This will introduce mortgage account servicing to its borrowers, the society said.
The implementation follows the mutual’s discovery phase, which started in Q4 last year. This saw Monmouthshire Building Society integrate with MQube to onboard completions using the Phoebus originations API.
During this new phase, Monmouthshire Building Society’s full range of residential, development, buy-to-let (BTL) and holiday let products will be onboarded to the platform.
The mutual will have access to the full suite of Phoebus APIs, aiming to deliver a significant return on investment by providing operational savings through account automation across its mortgage process.
This will cover basic tasks and more complex functions, such as arrears management and special servicing.
The next step towards a better home buying journey
Sponsored by Halifax Intermediaries
Further integration planned
Going forward, this will be extended to the mutual’s savings operations.
The next phase will see Monmouthshire Building Society integrate all existing mortgage and savings accounts onto the Phoebus platform using the same API technology.
Adam Oldfield, chief executive officer at Phoebus, said: “From the initial tender process, Monmouthshire has been a fantastic client to partner with, and both organisations have worked efficiently to get the solution live to plan and budget.
“The multi-million-pound investment we have made in our mortgage and savings product, including the ability to migrate books of any size accurately and efficiently, means we are a great fit for any society considering moving to modern software as a service (SaaS) technology, backed up by proven, referenceable experience.”
Dawn Gunter, chief operating officer at Monmouthshire Building Society, added: “It is fantastic to work with a core provider that delivers to plan and brings the capability and expertise to support the society on its digital journey, enabling greater automation and more efficient day-to-day operations.
“We look forward to a great partnership with Phoebus for many years to come.”