ModusBox is teaming up with Mambu, the global Fintech platform.
Through their partnership, the companies aim to support the next generation of financial institutions in order to challenge the status quo. Mambu and ModusBox intend to bring a combination of domestic and international experiences and assets to the US markets.
They will keep expanding their collaboration by integrating Mambu into PortX, which is ModusBox’s integration platform and connectors for financial service providers.
Mambu’s software-as-a-service (SaaS), API-first, composable model, enabled ModusBox to establish and test the connection to a pilot network within hours. This speed and access should help financial institutions gain the agility to create “best-in-class” experiences and meaningfully compete in the market.
“We are excited to partner with Mambu because we believe the composable banking model is a critical component of enabling all types of financial institutions, from MFIs to commercial banks, to have a financially inclusive strategy,” stated David Wexler, CEO at ModusBox.
“The key to true financial inclusion is focusing on the service that the client receives, not the service that financial institutions intend to provide. That’s exactly where Mambu and ModusBox are focused.”
Johanna Pugh, MD NAM at Mambu, remarked:
“This partnership elevates our clients’ capabilities to build custom experiences from Mambu’s diverse ecosystem of fintech partners. ModusBox’s SaaS-based, cloud-native integration tools align perfectly with the Mambu platform both technically and from a financially inclusive perspective. We are excited to deliver that value to our clients, partners, and prospects.”
As previously reported, Mambu is a SaaS Cloud banking platform. Mambu “fast-tracks the design and build of nearly any type of financial product for banks, lenders, fintechs, retailers, telcos, and more.”
Their composable approach means that “independent components, systems, and connectors can be configured any way our clients require to meet their customer’s needs.” Established in 2011, Mambu has 700 employees and 200 customers globally, “including N26, OakNorth, Tandem, ABN AMRO, Bank Islam, League Data, and Orange Bank.”
As mentioned in a release, ModusBox is a financial services tech firm “focused on open banking solutions that unlock access to banking core data and eliminate vendor dependencies.” It helps financial institutions “empower their teams to connect to real-time payment networks like Zelle®, Mojaloop, ACH, Fedwire, and others.”
ModusBox’s solutions “enable interoperability between online banking, credit checks, mortgage and loan applications, and other internal systems allowing for a timely and accurate view of customer data.”