Aldermore Bank has launched a new cloud-based treasury platform.

As part of the platform rollout, the bank's legacy systems were replaced to boost treasury efficiency and provide more hedging options for risk management in what has been described as a “first-of-its-kind” transformation in the UK.

Aldermore partnered with Publicis Sapient to blueprint the target operating model; define a resilient and future-proof SaaS-based architecture, with assessment of the technology stack needed; and build a roadmap to unlock "significant" business benefits.

Murex provided the platform, as well as a new treasury and trading delivery model designed to answer the demands of local banks aiming to reduce total cost of ownership and complexity.

The delivery model has been used across a large, front-to-back treasury function integrated with multiple internal and external systems, setting a "new industry benchmark."

“With the new treasury platform, we can significantly increase working efficiency through delivering a high level of automation along the entire value chain,” said Paul Gould, treasury COO at Aldermore.

He added that the platform will be "critical" for the future of the bank.

Aldermore Group is part of FirstRand Group, the largest financial services group in Africa by market capitalisation.

The bank was founded in 2009 to challenge traditional High Street banks and serve underserved groups, with a focus on SMEs, homeowners, landlords, intermediaries, and individuals.

Earlier this year, Aldermore announced plans to modernise its savings services.

Using technology from Temenos, the bank said at the time it would improve time to market and scale efficiently as it grows customer deposits.

As part of the move, the bank consolidated multiple legacy systems into one cloud-based platform, enabling the bank to "increase efficiency" and "deliver better experiences" to its customers.

It also implemented “high levels” of automation to allow it to configure banking services.

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