UK’s online-only credit union My Community Bank has chosen Mambu as its core banking platform, to enable new business growth.
Mambu, the cloud banking software-as-a-service provider, said that the new platform will enable the credit union to offer online banking services conveniently.
Under the terms of the agreement, My Community Bank will deploy Mambu’s core banking platform, including online account application, loan and deposit transaction processing.
Additionally, Mambu and My Community Bank have also combined essential capabilities into the platform, such as identity validation, credit assessment and credit reporting.
My Community Bank chief executive Mohsin Mehdi said that the new platform will enable the firm to get to market quickly, with the product specification that the firm and its customers wanted, rather than acting as a vendor selling a static product.
"In this competitive market, it was vital that our core technology platform supported our aggressive timeline for launching My Community Bank, and had the flexibility to allow us to evolve our product offerings easily in the future," Mehdi added.
Chosen by My Community Bank as its core banking partner in mid 2013, Mambu has worked closely with the credit union to ensure the system was ready to go-live ahead of the public launch.