Tandem Bank goes live on Mambu core platform
Tandem Bank has gone live on its Mambu-provided cloud core banking system, replacing Fiserv’s Agiliti.
The implementation took ten months to complete, with the bank completing a four-month beta testing phase in late 2020.
All customer accounts were migrated “overnight”, including savings, loans, and mortgages. Mambu says the UK challenger can now benefit from “full control” of its product services.
Tandem Bank is on a transformational journey, shutting down its credit card in late 2020. It has since pivoted to a green banking model based around mortgages and lending.
It took on £44.6 million of unsecured loans from Honeycomb Finance last year. That deal also included Tandem acquiring an equity stake in green lending firm Allium.
Ricky Knox, Tandem’s CEO, said at the time his firm would be upgrading its core infrastructure following the Allium deal.
The bank had been a user of Fiserv’s Agiliti since 2016, when it picked the system over Temenos’s T24 and FIS’s Profile.
Tandem’s 2019 financials revealed losses of £18.9 million, a rise of 38% from 2018. Its income, driven by its unsecured lending growth, increased from £15.4 million to £24.8 million.
“We’ve been progressing towards a greener banking ethos for a while now” said Noam Zeigerson, chief data and technology officer at Tandem.
“We needed a technology partner that was both a culture fit for Tandem and had also technical hacks.”
Zeigerson says finding a technology partner capable of executing the complex task of managing ledgers and activating APIs was “key” to the bank’s success.
Eelco-Jan Boonstra, managing director for Mambu in EMEA, says when Tandem decided to move away from “more traditional software providers”, it was to “remain sustainable and achieve their green goals.”