Challenger bank Redwood takes tech to the cloud
EXCLUSIVE: Redwood Bank, a new SME-focused bank in the UK, has opted for a cloud-based banking platform.
The front-to-back office solution is supplied by a local fintech firm, DPR Consulting, Banking Technology understands. It is hosted in a private cloud.
Redwood Bank declined to confirm its choice of technology provider. Banking Technology also contacted DPR but received no response.
“Redwood Bank’s ability to acquire a full banking licence and launch within 12 months of application can be attributed to implementing a 100% cloud based digital strategy,” the bank tells Banking Technology.
DPR Consulting is a well-established player in the UK’s banking technology space, traditionally known for its front office software for domestic retail banks, building societies, mortgage companies and other lenders. A few years ago it extended its front-end solution to the back office, supporting core processing functions.
There are a handful of takers of this new core banking system, to Banking Technology’s knowledge. Among them are Masthaven Bank (another recently launched challenger bank) and Cambridge Building Society.
DPR Consulting’s customers in the front-office tech space include Metro Bank, OneSavings Bank, Aldemore Bank, Precise Mortgages (part of Charter Court Financial Services), Fleet Mortgages and West Bromwich Building Society.
With so many new entrants trying to muscle into the UK banking sector, Banking Technology has put together a comprehensive list of the known challengers to date and the technology they are using.
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