Mambu to power Canada’s Brunswick Credit Union amid MV Solar UK launch
Brunswick Credit Union is transitioning to the Mambu cloud banking platform ahead of its legacy core’s end of life next year, among other industry developments involving the Dutch banking technology vendor.
Mambu to power Brunswick Credit Union and MV Solar
The Software-as-a-Service (SaaS) offering is set to power the credit union’s checking and savings accounts, mortgages and other lending functions for its retail and business members.
Serving the Canadian province of New Brunswick, the credit union was formed in 2022 via a merger between Advance Savings Credit Union, Bayview Credit Union and Progressive Credit Union, and claims over 40,000 members with $1 billion in assets.
Its implementation of the Mambu platform remains ongoing and is being maintained by League Data, a CIO and technology partner for credit unions operating across Canada’s Atlantic provinces.
Lisa Loughery, CEO of Brunswick Credit Union, says the cooperative plans to leverage the offering “to its full extent to take advantage of future possibilities” once the core transition has been completed.
For Mambu, which is headquartered in Amsterdam, the deal marks the continued penetration of its core banking solutions internationally.
While it previously partnered with Brim Financial in Canada in 2022 to integrate the fintech’s platform-as-a-service technology with its platform, much more recent adoptions indicate a rising appetite for its offering among European financial institutions in particular.
Mutual Vision leans on Mambu for lending
Among Mambu’s growing European client base is Mutual Vision, a technology provider for banks and building societies in the UK. It announced its partnership with the Dutch vendor in April last year to “create and deploy financial offerings with flexibility” with a new core banking engine.
Mutual Vision’s latest application of Mambu’s platform sees the unveiling of its MV Solar offering today for small to midsize lenders.
Touted as a “bank-in-a-box”, the vendor’s new digital banking platform is to provide tools for loan origination, underwriting, servicing and savings origination, as well as the management of arrears, workflows, payments, regulatory reporting and online services.
The platform leverages Mambu’s lending technology, which provides the loans, savings and current account records for the platform, in addition to the interest rate calculation routines.
Speaking to FinTech Futures, David Bennett, business development director of Mutual Vision, says MV Solar targets lenders with “advanced analytics, dynamic workflows, succinct data views” and “the insight to improve their products and services”.
“It is a brand new digital solution for the specialist lending sector which will create competitive advantage, increase efficiencies, and enhance lenders’ savings and loans functions capabilities.”
