, and is set to launch later this year.

Set up by the co-founder of transfer service Azimo, Knox, and Matt Cooper, a former director at Capital One, the new bank aims to challenge the traditional high-street heavyweights.

Tandem says its focus will be on helping people manage their money rather than focus on direct product sales, according to its founders. It will offer current accounts, credit cards, savings and loans.

In addition to the digital delivery channels, Tandem will have a ‘brick and mortar’ call centre to deal with customer queries and more complex transactions.

Pay as you grow

In 2014, IBS Intelligence reported that Fiserv launched Agiliti, based on its Signature core platform, for the UK market. New entrants to the banking sector and smaller existing players are the target.

Agiliti is delivered on a pay-as-you-grow model, meaning that new entrants which take the system will have lower start-up costs than those which buy hardware and licence software themselves.

Last year, UK-based Think Money was gearing up for its new core banking system launch by using Fiserv’s Agiliti unit.

Think Money’s go-live is scheduled for early 2016, according to Fiserv, and will be the first go-live for Agiliti.

The project has been underway since spring 2014. IBS Intelligence exclusively reported on the Think Money system selection back in March 2014.

Also in 2015, around 40 UK credit unions signed up for a planned shared platform, which is underpinned by Fiserv’s Agiliti offering. Mark Lyonette, CEO of the Association of British Credit Unions Limited (Abcul), which won the bid in 2013 to build the platform, spoke to IBS Intelligence about the project.

By Antony Peyton.

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