Cambridge & Counties Bank and Phoebus Software Limited (PSL) have signed a new five-year contract to extend the pair’s 10-year partnership.

The specialist bank and PSL have worked together since the bank launched in 2012 and this is the second contract renewal in a decade.

Cambridge & Counties Bank services deposits, commercial and residential assets on the Phoebus servicing solution – across its lending and deposit product ranges – and utilises the Phoebus originations API to onboard new business.

Over £95bn of assets are now being serviced on the Phoebus platform in the UK and Ireland, with clients including lenders, outsourcers, later life lenders and building societies.

“As Cambridge & Counties Bank has launched new features and products, the Phoebus solution has been configured in line with the bank’s requirements,” chief sales and marketing officer at PSL, Richard Pike, commented.

“Cambridge & Counties Bank is an ideal example of a forward thinking, realistic and pragmatic client who wants to work in true partnership to achieve its strategic goals. We’re really proud that as a client of 10 years, we have now cemented this milestone with a new contract and very much look forward to continuing to work with the team over the coming years.”

Director of information and technology at Cambridge & Counties Bank, Phil Baker, added: “The bank has grown in our 10 years and recently topped £1bn of total lending. Over this time the Phoebus platform has helped us enormously to acquire and service our lending and savings customers.

“As one of our key partners, PSL understands our business model and strategy, and therefore extending the contract was an easy decision for us.”

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