Oxbury Bank goes live on Naqoda’s core banking platform
By Megha Bhattacharya
Specialist platform developer Naqoda has gone live with its core banking platform at UK-based agricultural bank Oxbury Bank. The platform offers a range of core banking features, offering full integration with third party systems. The platform has also been specifically designed to offer low-code development capability so that bank clients are able to control the design, development and implementation of new product and service propositions with flexibility and pace.
Naqoda’s founder and engineering lead, Erik Bogaerts said, “Our vision for Naqoda has always been to set a new standard for core banking systems – where banks can rely on a robust, resilient and modern operating environment that also puts them in control of their proposition development. Traditional core banking players are expensive and take up huge amounts of resource, while the newer cloud-based players prefer to stick to a one-size-fits-all off-the-shelf approach.”
“Naqoda is different – we enable banks, new and old, to tailor their systems to their specific needs, at a fraction of the traditional cost – and with our small and focused team of engineers, we can offer our bank clients a real personal service in a traditionally impersonal industry.”
Naqoda and Oxbury Bank have been working together in a bid to build a modern, flexible and bespoke core banking platform operating in the UK market. Recently, Oxbury Bank confirmed its launch in January with offerings including improved lending services for farms, as well as enabling retail savers to support British farming and back innovative climate change projects. The Bank has also secured £15 million in new investment in a Series C funding round, led by Wheatsheaf Group. The round also saw the participation of the Bank’s founding shareholders including agricultural distributors Frontier Agriculture and Hutchinson Group. The investment brings the total amount raised to £30 million.
Oxbury’s CEO, James Farrar, said, “Launching a new Bank with a clear technological advantage needs a core banking system at the heart of the technology stack that is capable of being built flexibly and in close collaboration. Naqoda have worked seamlessly as part of our team to deliver a customer-driven infrastructure – something legacy providers just cannot do.”
Erik added, “The benefits of Naqoda’s core banking platform become even more obvious in more complex design environments, such as Oxbury, where they were able to tailor their systems for bespoke product and service innovations rapidly, efficiently and at a lower cost. The real value of the Naqoda platform is the freedom and flexibility it provides to banks to focus on products and service for their own clients. With the Naqoda platform, our clients only need to think about what they want, not how that will get delivered – Naqoda takes care of that.”
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