September 2024: Top five core banking stories of the month
With the rapid rate of technological change and shifting customer demands, financial institutions across the globe have been looking to modernise their core tech.
Here is our pick of five of the top core banking stories from September, featuring Judo Bank, Affinity Plus, Interbridge Mortgages, Consumers Credit Union and more.
Axway completes €330m acquisition of Sopra Banking Software
Axway acquires SBS for €330m
French-American IT company Axway has successfully completed its acquisition of Sopra Banking Software (SBS) from Sopra Steria for €330 million.
Axway confirms that “the integration of the two entities is beginning”, with late 2024 through to 2025 identified as “instrumental in the ramp-up of the new group”.
The purchase currently supports approximately 1,500 financial institutions with digital software solutions spanning banking, lending, compliance and payments, among other areas.
Axway, which specialises in providing API-driven B2B integration and MFT software alongside its Axway Amplify open API management platform, says the acquisition will establish the group as “one of France’s top enterprise software publishers”.
Judo Bank migrates lending business to Thought Machine’s Vault Core
Australian challenger Judo Bank has migrated its lending business to Thought Machine’s cloud-based core banking platform, Vault Core.
The Melbourne-based bank has been in the process of adopting Vault Core for its lending business since last year.
The business currently supports a wide range of capital solutions across various industries, including business lending products, term deposits and home loans.
Thought Machine’s platform will provide the business with “unique flexibility and control in the design and build of new financial products by using smart contracts”, as per the vendor’s website.
Affinity Plus FCU signs Lumin Digital for online and mobile banking revamp
Affinity Plus enters multi-year deal with Lumin Digital
US-based Affinity Plus has entered into a multi-year agreement with Lumin Digital as part of its strategy to adopt “a fresh approach to digital banking”.
The $4.2 billion-asset federal credit union is adopting the vendor’s cloud-based digital banking platform to elevate the online and mobile banking experience for its 265,000 members.
The platform will enable Affinity Plus to introduce new features to the channels, including customised spending insights, financial guidance, tailored savings goals, and fraud protection.
Affinity Plus’ current technology stack includes the Episys core professing system from Jack Henry subsidiary Symitar and the Architect platform from Fiserv.
Consumers Credit Union selects Lumin’s digital banking platform ahead of proposed Rockford Bell merger
US-based Consumers Credit Union (CCU) has partnered with Lumin Digital to implement the tech vendor’s cloud-based digital banking platform.
CCU says the new platform’s implementation will boost the digital banking experience and enable “enhanced credit card management” for its 222,500 members.
Its statement cites the need for a platform that could “support its increasing number of members and their unique needs” after experiencing a “sustained period of growth”.
CCU previously confirmed in April its plans to merge with Rockford Bell Credit Union, also based in Illinois, “later this year”, picking up over 40,000 new members in the process.
New UK lender Interbridge Mortgages taps Mambu for retail mortgages solution
Interbridge Mortgages partners Mambu
Interbridge Mortgages, a start-up mortgage lender, has teamed up with core banking tech provider Mambu to support its entry into the UK mortgage market.
The second charge mortgage lender has deployed Mambu’s retail mortgages solution to power the launch of sixteen mortgage variants.
These are to include both variable and fixed-rate options, as well as with and without early repayment charges (ERCs).
Mambu claims that the collaboration has enabled Interbridge Mortgages to generate income from “day one”, supporting more than 1,000 customers and distributing over £60 million in loans within its first three months.
