Castle Trust Bank has renewed its contract with Phoebus, which will see it move onto the software firm’s latest banking service platform over the next four months.
The software firm says the upgrade allows the lender to use the platform’s additional functions, such as its improved originations and migrations application programming interface and access its artificial intelligence-powered predictive user interface.
The software has almost 50 new capabilities and enhancements.
The two firms have worked together since 2016 when the bank migrated its entire mortgage book of loans onto a bespoke system. The new deal lasts for five years.
Phoebus chief revenue officer Adam Oldfield says: “It now makes complete sense for Castle Trust to transition from the bespoke system we built for them seven years ago to our market-leading, core servicing platform with all its additional functionally and contemporary, digital capability.
“The team at Phoebus looks forward to completing this transition within a four-month timeframe.
“We will then continue to work closely with the bank in support of its ongoing lending servicing requirements.”
Castle Trust Bank managing director, property, Barry Searle adds: “The Phoebus bespoke mortgage servicing system has served us well to date, but the scale and scope of digital innovation created within the Phoebus core banking servicing platform is where we want and need to go to next.”
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