FF News Logo
Sunday, December 08, 2024

B-North chooses Newcastle Strategic Solutions for savings solution

B-North, the Manchester-based firm building an SME lending bank for the UK, has selected Newcastle Strategic Solutions Limited to provide its deposit-taking solution. B-North will be offering a range of fixed-term retail savings products when it launches in 2020, and will be using Newcastle Strategic Solutions for account opening and account management.

Working with Newcastle Strategic Solutions – the UK’s leading savings management platform – allows B-North to benefit from its robust and proven platform and services. B-North’s savings products will be available online only, with online and telephone support provided by Solution’s award-winning customer services team.

Workshops to develop the B-North savings operation are well underway which will help accelerate B-North’s entry into the savings market.

By outsourcing the deposit-taking side of its business, B-North can concentrate on developing its lending service, which will be based around regional Pods. This highly localised, technology-enabled, model will allow loans to be made available to SMEs in as little as 10 working days.  Typically, traditional banks process loans centrally across different departments, a process which can take 3-4 months to complete.

B-North is important to the future prosperity of the UK, with SMEs making up the vast bulk of the UK economy, accounting for 99% of UK businesses and employing over 16m people – 60% of all private sector employment in the UK.

Jonathan Thompson, Founder and CEO, B-North, said:

“We looked across the market for suitable organisations to support the deposit-taking side of our business after deciding to outsource it, and Newcastle Strategic Solutions had the track record and is a proven and highly trusted supplier. By working with Solutions it allows us at B-North to concentrate on developing our truly unique SME lending model.”

Phil Grand, MD, Newcastle Strategic Solutions, said:

“We want to extend a big welcome to B-North, a challenger delivering fast and localised lending to SMEs, an underserved yet vitally important sector of the UK economy.   Our focus is on supporting B-North’s deposit-taking by delivering seamless online savings management, and providing an exceptional customer experience.”

  1. Equifax and Mastercard Join Forces to Combat Payment Fraud in Latin America Read more
  2. BlueSnap Named a Preferred Payments Partner for Zuora Read more
  3. Abacus Group and Zero Networks Partner to Boost Network Security Across Financial Services Read more
  4. Bitget Lists GMCI Meme Index Perpetual: Capturing the Essence of Crypto’s Trending Meme Culture Read more
  5. MobiFin and INETCO Partner to Deliver Cutting-Edge Digital Banking and Payments Security Read more