"MV Solar will create a competitive advantage for specialist lenders, increasing efficiencies with enhanced capabilities."
- Tim Bowen, chief executive of MV
Lender technology provider, Mutual Vision, has announced the launch of new "bank in a box" - MV Solar.
The cloud-native digital banking platform provides loans origination, underwriting, servicing, savings origination, and facilitates the management of arrears, workflow, documents, AGMs, payments, and deeds — as well as regulatory reporting, online banking and mobile banking.
The platform is built using Mambu’s lending engine which will provide the loans, savings and current account records plus the interest rate calculation routines.
MV employs 90 people and is headquartered in Wilmslow, Cheshire. MV has worked with clients such as StreamBank and Kingdom Bank, and has also provided banking technology to 23 of the 43 mutuals in the UK. MV was established in 2001 by a group of building societies and is still owned by six mutuals — including Monmouthshire, Chorley, and Harpenden.
Tim Bowen, chief executive of MV, said: “MV Solar is a ready-made banking platform that can be tailored to lenders’ needs — it’s a digital ‘bank in a box’. It will allow lenders to provide an omnichannel experience to their customers, meeting their digital needs.
"Critically, lenders won’t have to build a new, bespoke banking platform from scratch to offer those services. Pooling investment in technology and deployment of efficient cloud native technologies like this will keep costs down; MV Solar offers small to midsize lenders the chance to compete with larger rivals at a fraction of the cost digital business transformation firms would charge. And lenders will be able to onboard new business without being involved which allows increased geographical reach outside their traditional branch network. MV Solar will create a competitive advantage for specialist lenders, increasing efficiencies with enhanced capabilities. That will level the technological playing field with Tier 1 players.
David Bennett, MV’s business development director, added: “MV Solar is a revolutionary core-banking platform for dynamic, forward thinking lenders. It is built on Mambu’s world-leading, best-in-class engine. The idea is that MV Solar will facilitate an omnichannel experience, advanced analytics, easy navigation, enhanced user-experience, dynamic workflows, and succinct data views. MV Solar is cutting-edge and with increased scalability and resilience, frictionless connectivity, and world-class customer experience. We are very proud to be launching version 1 to the industry today.”
