SBS to modernise NS&I’s core banking and payments

By Vriti Gothi

SBS, a FinTech provider, has been selected by National Savings and Investments (NS&I), the UK’s government-backed savings institution, to deliver its next-generation, cloud-native core banking platform as part of NS&I’s strategic digital transformation.

As one of the UK’s largest retail savings providers, NS&I plays a vital role in the national financial ecosystem, safeguarding the savings of over 24 million customers. This large-scale transition to SBS’s SBP Digital Core will replace NS&I’s legacy core banking system with a modern, composable infrastructure, unlocking new efficiencies and setting the stage for more agile product development, improved service delivery and responsive customer support.

The strategic partnership will see SBS’s advanced Digital Core deployed on AWS’s highly scalable cloud environment, equipping NS&I with the flexibility to adjust storage and processing capacity on demand. In contrast to traditional on-premise or hybrid systems, this approach removes the constraints of static infrastructure, enabling continuous system updates and enhancements through SBS’s Software-as-a-Service (SaaS) model ensuring operational continuity while driving innovation.

As European retail banks intensify their shift to the cloud with investments forecast to increase by over 57% by 2030, according to Celent NS&I’s modernisation signals a clear commitment to leading this change in the UK public savings sector. By embracing SBS’s open, modular architecture, NS&I will be better positioned to launch future-ready banking services, respond swiftly to market dynamics and uphold its mandate to deliver secure, accessible savings products for every customer.

The SBP Digital Core is part of SBS’s comprehensive retail banking suite used by over 1,500 banks across Europe, the Middle East and Africa, spanning deposits, payments, lending, reporting, open banking and more. The flexible solution ensures that NS&I can meet evolving regulatory requirements while delivering more personalised and relevant banking experiences for its diverse customer base.

Matt Smith, Chief Operating Officer at NS&I, said, “NS&I’s transformation programme will help to deliver the digital experiences that our customers expect, while still ensuring there is help and support for those who need it. Replacing our core system is a critical step in this evolution, and we look forward to continuing our work with SBS and Atos to bring it to fruition.”

Eric Bierry, CEO, SBS, said, “Cloud and SaaS transformation in the financial industry is not a matter of when, but how. NS&I’s transformation programme is evidence that it is possible for banks to execute this transformation and doing so sets them up to drive otherwise unattainable efficiencies and experiences. We’re thrilled to partner with NS&I on this journey.”

Through this landmark transformation, NS&I is redefining what it means to be a modern public savings institution — ready to serve the UK’s savers with resilience, innovation and a customer-first approach for decades to come.