Mutual Vision, a technology provider for lenders, has launched MV Solar, a new ‘bank in a box’. The cloud-native, digital banking platform was unveiled at the BSA conference in Manchester.
MV Solar integrates functions such as loans origination, underwriting, servicing, and savings origination. It also manages arrears, workflow, documents, AGMs, payments, deeds, and includes features for regulatory reporting, online banking, and mobile banking. The platform is powered by Mambu’s lending engine.
Tim Bowen, chief executive of MV, said: “MV Solar is a ready-made banking platform that can be tailored to lenders’ needs — it’s a digital ‘bank in a box’. It will allow lenders to provide an omnichannel experience to their customers, meeting their digital needs.
“Critically, lenders won’t have to build a new, bespoke banking platform from scratch to offer those services.
“Pooling investment in technology and deployment of efficient cloud native technologies like this will keep costs down; MV Solar offers small to midsize lenders the chance to compete with larger rivals at a fraction of the cost digital business transformation firms would charge.
“And lenders will be able to onboard new business without being involved which allows increased geographical reach outside their traditional branch network.
“MV Solar will create a competitive advantage for specialist lenders, increasing efficiencies with enhanced capabilities. That will level the technological playing field with Tier 1 players.”
David Bennett, MV’s business development director, added: “MV Solar is a revolutionary core-banking platform for dynamic, forward thinking lenders. It is built on Mambu’s world-leading, best-in-class engine.
“The idea is that MV Solar will facilitate an omnichannel experience, advanced analytics, easy navigation, enhanced user-experience, dynamic workflows, and succinct data views.
“MV Solar is cutting-edge and with increased scalability and resilience, frictionless connectivity, and world-class customer experience. We are very proud to be launching version 1 to the industry today.”
Bowen concluded: “Last September, we told customers we’d launch V1 in the spring. We’ve done that. The team here are really excited to collaborate with the customer base and progress with MV Solar — and I’m pleased we have delivered version 1 on plan, on time, and on budget.”
