UK neobank Monument partners with Persistent to create digital banking platform
British challenger bank Monument has partnered with digital engineering firm Persistent to create a cloud-native digital banking platform for its lending and deposit services.
Persistent’s “modular” approach to systems architecture will allow the challenger bank to add new Software-as-a-Service (SaaS) components as new products and services as needed.
Persistent vice president and general manager of banking, finance and insurance, Jaideep Dhok, says the architecture needed to deliver modern customer experiences is “complex”.
Dhok adds, “Our ‘digital mosaic’ approach enables technology solutions that simplify processes and provide flexibility for customers. »
The partnership has already integrated core banking, CRM, payment services, AML/KYC, general ledger and regulatory reporting components into the bank’s architecture, joining its existing real estate investment loan and savings.
Monument caters to the UK’s affluent population, a cohort of 4.8 million people made up of professionals, entrepreneurs and property investors.
Monument Bank’s chief operating officer (COO), Steve Britain, said that by working with Persistent, the bank has built an “integrated ecosystem and platform that not only supports Monument, but also has the potential to feed other banks in the future”.
The challenger received its full banking license last November and named a new CEO, Ian Rand, in January.