PCFG makes core and digital banking systems selection; still awaits banking licence
UK-based specialist financing company, Private & Commercial Finance Group (PCFG), has concluded its software selection, Banking Technology understands.
The company applied for a banking licence in 2013/14 and was known to be in system selection mode in mid-2014. The selection process was run by consultancy firm Sofgen.
Banking Technology understands that it has now finalised its technology choice: Temenos’ T24 for core banking and Sandstone Technology for digital banking and customer onboarding.
PCFG rejected Temenos’ digital banking offering, Temenos Connect, in favour of Sandstone’s product which is more proven in the UK.
Sandstone – an Australian company – has been working in the UK for many years and is used by many small players here. Customers include Shawbrook Bank, Cumberland Building Society and Secure Trust Bank.
PCFG has been around since the early 1990s offering loans to individuals and companies for vehicles, plant and equipment. Today, it has 14,000 customers and a finance portfolio of over £100 million. The company is London-based and employs 45 people.
David Anthony, chairman of PCFG, said back in 2014 that the company’s “key objective” was to obtain a banking licence by the end of that financial year (ended March 2015). This, however, did not materialise and PCFG is still in waiting mode.
“It is a complex and time-consuming project but a successful conclusion will transform our business by increasing the availability and reducing the cost of the funds we need to grow the business,” Anthony said.