As part of their strategic collaboration, Chetwood Bank and Sandstone Technology plan to provide an integrated savings solution and meet the scaling market demand and compliance needs of the industry. The decision to select Sandstone Technology as a partner can be attributed to the latter’s knowledge and track record in offering compliance-focused and optimised digital banking services. Additionally, the bank looked into accelerating the delivery of its savings product to market, requiring a partner that can closely collaborate with its internal teams, understand its objectives, and implement a service within a timeframe.
The alliance with Sandstone Technology comes months after Chetwood acquired CHL Mortgages for Intermediaries (CMI), after undergoing a competitive bidding process. The financial institution brought the company from Barossa Asset Purchaser Sarl, with it intending to ensure an optimised transition between owners while the mortgage lender could continue to operate as usual with no downtime or impact on its operations. Through this deal, Chetwood aimed to scale its mortgage loan book and its footprint within the mortgage intermediary market.
After selecting Sandstone Technology as a partner, Chetwood Bank worked with the company to integrate its Software-as-a-Service (SaaS) savings origination platform, BankFast Apply, and its online servicing internet banking platform, BankFast Online, into its core banking system. Also, the two organisations are both committed to similar strategies and objectives, intending to ensure that the digital savings platform is provided on time, meets all regulatory requirements, and functions accordingly. At the same time, the implementation underlined how collaborative agreements can provide augmented capabilities to customers and other organisations.
Furthermore, representatives from Sandstone Technology commented on the announcement, mentioning that, since the beginning of their collaboration, the two companies have been centring their efforts on ensuring that the digital savings solution is provided both swiftly and aligns with Chetwood’s strategic objectives. Considering the financial services landscape and the changes it undergoes, banks require digital solutions that can be effectively implemented with a cloud approach. Chetwood Bank and Sandstone Technology plan to meet the needs, demands, and preferences while being compliant regulations and laws of the industry.
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