Tandem Financial institution goes reside on Mambu core banking platform

Tandem Financial institution goes reside on Mambu core banking platform

Tandem Financial institution has gone reside on its Mambu-provided cloud core banking system, changing Fiserv’s Agiliti.

The Mambu implementation took ten months

The implementation took ten months to finish, with the financial institution finishing a four-month beta testing section in late 2020.

All buyer accounts have been migrated “in a single day”, together with financial savings, loans, and mortgages. Mambu says the UK challenger can now profit from “full management” of its product providers.

Tandem Financial institution is on a transformational journey, shutting down its bank card in late 2020. It has since pivoted to a inexperienced banking mannequin based mostly round mortgages and lending.

It took on £44.6 million of unsecured loans from Honeycomb Finance final 12 months. That deal additionally included Tandem buying an fairness stake in inexperienced lending agency Allium.

Ricky Knox, Tandem’s CEO, stated on the time his agency can be upgrading its core infrastructure following the Allium deal.

The financial institution had been a person of Fiserv’s Agiliti since 2016, when it picked the system over Temenos’s T24 and FIS’s Profile.

Tandem’s 2019 financials revealed losses of £18.9 million, an increase of 38% from 2018. Its revenue, pushed by its unsecured lending development, elevated from £15.four million to £24.eight million.

“We’ve been progressing in the direction of a greener banking ethos for some time now” stated Noam Zeigerson, chief information and expertise officer at Tandem.

“We wanted a expertise accomplice that was each a tradition match for Tandem and had additionally technical hacks.”

Zeigerson says discovering a expertise accomplice able to executing the complicated job of managing ledgers and activating APIs was “key” to the financial institution’s success.

Eelco-Jan Boonstra, managing director for Mambu in EMEA, says when Tandem determined to maneuver away from “extra conventional software program suppliers”, it was to “stay sustainable and obtain their inexperienced objectives.”

Associated: Mambu raises €110m to hit €1.7bn valuation

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