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

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  • 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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EXPERTS SHARE SIX STEPS TO RAISING MONEY SAVVY KIDS

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The ability to manage finances is not something that is known naturally; it must be taught to us as we go through life. From understanding the value of money, to knowing when to save or spend, it’s certainly a valuable life skill.

However, the way in which financial literacy is taught in schools around the world varies massively, often meaning young people grow up with limited understanding of how to manage their money.

To mark International Day of Remittances (16 June), which aims to improve access and understanding of remittances worldwide, experts at global cross border payments company, WorldRemit, have curated advice on how to give children an understanding and appreciation of money.

  1. Talk money 

As a parent, it may seem natural to not discuss finances around children. Instead, try to involve them in conversations about everyday expenses such as food shops and transport. Giving them exposure to these conversations in their everyday life will allow them to understand the essential things that need to be bought before they can have games and clothes, helping to build an appreciation of money and budgeting from an early age.

  1. Introduce money during playtime

When your children reach an age where they begin to understand numbers, starting to show them physical money can be beneficial. Teach them to count cash and understand it at its most basic level. Games such as Monopoly or playing cashier are perfect for this and makes showing them the value of money an enjoyable yet educational experience.

  1. Start budgeting

Once your kids are at an age that they are earning pocket money, you can teach them how to budget. Doing this visually works best and can show them how much money they’re getting and where they need to spend it. Creating a very basic budget with your children will teach them that they can’t just spend all their money on treats, and that it needs to last until their next instalment of pocket money.

  1. Start saving

Not everything can be bought from your paycheck, and kids need to learn that expensive items must be saved for. Start a savings account for them, whether that’s a piggy bank or an actual bank account, to give them somewhere to put money aside and give them sight of this once they’re old enough to understand. Not only will they be able to save for a new bike or video games, but they will also learn discipline and the reward of goal setting.

  1. Spending responsibly

Now they know the value of money, how hard they have to work for it, and what they need to use it for, you can let them spend it with set limits. It can be easy to go too far and make money feel like something that isn’t to be enjoyed, so it’s important to show the joy that can come with buying their favourite toy or sweet treat. Your children will finally feel the reward of treating themselves to something new, whilst being careful not to overspend and appreciating where the money has come from.

 

A spokesperson for World Remit commented: “It’s easy to get caught up in the many lessons and subjects our children are taught at school and forget some of the fundamentals of being an adult. At WorldRemit, we are passionate about educating everyone, adults and children alike, about how to use money wisely.”

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CORE BANKING FINTECH OHPEN APPOINTS JERRY MULLE AS UK MD TO FUEL CONTINUED GLOBAL EXPANSION

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Ohpen, the first fintech platform to bring a bank to the cloud, today announces the appointment of Jerry Mulle as its new UK Managing Director, signifying its commitment to the UK market. Bringing 30+ years’ experience gained from prior roles at Sopra Banking Software, IE Digital and RBS / Natwest, Jerry will ensure Ohpen’s solutions are firmly placed in the UK market for financial institutions to leverage.

 

Last year, Ohpen’s acquisition of Davinci, Europe’s STP number one loan and mortgage software company, made it the only cloud-native core banking engine to offer a full suite of products across savings, investments, loans and mortgages. Now with a 100% configurable platform fueled by powerful APIs, Jerry will continue to position Ohpen as the go-to partner for financial institutions, helping them to navigate the explosion of digital tools at pace and scale.

 

Jerry has driven digital change since internet banking came to the fore. A visionary when it comes to technology enablement in financial services, he has also led the digital evolution of specific financial products, like mortgages. His decade of experience at Natwest / RBS across retail and commercial banking means that Jerry has a deep understanding of the challenges and opportunities facing UK financial services organisations today.

 

In this role, Jerry will be dedicated to bringing Ohpen’s serverless, microservices-based solutions to all types of UK financial institutions, from lenders and building societies to pension providers. Taking an initial laser focus on the mortgages proposition, he will enable FIs to harness Ohpen’s one-of-a-kind platform to free them from legacy systems and embrace true digitisation.

 

“It continues to be an extremely exciting time for Ohpen. We have been busy working on putting the 25% increase in R&D, gained through the acquisition, into practice – with a clear focus on this market. Our technology continues to disrupt banking and liberate financial institutions of burdensome software. Jerry’s experience and deep knowledge of the market, teamed with his proven track record, is why I have no doubt that he will be critical to our success in the UK.” said Matthijs Aler, CEO of Ohpen.

 

On his appointment, Jerry said, “Ohpen’s commitment to the UK market makes this an exciting opportunity. Now is absolutely the time to bring this innovative technology, built on decades of expertise, to UK providers and their customers in a way that works for them.

 

“In the mortgages space, UK customers are crying out for a less complex and more streamlined process, and with Ohpen’s STP ability, I genuinely believe that our proposition allows financial institutions to offer exactly this. Ohpen is positioned to be the number one driver of this in the UK and I look forward to being part of the growth journey.”

 

Jerry joins a growing team of senior executives, with his hire coming shortly after the appointment of Xandra Niehe as Chief People & Culture Officer (CPCO). She will be dedicated to building a culture that facilitates this level of growth while keeping its combined core values in place.

 

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