Phoebus Software has unveiled its latest advancement in mortgage servicing technology with the roll-out of a cloud-native Software-as-a-Service (SaaS) platform, backed by a substantial financial commitment to innovation.

This strategic investment propels the company’s acclaimed technology to new heights, broadening its application across various lending and savings services.

Building upon its well-established, precise, and durable calculation engine, the new platform introduces enhanced authentication, security features, and an expanded array of open microservice APIs.

These developments enable seamless integration with a range of technologies within a comprehensive ecosystem, fostering collaboration through Phoebus’ extensive partnership program.

Significant competitive edge

The platform promises significant competitive edges for Phoebus’ clientele, including improved operational efficiency, scalability, and reduced costs related to infrastructure and operations. It also boasts heightened system reliability and resilience, minimizing the risk of downtime.

A notable feature of the platform is its modern user interface, designed with a focus on ease of use and productivity enhancement, aligning with the operational needs of lenders and deposit institutions. The intuitive interface is expected to streamline training processes and facilitate quicker adaptation for new users.

Neil Dyke, the 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.

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