Castle Trust lines up DPR as tech provider ahead of challenger bank launch

The savings origination and servicing platform from London-based DPR will support Castle Trust's planned savings proposition for retail customers

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Castle Trust lines up DPR as tech provider ahead of challenger bank launch
Richard Pym CBE is the new chair of Castle Trust

Castle Trust has signed up to use the savings origination and servicing platform of banking technology provider DPR, as the investment firm presses ahead with becoming a fully fledged challenger bank.

The savings origination and servicing platform from London-based DPR will support Castle Trust’s planned savings proposition for retail customers. It provides financial institutions with a fully automated solution that can serve customers across multiple distribution channels and manage a range of retail savings products.

London-headquartered Castle Trust received its banking licence last month and entered into what it called a “mobilisation period” to prepare its products and services for full launch.

These preparations include the ‘Friends and Family’ testing of its new savings system and other measures, designed to protect both Castle Trust and its customers. The investment firm said it will be ready to begin taking deposits from the public later this summer.

Castle Trust has also appointed former AIB Group chair Richard Pym CBE to the same position.

The partnership with DPR is another step in the mobilisation process, according to Martin Bischoff, chief executive officer at Castle Trust.

Bischoff said: “We have bold ambitions to grow and scale the business, meaning we needed to ensure that our chosen technology vendor could offer proven technology that enables us to increase efficiency and the flexibility to develop a range of savings products to suit our customers’ needs. This is why we have chosen the DPR solution. Their solution capability, experience, migration expertise and depth of market understanding is second to none.”

Dave Patel, co-founder and chief executive officer of DPR, added: “We’re delighted that Castle Trust chose our savings origination and servicing solution and look forward to working with them to achieve their ambitions. Our savings module is designed to embrace the open digital world our client requires that will undoubtedly support them on their journey, both now and in the future.”