Mortgage and savings software provider, finova, has rolled out a new servicing uplift for specialist business bank, Redwood Bank.

The move marks the first milestone in a renewed contract and technology roadmap between the two firms.

Redwood’s systems are now fully hosted in finova’s Azure-based cloud infrastructure and will benefit from enhanced scalability, security, and operational resilience. The specialist bank said the upgrade focuses on its back-end servicing capabilities and “lays the foundation” for future front-end enhancements, including the adoption of finova’s Apprivo solution.

It also positions Redwood to launch a new broker origination journey in the commercial real estate sector, designed to improve the broker experience and create opportunities to grow lending volumes.

Chief operating officer at finova, Richard Marsh, said: “After years of collaboration, we’re excited to continue our partnership with Redwood, a company that consistently embraces innovation, and we’re pleased to have renewed our contracts for the next phase.

“With this latest servicing uplift, we’re further modernising Redwood’s systems and building in greater agility. By establishing an iterative release cycle, our hope is that the upgrade will deliver maximum business benefits with minimal disruption, enabling them to adopt Apprivo and open up new business lines.”

Chief operating officer at Redwood Bank, David Kennedy, added: “We are delighted to continue our relationship with finova as our lead technology provider. We’re transforming our service experience utilising new solutions from finova that will deliver service benefits to our customers and brokers.

“The recent servicing upgrade facilitates our transformation strategy and allows us to make service improvements incrementally minimising disruption for our customers and managing the risk of change down for our ourselves.”

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