Castle Trust Bank has renewed its contract with Phoebus for another five years and will be transitioning to the software provider’s latest core banking servicing platform.

The two firms have worked together since 2016 when Castle Trust migrated its entire mortgage book of loans onto a bespoke Phoebus system.

Upgrading to the Phoebus core servicing solution will allow Castle Trust to utilise the full range of additional functionality available. This includes the Phoebus originations and migrations API and the option to implement any of the other 60+ suite of Phoebus APIs.

In total, almost 50 new capabilities and enhancements will become enabled for Castle Trust to deploy.

Adam Oldfield (pictured), chief revenue officer at Phoebus, said: “We have always had a great relationship with Castle Trust and understand the workings of their specialist areas of lending. It now makes complete sense for Castle Trust to transition from the bespoke system we built for them seven years ago to our market leading, core servicing platform with all its additional functionally and contemporary, digital capability.

“The team at Phoebus looks forward to completing this transition within a four-month timeframe. We will then continue to work closely with the bank in support of its on-going lending servicing requirements, delivering significant operating cost savings whilst helping enhance its growth ambitions.

Barry Searle, managing director, property at Castle Trust Bank, added: “The Phoebus bespoke mortgage servicing system has served us well to date, but the scale and scope of digital innovation created within the Phoebus core banking servicing platform is where we want and need to go to next.

“As a specialist lender we are always looking to create new products to fit an ever-complex lending market and the latest Phoebus software solution can help us to realise our future growth and business objectives.”