German cloud banking platform Mambu has partnered with Canadian digital banking solutions provider Alchemy.
Under this partnership, the companies will deliver a lending operating system and workflow engine for banks and credit unions.
Mambu and Alchemy have created a lending decisioning engine, enabling financial institutions to launch new loan products in the market within 60-90 days.
These lending products will cater to both consumers and small businesses (SMB).
This is made possible by the integration of Mambu’s API-driven back-end core processing solution with Alchemy’s front-end lending platform.
The Alchemy-Mambu lending platform is now available for deployment.
Founded in 2012, Alchemy provides customers with personal loan, line-of-credit, mechanics financing, construction loans and student loan installations.
Alchemy CEO Timothy Li said: “Mambu’s proven back-end further enhances Alchemy’s lending process on the consumer side, and also provides the tools needed to expand into other lending sectors, including SMB loans.”
Launched in 2011, Mambu offers current accounts, loans, deposits, mortgages and other financial products and services to its clients in over 50 countries worldwide.
Mambu MD Johanna Pugh said: “The combination of the two proven technologies will provide invaluable benefits to community bankers and credit union executives who are trying to quickly expand into new markets by offering innovative, solid loan products.
“In practical terms, if a bank wants to provide a new consumer lending product, it would normally take two to three years if it relied on its existing lending platform.
“However, on the joint Alchemy/Mambu lending platform, the new lending product can be created, fully vetted and deployed to the public within a matter of 60-90 days.”
In July 2020, Australian business bank Tyro implemented Mambu’s cloud-native banking platform to deliver its first term deposit product.
In June, the software-as-a-service (SaaS) banking platform partnered with Google Cloud to expand its services globally.