PCFG has banking licence restriction lifted, goes live with core and digital banking tech
UK-based Private & Commercial Finance Group (PCFG) has had its banking licence restrictions lifted. The licence was granted in late 2016 and required the bank to undertake a number of actions before the restrictions could be removed – such as developing an enhanced governance framework and implementing new technology platforms.
PCFG – now known as PCF Bank – has now fulfilled these tasks. Banking Technology understands it is live with a new core banking system, Temenos’ T24, and front-end digital platform from Sandstone Technology. It has also implemented the ICS lease and loan administration solution supplied by Sopra Banking Software.
PCFG has been around since the early 1990s offering loans to individuals and companies for vehicles, plant and equipment. It has 14,000 customers and a finance portfolio of over £100 million. The company is London-based and employs 45 people.
To begin with, the bank will focus on its traditional sectors of consumer motor finance and SME asset finance.
Bermuda Commercial Bank is PCFG’s majority shareholder. It also uses the T24 core banking system.
With so many new entrants trying to muscle into the UK banking sector, Banking Technology has put together a comprehensive list of the known challengers to date and the technology they are using.