SBS’s end-to-end core platform currently manages one in five UK mortgages, partnering with leading lenders such as Newbury Building Society, The Co-operative Bank, Hinckley & Rugby Building Society, Scottish Building Society, Swansea Building Society, and Kensington Mortgages.
Meeting the Demand for Modern, Personalized Banking
Today’s consumers expect the same seamless and personalized digital experiences from their banks as they receive from online retailers and streaming services. For UK building societies and traditional banks, these expectations—combined with increasing competition from digital-first challengers—have created a pressing need to modernize operations.
SBS’s Core MSS platform enables financial institutions to transform their systems without compromising their commitment to exceptional member service. Working in tandem with the Front Office Portal (FOP), which serves as a mortgage broker and consumer savings interface, Core MSS manages everything from mortgage origination and savings account setup to mobile banking, branch teller operations, and ongoing loan servicing.
This integration has allowed many UK lenders to reduce mortgage processing times by over 50%, while benefiting from secure, scalable cloud infrastructure that supports continuous innovation and compliance.
Key Enhancements in Core MSS7 and FOP 4.2
The new release introduces several groundbreaking capabilities designed to simplify operations and elevate customer experiences:
- Open Banking Payments: Customers can now make secure, instant payments using their existing banking credentials. This reduces transaction errors, eliminates card fees, and improves cash flow efficiency for both lenders and consumers.
- Digital Onboarding: Opening a new account no longer requires paperwork or long processing times. Customers can now complete secure onboarding within minutes via mobile or web platforms, supported by real-time ID verification and liveness checks.
- Mortgage Product Switching: Homeowners can easily transition to new mortgage deals—even with complex multi-account structures—without remortgaging. This streamlines operations and enhances customer retention.
- Regulatory Compliance: Core MSS7 ensures institutions stay compliant with FCA policy statement PS24/2, offering early intervention tools and advanced reporting to better protect borrowers facing financial challenges.
Driving the Future of Digital Transformation
“With Core MSS7, we’re helping building societies and banks bring digital innovation into every branch and interaction,” said Paul Walton, General Manager, UK Lending at SBS. “By blending human connection with intelligent technology, we’re enabling institutions to evolve while staying true to their community-driven values.”
This update supports SBS’s ongoing mission to empower financial institutions with agile, reliable, and member-centric software solutions that transform the way they operate globally.
Darren Garner, Chief Financial Officer at Newbury Building Society, added:
“Partnering with SBS ensures our systems evolve alongside our members’ needs. With Core MSS7, we’re not only meeting current expectations but preparing for an entirely new generation of members who value speed, security, and digital convenience.”
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