U.K.-based start-up B-North has chosen a German Software-as-a-service (SaaS) company, Mambu, to provide its core banking technology, reports Ruby Hinchliffe of Fintech Futures (Finovate’s sister publication).

The Manchester neobank, which is still awaiting a license from the Financial Conduct Authority (FCA), is the first client to experience a co-created solution by Mambu and a U.S.-based cloud banking tech provider, nCino.

The cloud provider will deliver its loan and deposit origination platform, enabling the challenger to speed up its processes and deliver a highly efficient, “minimum hassle” service to its SME customers.

“The advantage of creating a new bank without legacy systems or legacy business processes is we can design the solution around our customer’s needs and leverage the very best cloud-based technology,” said B-North CTO, Ewan Hutton.

He added: “Mambu has already proved its engineering capabilities with its core banking solution in the marketplace and for B-North it is a perfect fit vs traditional solutions that are over-engineered legacy designs with recent front-end face-lifts.”

B-North’s new localised technology will make loans available to SMEs in just ten working days, rather than the standard three to four months.

Currently, SMEs make up 99% of U.K. businesses and employ more than 16 million people.

nCino’s area vice-president, Jacqui Morcombe, said: “B-North is taking a progressive approach to its technology strategy. By building a foundational cloud-based architecture it is establishing itself as a customer-centric institution without the constraints of inflexible systems as market pressures shift.”

Founded in 2012 and headquartered in Wilmington, North Carolina, nCino demonstrated its Bank Operating System at FinovateEurope 2017. Berlin, Germany-based Mambu made its Finovate debut at FinovateAsia 2013, and returned to participate in our developers conference FinDEVr New York in 2016. Mambu was founded in 2011.