Metro Bank starts operations today, underpinned by an off-the-shelf banking platform chosen to keep IT costs down while enabling scalability and resilience.
The core system, which includes customer relationship management and product lifecycle management, provides support for current accounts and cash deposits. Similar versions of the Temenos-supplied system are used by other financial services firms, such as Schroders.
Pre-configured products and processes included in the platform provide up to 80% of the bank's required functionality, according to the supplier.
System deployment was completed in nine months with a "low cost, low risk and rapid implementation", despite reports earlier this year that Metro Bank was struggling with complex system checks and last-minute product preparations.
Metro Bank is the first start-up bank to launch in the UK since the late 19th century. In addition to extended opening hours seven days a week, it will offer customer services out of UK-based call centres, as well as an online service which is expected to include SMS alerts warning if customers are about to exceed their credit limit.