LONDON, December 4, 2013 /PRNewswire/ --
New Credit Union Turns to Cloud Banking Technology to Compete with Payday Lenders and High Street Banks
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.
About My Community Bank
Launched on 25/11/2013 with market-leading, FSCS-protected one- and three-year fixed savings rates, My Community Bank will offer a nationwide alternative to savers disillusioned with the high street banks, as well competitively priced loans that will help borrowers escape from the payday lender trap.
As a credit union, My Community Bank requires its members to share a 'Common Bond'. My Community Bank has two Common Bonds. Firstly, as its roots are in the London Borough of Brent, membership is open to anyone who lives or works in Brent. Nationally, anyone can bank with My Community Bank if they are a member of an association - or if they support a charity - that promotes the welfare of Britain's South Asian community.
My Community Bank is part of the Financial Services Compensation Scheme. This means that savings deposits of up to £85,000 per person are fully protected by the independent FSCS fund. My Community Bank is the trading name of Brent Shrine Credit Union Ltd. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Full T&Cs of all My Community Bank deposit and loan accounts can be seen on the website http://www.mycommunitybank.co.uk
Mambu enables any financial institution to deliver state-of-the-art banking through its software-as-a-service cloud solution. Agile, flexible and open, Mambu eliminates the complexities typically associated with core banking software, at a fraction of the cost. Mambu makes it simple and cost-effective to provide essential banking services such as loans and deposits. Established in 2011, the Berlin-based company works with more than 100 institutions in 28 countries worldwide, servicing a portfolio of more than $100M. Our clients range from small microfinance organizations to large retail banks and other financial innovators that are seeking to address the financial needs of the world's 3 billion underbanked individuals and more than 250 million micro, small and medium enterprises in need of loan, savings and insurance services. For more information, please visit http://www.mambu.com