Persistent Systems partners with GB Bank to build digital-first IT infrastructure

Persistent Systems partners with GB Bank to build digital-first IT infrastructure

by 5paisa Research Team Last Updated: Dec 11, 2022 - 02:02 pm 28.1k Views
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Let’s find out more about Persistent Systems’, digital-first banking infrastructure for new challenger GB Bank

Persistent Systems, which is a part of the S&P BSE 500, provides software engineering and strategy services to help companies implement and modernize their businesses. It has its own software and frameworks with pre-built integration and acceleration.

In a press release, Persistent Systems announced that GB Bank, a new specialist bank to boost economic growth and prosperity by being the property development finance lender of choice in underserved UK regions, has partnered with them to build its digital-first IT infrastructure and support the bank’s ongoing operations. Persistent’s Digital Bank and Credit Union Solution has enabled GB Bank to rapidly build a bespoke cloud architecture using a ‘digital mosaic’ approach. At the core of the solution is a microservices-based integration layer and pre-built integrations, which allow the selection of technologies best suited to deliver on the unique vision.

Persistent’s solution provides flexibility to easily add or replace specific technologies, avoiding vendor lock-in and creating a future-proof architecture that can evolve with the bank’s growth and strategy. To deliver on its promise, GB Bank’s strategy is to provide outstanding customer service, delivered by technology-enabled relationship managers. Instead of relying on traditional banking technologies, UK’s newest challenger bank is committed to building an ecosystem of solutions, including payment and reporting features that can be integrated or replaced dynamically in response to the changing demands of a growing business.

GB Bank has carefully selected cloud-based solutions providers, including Mambu, OutSystems, and AWS to ensure the best-in-class features are implemented. Persistent is utilizing its Digital Bank and Credit Union Solution to seamlessly integrate them all.

This news has rallied the stock price of Persistent Systems by 3.82% in today’s trading session and the scrip ended at Rs 3745. The stock has a 52-week high of Rs 4986.85 and a 52-week low of Rs 2262.40.

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