Mambu, a core cloud banking platform, in collaboration with Avenga, a system integrator, has completed the migration of Marginalen Bank from its legacy core banking system to Mambu’s platform.
This transition, which took 13 months, enables the bank to enhance its offerings for both consumer and business deposits while adopting a modern banking framework.
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The migration to Mambu’s API-driven core banking platform, supported by Microsoft Azure Cloud, has allowed Marginalen Bank to replace outdated systems. This shift is expected to improve the bank’s agility, scalability, and cost-effectiveness.
The new cloud-native architecture facilitates the rapid launch of financial products, ensuring compliance with Nordic financial regulations.
Avenga banking and financial services SVP Peter Stros said: “Successfully migrating a bank’s core system in just 13 months is a highly complex process, requiring deep expertise in cloud-native architectures, regulatory frameworks, and seamless integration across a bank’s ecosystem.”
Avenga’s involvement was key in the project, overseeing the decommissioning of the legacy core banking system and establishing a fully integrated, cloud-first architecture.
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By GlobalDataThe initiative included comprehensive data migration and integration across various components of the bank’s ecosystem, such as Data Warehousing (DWH), Core Banking System (CBS), microservices, and local third-party providers.
Marginalen Bank chief financial officer Bo Andersson said: “Our goal has always been to simplify our customers’ everyday financial lives, and to do so, we need a strong, scalable infrastructure.
“Mambu’s composable banking approach perfectly complements Marginalen’s technology strategy. We’ve been able to seamlessly migrate to the modern core and future-proof our technology.”
Marginalen Bank is now part of a growing number of Scandinavian financial institutions utilising Mambu’s SaaS cloud banking platform. Other banks in this group include Nordiska, based in Stockholm, and Denmark’s Kompasbank.
Established in 2010 after acquiring Citibank’s Swedish consumer bank, Marginalen Bank provides a diverse range of financial services for individuals and businesses.
In February this year, Ibercaja Banco partnered with Mambu to launch a new consumer finance entity, set to roll out in phases starting early this year.
