Recognise is a new upcoming SME bank expected to launch in 2020. It has now taken another step towards the launch by tapping Mambu to provide its banking software.
Recognise is a subsidiary of the City of London Group that aims to turn the SME banking sector on its head, provided it can get its hands on a banking licence.
Jason Oakley, CEO of Recognise, said picking Mambu was essential for it to achieve its goal. “For too long SMEs have had to do with below average service levels,” he said. “We know that speed and flexibility is critical for SMEs and the current SME banking providers are no longer fit for purpose. This is why we have decided to select a cloud-based solution that is modern and open early on our journey.”
Mambu will collaborate with nCino, the banking software provider picked by Recognise to provide the backbone of its services earlier in October.
Monica Velaquez, CTO of Recognise said, “We are really excited to work with Mambu and explore the ways in which we can enhance the overall customer (internal and external) experience through a composable architecture. With Mambu we will be able to apply innovation initiatives to build the new foundations of SME banking through the Mambu Core and Mambu Process Orchestrator. It is a pleasure to take forward this partnership with Mambu and embrace the opportunities, new technologies and frameworks that will improve the banking experience for SMEs in the UK.”