Metro Bank and Atom Bank founder Anthony Thomson has teamed up with fintech vendor Fiserv to develop a technology platform designed to help the raft of new challengers bidding to enter the UK banking market.
The UK banking sector has long been dominated by a handful of giant providers but, since the credit crisis, there has been growing public and political desire for more competition.
In response, nearly 30 firms have recently applied for authorisation to become new banks. Fiserv and Thomson have joined forces to take advantage through a hosted, software-as-a-service retail bank technology offering specifically tailored to the UK market.
The system, dubbed Agiliti, is designed to enable new and existing players to quickly deliver retail and SME banking products such as current accounts, savings, and loans, together with a full suite of payment and transaction capabilities.
Fiserv has set up a subsidiary called Financial Service Technologies Limited to hawk Agiliti. Thomson will serve as a non-executive director.
Says Thomson: "Essentially, this technology will mean that new providers can enter the market without exposing themselves to the lengthy implementation times, risk, and the often prohibitive cost associated with a conventional IT set-up."
Atom, Thomson's new digital-only bank, is thought to be signed up to Agiliti, as is Manchester-based Think Money.
Travers Clarke-Walker, MD, Emea, Fiserv, says: "By utilising Agiliti, organisations can concentrate on those differentiators that secure them genuine competitive advantage - enhancing their brand, developing a strong service ethos, extending their product offering or refining their distribution strategy for example - rather than direct their focus to building and maintaining a costly IT infrastructure."