Persistent Systems and Monument Bank join forces to support Monument’s existing operations by creating a cloud-native digital banking platform for lending and deposit services. Monument aims at empowering its consumers with smart, and responsive solutions that can help them optimize their time.
John Saunders, Chief Commercial Officer, Monument Bank, stated, “Monument’s ambition has always been to create a significant financial institution for the mass affluent market in the UK, recognizing the future opportunities to better serve the needs of the mass affluent in other jurisdictions.”
Persistent was involved with the planning and design of Monument’s technological systems and then helped in creating the Bank’s own systems architecture using a flexible building block approach. With this approach, the bank can add and swap components over time and make most of the latest innovations. Thus, Monument can choose various SaaS-based core component technologies and integrate these technologies into its processes.
Using industry-driven, and innovative cloud technology solutions, Monument is committed to delivering the best-in-class customer service. Persistent supports the Bank’s strategic goals as it creates the system of the Bank and integrates services with cloud-based platforms including components to give payment services, AML/KYC, core banking, CRM, and regulatory reporting.
Steve Britain, Chief Operating Officer, Monument Bank, commented, “Becoming a bank was a huge challenge, but we were delighted to achieve this during a pandemic. It requires a significant investment of both time and money to accomplish, and it didn’t make sense for us to take on the journey alone. We wanted a solutions partner to help us bring Monument to life, and it was evident from our discussions with the Persistent team that they not only had a very strong understanding of the banking ecosystem but were willing to build a strong partnership with us from the get-go. As a result, we have built an integrated ecosystem and platform that not only supports Monument but also has the potential to power other banks in the future, and with a partner like Persistent, we can rapidly enable that.”