Monument Bank has turned to Persistent Systems to build a bespoke, cloud-native digital banking platform for lending and deposit services.
London-based Monument is a neobank that focuses on the 4.8 million-strong “mass affluent” market. It got its full banking licence in November last year.
Steve Britain, Chief Operating Officer, Monument Bank, explains: “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.”
Digital engineering provider Persistent is headquartered in Pune (India), and based on LinkedIn info it also has a presence across the US, Europe, Singapore, Tokyo, Australia, et al.
According to Persistent, it helped construct the bank’s bespoke systems architecture using a building block approach. This enables new components to be added and swapped over time, allowing Monument to choose and integrate SaaS-based core component technologies.
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Jaideep Dhok, SVP & General Manager, Banking, Financial Services & Insurance, Persistent, calls it a “digital mosaic”.
The Indian company says the bank’s architecture also combines services with a cloud-based platform, including components to provide core banking, CRM, payment services, AML/KYC, general ledger and regulatory reporting.
As noted above, Monument is intent on B2C action and is all about making money from those with money, such as business professionals, entrepreneurs and property investors.
The challenger bank has launched its property investment lending and an initial range of savings products.
The bank takes its name from the Monument, a globally recognised commemoration of the Great Fire of London and celebration of the rebuilding of the capital.
Monument notes: “It represents the end of the old era and a transition to modernity and the future as wooden buildings were replaced with the newer, stronger structures that are now synonymous with the City’s longevity and security.”
Persistent has over 21,500 employees located in 18 countries.
It seems the UK is a good place for business for Persistent. In May, GB Bank, a specialist bank focused on property development finance, selected the Indian tech firm to build its digital-first IT infrastructure.
