Following this announcement, the MBB product was built on an optimised, cloud-native core banking solution from Temenos, and supported by NatWest and SWIFT, aiming to deliver a secure and reliable alternative to legacy banking services.
In addition, the product was designed in order to focus on meeting the needs, preferences, and demands of clients and businesses in specialised sectors that face barriers to traditional banking access, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
According to the official press release, with access to operational accounts and dedicated safeguarding accounts available in 35 currencies, the MBB offering is set to provide businesses with the possibility to operate around the world with security and efficiency. Included in its key features are improved web and mobile apps for fast account management and payment approvals, customisable approval workflows for secure, role-based transaction control, as well as global payment raild for UK, Eurozone, and international transactions, real-time FX execution with competitive rates, and accelerated digital onboarding processes with biometric ID&V and KYB compliance.
Furthermore, the MuchBetter Business offering was developed in order to focus on optimising user experience and security. Business clients will benefit from a responsive interface that supports flexible payment approval workflows, as permissions can be tailored to define who can initiate and approve transactions, including multi-signatory rules for high-value payments. At the same time, notifications will be delivered across web and mobile, enabling approvals on the go.
While customers interact with the offering via the MBB Mobile and Web apps, the procedure is underpinned by robust technology powered by Temenos’s SaaS platform. This comprehensive, scalable banking solution is expected to support real-time transaction monitoring and processing, improved financial crime prevention tools, treasury management, and efficient payment routing. At the same time, all client funds will be safeguarded with partner bank NatWest, which will be providing security and regulatory assurance.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now