Castle Trust Bank renews contract with Phoebus as it upgrades to core banking service

Both firms have worked together since 2016 when Castle Trust migrated its mortgage loan book onto a bespoke Phoebus system.

Upgrading to the core servicing solution will allow the bank to utilise the platform’s full range of additional functions — including originations and migrations as well as other standard APIs.

In total, almost 50 new capabilities and enhancements will become available for Castle Trust to deploy, including the option to access the AI-powered and predictive user interface.

Adam Oldfield, chief revenue officer at Phoebus, said: “We have always had a great relationship with Castle Trust and understand the workings of its specialist areas of lending.

“The team looks forward to completing this transition within a four-month timeframe, continuing to work closely with the bank in support of its on-going lending servicing requirements, delivering significant operating cost savings, while helping enhance its growth ambitions.”

Barry Searle, MD of the property division at Castle Trust, also commented: “The scale and scope of digital innovation created within [this] core banking servicing platform is where we want and need to go to next.

“As a specialist lender we are always looking to create new products to fit an ever-complex lending market and the latest Phoebus software solution can help us to realise our future growth and business objectives.”