Metro Bank Chooses BancTec Mortgage Processing Solution
LONDON (October 7, 2010) BancTec, Inc., a global provider of advanced, high-volume, document and payment processing solutions and services, has been selected by Metro Bank—the first new UK High Street bank to launch in more than 100 years—to provide the bank with its mortgage origination system (for retail and commercial customers) as a fully outsourced service.
With a highly customer-focused business model built around an accelerated, 15-minute account opening process, Metro Bank required a mortgage origination solution that met its requirements for quick, efficient processing of mortgage documents. In addition, Metro Bank needed a solution provider with industry experience that could scale up to meet its projected growth (100 stores by 2020). Finally, Metro Bank sought a partner that could provide the solution as a hosted service, enabling the bank to make critical investments in other areas of its business. After an extensive evaluation process, Metro selected BancTec.
“Financial flexibility is extremely important for start up financial institutions, as is working with partners that have the industry background necessary to understand our unique operating environment, such as regulatory requirements,” said Aisling Kane, chief operations officer, Metro Bank. “BancTec best met our requirements and we are happy to work with them as our mortgage processing solution provider.”
“Our proven solutions, deep industry expertise, and willingness to be a true partner were key in establishing this relationship with Metro Bank. We look forward to helping make this an extremely successful venture,” said Steve Downey, general manager, BancTec UK.
Built around its eFirst Origin mortgage origination system—a multi-channel solution that supports retail, broker and web transactions—BancTec’s hosted service will be capable of supporting Metro Bank’s planned rapid growth, as well as its extended operating hours. By relying on BancTec to provide the technical infrastructure and personnel for its mortgage processing facilities, Metro saves not only in its required upfront investment, but also in its ongoing operating costs. Over time, these savings will enable Metro Bank to commit more resources towards store build-out and less to back office operations.
About Metro Bank
Metro Bank was co-founded by Vernon Hill and Anthony Thomson. It is based on the successful Commerce Bank model that was established by Vernon Hill in the US in 1973. A UK management team worked with Vernon Hill to help bring this model to the UK market.
Metro Bank operates retail hours, not banking hours. It will be open seven days a week (8am- 8pm Monday to Friday, 8am - 6pm Saturday, 11am - 4pm Sunday and bank holidays), every day of the year apart from Good Friday, Easter Sunday, Christmas Day and New Year’s Day.
Metro Bank PLC. Registered in England and Wales. Company number: 6419578. Registered office: One Southampton Row, London, WC1B 5HA. ‘Metrobank’ is the registered trade mark of Metro Bank PLC.
Metro Bank PLC is authorised and regulated by the Financial Services Authority. In relation to our acceptance of deposits and provision of investment services, Metro Bank PLC is authorised and regulated by the Financial Services Authority ('FSA'). In relation to our consumer credit business, Metro Bank PLC is licensed and regulated by the Office of Fair Trading and not by the FSA. Most relevant deposits are protected by the Financial Services Compensation Scheme. For further information about the Scheme refer to the FSCS website www.fscs.org.uk.
Metro Bank PLC is an independent UK bank - it is not affiliated with any other bank or organisation (including the METRO newspaper or its publishers) anywhere in the world. Please refer to Metro Bank using the full name.
BancTec is a global leader in business process outsourcing (BPO), providing financial transaction automation and document management services for organizations seeking to drive efficiency in their financial and back-office processes. Headquartered in Dallas with clients in 50 countries, BancTec leverages its proprietary IP and deep expertise to provide flexible, focused solutions across the financial services, insurance, healthcare, utility, transportation and government sectors. The company operates 21 BPO centers in the United States and worldwide, utilizing a common technology platform to deliver reliability, security, and consistently high levels of performance. To learn more, visit www.banctec.com or call 1-800-BANCTEC.