Banking software start-up Nymbus has launched its digital banking platform – SmartDigital – offering open architecture and APIs to enable financial institutions (FIs) to integrate with third-party applications, reports David Penn at Finovate (Paybefore‘s sister company).
Nymbus president David Mitchell says: “FIs currently running obsolete technologies now have the ability to add a next-generation digital product suite.”
With customer expectations increasingly driven by their UX with platforms like Facebook, Google and Apple, Nymbus says its digital-first banking solution will help FIs compete with both their rival FIs and fintechs.
“The scale of digital disruption is unprecedented and digitalisation is no longer an option for the banking industry,” Mitchell says. “It’s inevitable and a matter of survival.”
According to the firm, the launch of SmartDigital could also encourage wider adoption of its flagship core banking platform, SmartCore.
Transition to SmartCore from SmartDigital is a seamless “turn(ing) on” of the core platform, according to Mitchell.
“We want all financial institutions that have been held hostage on their legacy technology to be able to upgrade and enhance their digital offerings now,” he says.
Nymbus states that the platform is live with more than 37 FIs around the world with more than ten million daily end users.
The firm was founded in 2015 and has raised $28 million in total funding, including a $16 million venture round in February led by Home Credit Group.