The platform went from inception to business loan application processing in six months which will also be the framework for the intermediary mortgage lending platform.
Richard Pike, sales and marketing director at Phoebus, said: “This project, and the achievement of the delivery timeline, is testimony to a true client partnership approach. Both parties worked together to achieve a common goal with an open and pragmatic approach supporting the project objectives.”
He confirmed Phoebus will continue to work with Atom on an ongoing basis as its services evolve.
Craig Iley, managing director business banking at Atom Bank, said: “Servicing a business loan should be simple, straightforward and add value to the customer’s overall management of their finances.
“We chose Phoebus for the depth of functionality that already exists in their servicing platform and their willingness to work with us to adapt their system to support the innovative technology.”
Digital challenger Atom Bank is targeting £3bn of gross mortgage lending within three years of its launch this summer.
Atom’s head of intermediaries, Maria Harris (pictured), confirmed exclusively to Mortgage Solutions in April that it plans to drive £300m through its app with limited distribution partners in its first year.
The Durham-headquartered lender will offer full proc fees for retention, did not rule out the idea of trail fees and will be driving leads to its preferred brokers via the app, encouraging clients to seek mortgage advice.
Its launch mortgage range will include new-build, shared ownership, contractor and self-employed and lending into retirement loans.
Atom confirmed the bank will not sell or originate mortgages on the consumer app and so brokers will be supported by a web platform. The consumer app is currently only available on iPhone with an Android version to launch shortly.