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NEW DIGITAL FIRST BANK – MONUMENT – ANNOUNCES ITS KEY TECHNOLOGY PROVIDERS

  • Monument selects Mambu, Salesforce, Amazon Web Services, Persistent Systems and Accenture as key providers for its technology build
  • Monument is the first challenger bank in the UK to service the unmet demands of more than 3.5 million mass affluent clients: professionals, property investors and entrepreneurs
  • It is building a modern, unique, lego-like technology platform which takes best of breed SaaS providers and integrates them in a cloud based microservices architecture

 

  • This will deliver an exceptional client experience and enable Monument to innovate and to introduce new components on a frequent basis
  • Monument today announces that Mambu will be the central core banking engine in the platform alongside Salesforce for CRM, and AWS for cloud services
  • Monument has also engaged Persistent Systems and Accenture Interactive to support the platform build

 

Following receipt of its banking licence with restriction on 6 October 2020, Monument has now signed agreements with a number of key technology providers to enable the build of its bespoke technology platform.

Monument wants to deliver exceptional client experiences by using technology solutions that are modern, flexible, easy to integrate and ultimately, if necessary, able to be replaced should the need arise. The design of its lego-like technology platform is Monument’s solution to the huge challenges faced by the legacy systems of established banks. Having assessed the market over many months, Monument concluded that no appropriate single solution existed in the market for the products and services that Monument will launch in 2021.

In addition, Monument only wishes to develop its own technology where it can deliver significant competitive advantage, for example in the mobile and web services to be used by clients. Much of   the technology platform is therefore based on best of breed solutions from modern, cloud-based providers.

Mambu has developed the leading cloud banking engine which is an excellent fit for the platform that Monument is building.  Similarly, Salesforce provides an industry leading CRM (customer relationship management) solution which can easily be integrated with Mambu and other solutions. AWS, as a leading provider of cloud-based infrastructure, provides a range of components to ensure the platform is reliable, scalable, secure and flexible.

To support Monument in building and integrating a platform with more than 18 different components/providers, Monument has chosen to work with Persistent Systems, a leading global solutions provider specializing in digital with extensive experience in software as a service (SaaS) solutions. To support Monument in rapidly building its mobile app and web-based channels, Monument has chosen to work with Accenture Interactive, which has significant expertise in building innovative digital experiences in both the financial and non-financial sectors.

 

Steve Britain, Monument’s Chief Operating Officer said:

“We have been working closely with our chosen providers for some months now, to lay the foundations for the build of our platform. We are delighted at how much we have already achieved, particularly as much of the work has been done by a highly distributed team because of COVID-19.  We are now focused on completing the work to build a unique configuration of best in class software components that will make us highly flexible for the future and deliver market leading client service.”

More announcements will be made shortly as other key components of the architecture are confirmed.

 

Sudip Dasgupta, Monument’s Chief Technology Officer added:

“It was essential to me that we selected the strongest providers available. Those that offer us modern technology solutions with the best degree of integration that we need, together with flexibility for the future and proven operational reliability. In Mambu, Salesforce and AWS we have certainly achieved that objective and we are excited about our future engagement with them. Equally, as we rapidly build our platform for launching with clients in early 2021, we wanted support from providers  who have been on this journey before and in Persistent and Accenture Interactive, I am delighted to say we have found that.”

Monument will be the only bank to offer its clients an entirely digital journey for buy-to-let and property investment lending of up to £2million. It will offer market leading, top quartile savings rates and its model is designed to reward loyalty. So, if a saver deposits money for a subsequent fixed term, they will get a better rate than a new customer. And a borrower who renews their loan will also be offered a favourable rate.

 

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KASHFLOW AND YAPILY PARTNER TO SUPPORT SMES WITH DIGITAL BOOKKEEPING AND CASH FLOW MANAGEMENT

  • KashFlow continues its mission to provide SMEs and accountancy firms with software that keeps bookkeeping easy to understand and even easier to manage
  • Powered by Yapily, KashFlow will simplify bookkeeping and provide customers with one single source of truth when it comes to their financials; so they can focus on growing their business instead of complex bookkeeping
  • Yapily’s open banking API enables KashFlow customers to connect and access bank account information in near real-time, reducing the time spent on reconciliation

 

KashFlow, by IRIS Software Group, is today announcing it is working with leading enterprise connectivity platform YapilyThe partnership will enable KashFlow customers to gain real-time insight into their cash flow and provide them with a frictionless end-to-end bookkeeping service.

Running a small business is complicated, even before adding the effects of Covid-19 and Brexit into the mix. Business leaders need to be more flexible and adaptable than ever before. Not only enabling their staff to work flexibly, but also in terms of ensuring the critical, but often mundane, aspects of running a business are properly managed during these difficult times. The time for manual bookkeeping processes has gone.

Through partnering with Yapily, KashFlow customers can connect and extract account information all from within the KashFlow portal – providing them with one single source of truth about their business’ financial health. This removes the friction and inefficiencies involved with manual bookkeeping and provides customers with the insight they need to move forward with confidence into the year ahead.

Typically, bookkeeping has been a manual, tedious, but essential, task for business owners.The integration of Yapily’s open banking API enables KashFlow to improve its SME customers’ experience by removing the friction, which speeds up critical processes such as invoicing, reconciliation and payroll. With these critical, but historically complicated, tasks taken care of, business owners are free to focus on what they do best – growing their business.

 

JF Sullivan, Chief Product Officer for IRIS Software Group says, “By partnering with Yapily, our customers now have a far more efficient and secure way to manage their cash flow – which is of utmost importance in this current landscape of uncertainty.

“Yapily’s core infrastructure means KashFlow customers can now control their controllables with ease. Getting a single source of truth about their financial health so they know best how to prepare for what’s ahead. They can now move forward with confidence – and thrive – in the next normal.”

 

Stefano Vaccino, Chief Executive Officer for Yapily says, “Leveraging our technical expertise, we’ve been able to provide KashFlow’s customers – a large number of which are SMEs, critical to the UK economy’s recovery – with a better customer experience and crucial insight into their financial positions. Something that is needed now more than ever with the UK in a second national lockdown.

“Through partnering with KashFlow, we’re continuing our mission to expand the reach of open banking and bring its benefits to all small businesses. We believe open banking enables fairer and better financial services for everyone. We look forward to developing our partnership with KashFlow and IRIS Software Group to fuel greater financial accessibility for their customers.”

KashFlow, by IRIS Software Group, is an innovative online bookkeeping and payroll solution. It provides intuitive cloud-based accounting software for accountancy firms and SMEs, saving business owners both time and effort by letting them manage accounts anytime, anywhere.

The new collaboration further consolidates Yapily’s position as the backbone of open banking and the infrastructure that partners need to take advantage of its benefits.

 

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VIVA WALLET SUPPORTS E-COMMERCE GROWTH THROUGH ITS MARKETPLACE SOLUTION

Viva Wallet’s PSD2-compliant payment solution for online marketplaces removes the requirement for them to become licensed providers of regulated payment services. Viva Wallet is able to handle the streamlined processing of customer transactions through a PSD2-compliant escrow account that sits under Viva Wallet’s license.

 

The rapid rise of online marketplace platforms across Europe, which act as an intermediary for buyers and sellers, has dramatically changed how consumers order takeaway food, call a taxi, rent a room, and so much more. The global pandemic has made marketplace payment solutions even more of a priority for businesses looking to maintain and grow across digital platforms, as customers seek out ways to shop and pay hygienically and friction free. A recent study by Neilsen found that 44% of global consumers now shop online at least once a week, compared to only 9% before the pandemic.i

 

The Viva Wallet solution enables such transactions to be fully PSD2-compliant while ensuring that sellers/resellers using online marketplaces are paid quickly, safely, and transparently. At the same time, Viva Wallet offers APIs for acquiring, issuing and transfers, to improve overall compliance and platform growth.

 

In the era of open banking, integrating a Viva Wallet API on marketplace platforms also offers next-day payment settlements for all sellers, instant commission pay-outs for marketplace owners, as well as customizable checkout systems and payment pipelines, making Viva Wallet’s marketplace solution a particularly easy one to use for sellers and marketplace owners alike.

 

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