SBS has unveiled the latest version of its Mortgage and Savings Suite, Core MSS7, introducing Open Banking capabilities and enhanced digital features for UK building societies and banks.
The global financial technology company, which supports more than 1,500 financial institutions worldwide, said the new release would help lenders deliver faster, more seamless experiences for members.
SBS’s core platform currently manages one in five UK mortgages through partnerships with institutions including Newbury Building Society, The Co-operative Bank, Hinckley & Rugby Building Society, Scottish Building Society, Swansea Building Society and Kensington Mortgages.
With Core MSS7, lenders can now accept open banking payments, enable digital onboarding for new accounts in minutes, and support mortgage deal switches — all while maintaining compliance with evolving regulatory standards.
Consumers’ expectations for instant, personalised digital services are growing, and lenders face increasing competition from challenger banks and fintechs.
SBS said Core MSS enables traditional institutions to modernise while retaining their member-focused approach.
Together with its Front Office Portal (FOP), the platform supports the full customer journey from mortgage origination and savings account opening to mobile banking, account management and servicing, aiming to cut mortgage processing times from application to offer by more than 50%.
The new Core MSS7 and FOP 4.2 updates allow lenders to authorise open banking payments using customers’ existing banking credentials, helping to reduce processing fees and transaction errors.
Customers can now open accounts digitally through mobile or web platforms, completing identity verification in minutes.
Homeowners can also switch mortgage products more easily, even with complex arrangements involving multiple sub-accounts.
The update additionally supports compliance with the Financial Conduct Authority’s (FCA’s) latest policy statements, including new measures to protect borrowers in financial difficulty.
Paul Walton, general manager, UK lending at SBS, said: “We’re continuing to empower building societies and banks to bring digital innovation into their branch and deliver seamless, personalized experiences that exceed customers’ expectations with this new release of Core MSS.
“We’re blending human connection with smart technology to help these institutions evolve and align them with technology that is as agile and member-focused as themselves.”
Darren Garner, chief financial officer at Newbury Building Society, added: “Partnering with SBS is strategically important to ensure our systems’ functionality evolves in line with our needs—and those of our members.
“The future is very exciting as we continue meeting the needs and expectations not only of our current members, but a whole generation of new ones.”
