Agricultural challenger bank Oxbury is the first client for a new cloud-based core banking platform developed by low code outfit Naqoda.
The platform offers a range of core banking features, offering full integration with third party systems and a low-code development capability so that bank clients are able to to tailor their systems for bespoke product and service innovations at pace.
Naqoda founder and engineering lead, Erik Bogaerts says: “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."
Oxbury raised £15 million in a third round of funding in January, with a view to an imminent Q1 launch. Oxbury's USP is to provide farmers with seasonal cashflow services, smoothing out the dips and uplifts in income before and after harvests. Savings accounts for businesses and the general public will round out the product suite.
CEO, James Farrar, says: “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.”