Mambu, the cloud banking software-as-a-service provider, has been chosen by the UK's first online-only credit union, My Community Bank, as its core platform.
Launched last week, My Community Bank has vowed to take on payday lenders by providing affordable short-term loans and High Street Banks with market-topping savings rates. My Community Bank is Mambu's first customer in the UK.
Although credit unions are typically local organisations, My Community Bank runs entirely online so that it can operate on a national level, serving borrowers and savers across the UK. Mambu is providing the core banking platform for My Community Bank, including online account application, loan and deposit transaction processing. Together, Mambu and My Community Bank have also integrated essential UK capabilities into the platform, such as identity validation, credit assessment and credit reporting.
"We chose Mambu because of the partnership approach that their team took, enabling us to get to market quickly, with the product specification that we and our customers wanted, rather than acting as a vendor selling a static product," said Mohsin Mehdi, Chief Executive of My Community Bank. "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. We were impressed by Mambu's ability in this respect, over the competition."
David Hamilton, president of Mambu added: "My Community Bank is exactly the kind of financial innovator that Mambu was designed for - an organisation that is using modern technology to deliver financial services in new and innovative ways, providing essential banking services to an underserved market. My Community Bank's adoption of our affordable cloud banking technology demonstrates that the barriers to entry are being removed, for new financial innovators in the UK."
Mambu was selected by My Community Bank as its core banking partner mid 2013, and has worked closely with the credit union to ensure the system was ready for go-live ahead of the public launch.