Atom bank and Phoebus Software Limited (PSL) have signed a new three-year contract. The digital bank, which revolutionised the mortgage market by pioneering the use of mobile applications to support its lending processes, has been a Phoebus user since Atom’s launch in 2016.

Atom bank utilises the full suite of Phoebus account servicing functionality including primary and special servicing. The bank also utilises the Phoebus securitisation module to handle its wholesale funding requirements. The solution handles both residential and commercial lending. 

There is now over £85 billion of assets being serviced on Phoebus in the UK and Ireland, and clients include specialist banks and lenders, outsourcers, later life lenders and building societies. 

Phoebus Software Limited’s chief sales and marketing officer, Richard Pike, says: “We have worked in partnership with Atom for over six years, and in that time supported Atom achieve many strategic objectives. 

“With mortgage balances today of over £3 billion, Atom has been a true success story in the market and we’re glad we’ve been able to assist the bank in its growth to date. We look forward to working together to support delivery of its future strategic aspirations.”

Robbie Steel, head of PR and communications at Atom bank, comments: “Phoebus has been a valued partner since our inception, helping us to successfully disrupt the lending market in that time.

“Given the current economic uncertainty surrounding the UK, our mission to make lending faster, simpler and better value than anyone else is more important than ever, and we’re delighted to have Phoebus on board to help us deliver on this.”