Phoebus Software has agreed a five-year deal with Cambridge & Counties Bank (CC Bank) to support the launch of the new SME bank.

Phoebus will provide an end-to-end commercial solution for lending and deposits, with an integrated eDeposit solution being provided through PSL’s strategic partner QTS. This, the parties say, will optimise operational efficiencies across CC Bank’s operations offering a broad product set, including a range of notice savings account and commercial mortgage products for the SME marketplace.

Phoebus Software’s Managing Director, Paul Hunt, said: “It is vital for the health of the commercial market that new banking entrants are at the forefront of technology and product development. I’m pleased to say that yet again, Phoebus Software has beaten some well-known suppliers to win this significant client.

“Cambridge & Counties Bank is a notable new player in the UK banking market and we look forward to working with them over the next five years.”

Cambridge & Counties Bank’s chief operating officer Mike Kirsopp added: “We are confident that Phoebus share our customer centric approach which will enable us to deliver the level of service customers are looking for, including the ability to open accounts online in a simple and straightforward manner.

“We believe Phoebus offer the expertise and flexibility to grow and develop our system with us as our bank and product offering expands, ensuring we can respond more quickly to customer needs than the traditional high street banks.”