Atom Bank secures mortgage platform ahead of 2015 launch
Durham-based Atom plans to launch later this year
UK digital-only bank Atom has chosen financial technology company IRESS to provide the basis for its mortgage platform. Atom received its licence in June and plans to launch later this year.
The Durham-based challenger bank plans to begin with mobile-based personal and business banking services, with a desktop to follow. There will be no bank branches and no paper letters or forms. Instead the bank has said it will use biometric security and an app-based account opening service.
Under the deal with IRESS, Atom will use the tech firm’s MSO product, which will give it sales and originations functions. MSO will be implemented as a managed service, so Atom won’t need to maintain the infrastructure itself.
“As the first wholly digital bank to gain a UK banking licence, Atom wants to differentiate its mortgage proposition,” said Andrew Simon, UK executive general manager (product) at IRESS. “Our MSO product fully supports digital banking by harnessing the latest technologies to provide a highly integrated, configurable and modular solution. We have focused our investment in MSO to ensure it continues to stay ahead of the curve and it is designed to meet the mobile first, omni-channel demands of the evolving UK mortgage market.”
