Castle Trust Bank has renewed its contract with Phoebus Software, signing on for another five years and committing to a transition to Phoebus’s latest core banking servicing platform.
The two firms have been partners since 2016 when Castle Trust transferred its complete mortgage book of loans onto a custom-built Phoebus system.
The upgrade to Phoebus’s servicing solution will enable Castle Trust to leverage an expanded range of features, such as the award-winning originations and migrations API by Phoebus, along with the possibility to incorporate any of the 60-plus suite of “standard” Phoebus APIs.
Nearly 50 new capabilities and improvements will be available for Castle Trust, including the AI-powered, predictive, next-generation user interface provided by Phoebus.
Adam Oldfield (pictured), chief revenue officer at Phoebus, expressed his enthusiasm about the continued partnership, stating, “We have always had a great relationship with Castle Trust and understand the workings of their specialist areas of lending.
“It now makes complete sense for Castle Trust to transition from the bespoke system we built for them seven years ago to our market-leading, core servicing platform with all its additional functionality and contemporary, digital capability.”
Oldfield also confirmed that Phoebus aims to complete the transition within a four-month timeframe, with plans to continue close collaboration with the bank to meet its ongoing lending servicing needs. This collaboration is expected to yield significant operating cost savings and support the bank’s growth ambitions.
Barry Searle, managing director of property at Castle Trust Bank, added: “The Phoebus bespoke mortgage servicing system has served us well to date, but the scale and scope of digital innovation created within the Phoebus core banking servicing platform is where we want and need to go next.
“As a specialist lender, we are always looking to create new products to fit an ever-complex lending market and the latest Phoebus software solution can help us to realise our future growth and business objectives.”
