The investment brings immense new capabilities to its technology, taking mortgage servicing to the next level.

Phoebus has transformed how the system can service all types of lending as well as savings and deposit-taking. 

The new technology adds an additional level of authentication and security, and even more open microservice application programme interfaces (APIs).

These APIs enable Phoebus’ clients to benefit from the services of other progressive technology firms by integrating with other suppliers within a broader ecosystem via its extensive partnership programme.

As a result, Phoebus’ clients can expect to experience significant competitive advantages, including increased business efficiency through agility and scalability.

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Other benefits include reduced infrastructure and operational expenditure, greater system availability and resilience against downtime.

Lenders and deposit-takers will be particularly interested in the new Phoebus user interface.

Its contemporary design will better support their business processes, as it is specifically designed for ease-of-use and to increase business productivity.

The intuitive design also dramatically reduces training requirements, helping to accelerate the onboarding process for new employees or application users. 

Neil Dyke, chief technology officer at Phoebus, said: “We have invested heavily in both technology and human resources — our team has been working hard on developing this servicing platform.

“We’ve started moving our clients over to the new system, and this will continue over the coming months.”