Persistent Systems helps Monument Bank build digital banking platform

Persistent Systems said that it was selected by Monument Bank, a UK-based neo bank, to develop a customized, cloud-native digital banking platform for lending and deposit services to underpin the ongoing operations of the latter.

The India-based technology services company was involved in the designing and planning of the technology systems of Monument Bank. The former subsequently helped build the neobank’s bespoke systems architecture with a flexible building block approach.

According to Persistent Systems, this approach allows new components to be added as well as swapped over time to leverage the latest innovations to allow the bank to select and integrate multiple SaaS-based core component technologies.

Steve Britain — Monument Bank Chief Operating Officer said: “Becoming a bank was a huge challenge but we were delighted to achieve this during a pandemic. It requires significant investment of both time and money to accomplish and it didn’t make sense for us to take on the journey alone.

“We wanted a solutions partner to help us bring Monument to life and it was evident from our discussions with the Persistent team that they not only had a very strong understanding of the banking ecosystem, but were willing to build a strong partnership with us from the get-go.

“As a result, we have built an integrated ecosystem and platform that not only supports Monument, but also has the potential to power other banks in the future and with a partner like Persistent, we can rapidly enable that.”

Persistent Systems claimed that it has played a key role in advancing the strategic goals of Monument Bank by helping to develop the architecture of the neobank that combines services with a platform that is an adaptable, cloud-based. This includes components to provide core banking, payment services, CRM, general ledger, AML/KYC, and regulatory reporting.

Jaideep Dhok — Persistent Systems SVP and Banking, Financial Services and Insurance General Manager said: “Customers today want simple and seamless experience. Modern, improved and automated process plays a crucial role in meeting these expectations.

“Neo banks such as Monument can provide a tailored, specialised offering, giving their customers the flexibility and services they need. However, the architecture required to deliver simple and seamless experiences is complex, which calls for a trusted partner to help engineer and integrate the technology that makes it possible.”