Recognise Bank, a British venture that was given a banking license in December, is working with Mambu, a Software-as-a-Service (SaaS) cloud banking platform, to provide an online banking platform for small- to medium-sized businesses (SMB) customers, according to a press release.
Recognise’s approach to serving the sector will be to provide cutting-edge technology for customers and a level of personal service made possible by capping the number of clients that can be assigned to each relationship manager, the release stated.
“Upholding such a tailor-made offering required a cost-effective and scalable banking solution that would free up resources and allow the bank to focus on building personal relationships and developing a regional presence across the U.K.,” the bank stated in the release.
“There was an urgent need to serve a market where speed and flexibility are critical, so we built a seamless cloud-based solution,” said Recognise CEO Jason Oakley in the release. “We partnered with Mambu and were supported by several leading FinTech partners to quickly scale and deliver speedy and expert services to [SMBs].”
Recognise Chief Technology Officer Monica Velasquez added in the release: “From the outset, our approach was aligned with Mambu’s philosophy. The composable architecture and its [application programming interface (API)-first] nature allows the build of seamless digital solutions all in the cloud, which is a perfect fit for us, as Recognise is a cloud-led bank. We are able to adapt and respond to changing market scenarios quickly, and with the in-house knowledge gained throughout the implementation process we can launch products in a matter of days.”
Mambu Chief Customer Officer Elliott Limb said in the release: “The launch of Recognise Bank marks a significant milestone for U.K.’s [SMBs] and Mambu is proud to partner with Recognise to cater to their needs… This successful go-live is a result of collaboration, openness, commitment and cutting-edge technology practices.”
Recognise stated in the release that its first offerings are loans for commercial property and working capital and that savings and asset finance products are next.
Recognise received a restricted banking license from U.K. regulators in November and stated at the time that it might receive a full license in the first quarter of 2021, PYMNTS reported.
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