IBS Journal September 2015
‘These days, big banks spend more money on maintaining their branches
than large technology companies do on their R&D. Banks are stuck in the 1960s whilst the
rest of the world has moved on.’ Tom Blomfeld, Mondo
is where Mondo will offer a short-term loan to tie a client over until the next pay- day. ‘All charges will be clearly explained in advance,’ he states. He expects the interest on this type of loan to be around 20 per cent per annum (‘approximately 38 pence a day’). Longer-term loans for personal financing (‘over a few months’) will also be offered. Mondo hopes to open for business in
H1 2016. It is now completing a pre-appli- cation process with the country’s regu- lator, Financial Services Authority (FSA), and hopes to get a restricted licence in six months, which will allow it to open an account with the Bank of England, com- plete the technology and operational set- up and get ready to open (virtual) doors. There is a team of 16 people working
on developing the software for the bank. ‘We looked at the existing packages and realised that we will be using only a frac- tion of functionality they offer, as what we are doing is so simple and straightfor- ward – just current accounts and person- al financing,’ Blomfield says. ‘Plus, we did not want to be a brand new bank going for a very old system like some others have done.’ Atom Bank, for instance, has recently officially announced its tie-up with FIS to implement its mainframe core banking sys- tem, Profile, whilst Civilised Bank has gone for another long-standing offering, Profile Software’s FMS. ‘We built our own system that is genuinely online and is truly fit for
Team Mondo
the 21st century,’ he states. ‘It is a 24×7, real- time solution, and we have learned from Netflix, Google and Amazon.’ It is hosted at two data centres in the UK on Mondo’s own hardware. The regulators have accepted it, he adds. Testing with security firms is now underway and a prototype is also being tested by the bank’s team. ‘I have recent- ly put a card in the card machine and it is working,’ Blomfield says. Mondo is ‘pig- gy-backing’ off an established bank. Technology used is mainly open source:
Linux, Apache Cassandra distributed data- base (used by the likes of Apple and Twitter), Google’s Go (golang) programming lan- guage at the back-end (‘excellent for high volume processing,’ Blomfield notes) and PostgreSQL relational database.
© IBS Intelligence 2015
www.ibsintelligence.com 51
spotlight: digital banking
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