Since 2016, Mambu and Persistent Systems have reportedly been assisting banking institutions and financial service providers with transforming their products and operations via digital acceleration and Cloud-native banking tech.
A digital engineering firm, Persistent is a “strategic” partner of Mambu providing industry and technical expertise “along with vast experience with Mambu’s cloud banking platform.” Via this partnership, clients are able “to modernize their technology and operating models to respond to growing expectations from today’s banking consumers.”
With Mambu and Persistent, banks are able to “rapidly build and launch new products while reducing operating costs and complexity.”
Together, Mambu and Persistent are able to “facilitate the rapid deployment of cloud-era digital technology across lending, deposits and everyday accounts, among others.” By bringing together Mambu’s Cloud-native banking platform – an ecosystem of 70+ best of breed ISV partners – with Persistent’s expertise as a system integrator and developer of front-end experiences, clients have “access to a powerful and proven set of providers to help them on their digital journey.”
As the world becomes more connected, “an increasing number of banking customers are seeking a single digital wallet which allows them to hold and spend in different currencies in a seamless manner.” The update also mentioned that these multi-currency accounts “offer customers a range of valuable use cases.”
Persistent has developed a solution with pre-built integrations into Mambu and the ISV ecosystem which “enables institutions to launch a multi-currency wallet, quickly, decisively and globally.”
The first functionality to highlight is “the consolidated total amount of multiple accounts in multiple currencies.”
As noted in a blog post, a single customer with multiple accounts in multiple currencies is “visible in the Mambu back end.” Each account “displays the type, balance, and currency amongst other details.”
When the customer logs into their mobile banking app, the dashboard “displays the total balance for each currency account.” Under the ‘Account’ tile, the “consolidated total” of all accounts is shown. Once selecting this tab, “an overview of all account types is displayed, with the sum of each account displayed in US Dollars.”
As explained in the blog post, users can move further into the Checking or Saving Account summaries, “to view a list of unique accounts in multiple currencies.” This seamless functionality “allows for clear visibility of consolidated account totals.”
Within the account overview, users find the option “to convert a payment.” This triggers a popup where the appropriate accounts “can be chosen to send and retrieve the payment, along with the amount of the transfer.”
After selecting ‘Calculate’, a new popup appears “to display the transaction details including conversion rate, converted transfer amount and fees.” The fee amount is “always configurable in the Mambu back end. Upon confirmation, the fund transfer will be completed,” the update noted.
As mentioned in the blog post, “once the funds have been transferred, the debited and credited amounts are visible within the individual accounts, in the correct currency.” The account from which the fund transfer originated “will also show the fee amount deducted.”
When viewing these accounts in the Mambu back end, the credit and debit entries for the same transaction “are visible under each account’s ‘Transactions’ tab.” This easy and transparent movement of money “allows users to transfer payments and funds to various currency accounts, so they can send, receive and spend like a local.”
The third functionality to showcase is “a transfer to third party accounts from an account with insufficient funds.”
As noted in the update, users can navigate into the ‘Pay’ tile from the home dashboard, users can “select the ‘Fund Transfer’ tab.” Here it is possible “to select a ‘Third Party Account’ to send a payment to, including previously saved recipients.”
The user will “select an account from which the transfer will originate, along with the transfer amount.” If an account with zero balance is chosen, a popup will appear “stating the account has insufficient funds. This display will include a list of accounts that can fund the originating account, in order to supply the funds to complete the transfer.”
The user can “select an account from this list to fund the transfer.” After choosing an account and selecting ‘Calculate’, a popup will appear “to display the conversion rate, transfer amount and the conversion fees.”
After confirming the transfer, the originating account with a zero balance “will be funded by the selected account, allowing the third party transfer to be completed.”
With smooth integration and onboarding, users can “access the full potential of multi-currency accounts leveraging Mambu and Persistent.” This puts “more control in the hands of the customers, and raises the standard of excellence in banking services,” the blog post explained.