Cambridge & Counties Bank and Phoebus Software Limited (PSL) have signed a new five-year contract building on a 10-year partnership.

The specialist bank and PSL have worked together since the bank’s launch in 2012 and this is the second contract renewal in a decade.

Cambridge & Counties Bank originally chose PSL due to the flexibility and integration of its systems, but also because the cultures of both companies fit together “really well”.

The bank services deposits, commercial and residential assets on the Phoebus servicing solution across its lending and deposit product ranges. It utilises the award-winning Phoebus originations API to onboard new business.

There are now over £95 billion of assets being serviced on the Phoebus platform in the UK and Ireland, with clients including lenders, outsourcers, later life lenders and building societies.

Richard Pike, chief sales and marketing officer at Phoebus Software Limited, said: “From the outset of our partnership with Cambridge & Counties Bank, there has been a great requirements and cultural fit from both a systems and relationship perspective.

“As Cambridge & Counties Bank has launched new features and products, the Phoebus solution has been configured in line with the bank’s requirements. Cambridge & Counties Bank is an ideal example of a forward thinking, realistic and pragmatic client who wants to work in true partnership to achieve its strategic goals.

“We’re really proud that as a client of 10 years, we have now cemented this milestone with a new contract and very much look forward to continuing to work with the team over the coming years.”

Phil Baker, director of information & technology at Cambridge & Counties Bank, commented: “The bank has grown in our 10 years and recently topped £1 billion of total lending. Over this time the Phoebus platform has helped us enormously to acquire and service our lending and savings customers.

“As one of our key partners, Phoebus understands our business model and strategy, and therefore extending the contract was an easy decision for us.”

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