The technology firm said that investment would bring enhanced capabilities to its technology, updating its servicing of all types of lending, savings and deposit-taking.
The technology builds on the company’s “accurate, scalable and robust calculation engine”, and adds an additional level of authentication and security as well as more open application programme interfaces (API).
The latter will allow clients to benefit from services from other technology firms by integrating with other suppliers in a “broader ecosystem” through the company’s extensive partnership programme.
Phoebus said that customers will have “significant competitive advantages” such as “increased business efficiency through agility and scalability…reduced infrastructure and operational expenditure, greater system availability and resilience against downtime”.
User-friendly and productivity boosting
The provider said there is an update user interface that will “better support” business processes of lenders and deposit-takers. The interface is designed to be more user friendly and increase business productivity as there are less training requirements, accelerating the onboarding process for users.
Neil Dyke (pictured), chief technology officer at Phoebus, said: “We have invested heavily in both technology and human resources – our exceptionally strong team has been working hard on developing this next-generation servicing platform. We’ve started moving our clients over to the new system, and this will continue over the coming months.”
Phoebus said at the end of last year that it planned to grow its team by 20 per cent in the next 12 months, with the growth allowing it to invest in further development of its technology and servicing its growing client base.
The technology firm also reached around £100bn in assets in October last year. The company said that since 2011 balances have from from £5bn to its current figure.
Phoebus was founded in 1989, initially as a banking platform, but now offers solutions to banking, building society and lending sectors. This includes originating or servicing deposits or mortgages.
