UK’s Atom Bank Renews Contract with Phoebus Software Limited

Atom bank and Phoebus Software Limited (PSL) have reportedly signed a new 3-year contract.

The digital bank which streamlined the mortgage market by introducing the use of mobile apps in order to support its lending processes, has been a Phoebus user since Atom Bank’s official launch in 2016.

Atom bank leverages the complete suite of Phoebus account servicing functionality such as primary and special servicing. The banking platform also uses the Phoebus securitization module in order to handle its wholesale funding requirements. The solution handles residential as well as commercial lending.

There are now more than £85 billion worth of assets being serviced via Phoebus in the United Kingdom and Ireland, and customers reportedly include specialist banks and lenders, outsourcers, later life lenders and building societies.

Phoebus Software Limited’s chief sales and marketing officer, Richard Pike, stated:

“We have worked in partnership with Atom for over six years, and in that time supported Atom achieve many strategic objectives. With mortgage balances today of over £3 billion, Atom has been a true success story in the market and we’re glad we’ve been able to assist the bank in its growth to date. We look forward to working together to support delivery of its future strategic aspirations.”

Robbie Steel, head of PR and communications at Atom bank, remarked:

“Phoebus has been a valued partner since our inception, helping us to successfully disrupt the lending market in that time. Given the current economic uncertainty surrounding the UK, our mission to make lending faster, simpler and better value than anyone else is more important than ever, and we’re delighted to have Phoebus on board to help us deliver on this.”

Atom bank, the UK’s first app-based bank, recently “launched a 9 month fixed rate savings product with a table topping rate, as it continues on its mission to make the experience of saving with Atom faster, simpler and better value than anyone else.”

The new Fixed Saver account has been “launched to offer savers more choice and flexibility in the current market, and comes with an attractive rate of 3.95% AER.”

Atom has striven “to offer savings customers a better deal as interest rates have risen, and has had savings products in the top five of best buy tables for 40 of the 44 weeks so far this year. Today’s launch comes after Atom last week increased its Instant Access Saver rate to 2.55% AER following the latest BoE base rate hike.”

Atom has listened to feedback from customers and “understands that people may not want to lock their money away for long periods during the current cost of living crisis, particularly as the government continues to raise interest rates in an attempt to tackle soaring inflation.”

For more details, check here.

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