Modernising core banking infrastructure continues to be a priority for financial institutions seeking to reduce reliance on legacy systems and accelerate digital product development. Castle Trust Bank has taken a step in that direction through a new partnership with Monument Technology to migrate its savings operations onto a cloud-native banking platform.
Banking platform provider Monument Technology has entered into a partnership with Castle Trust Bank to deploy its Banking Platform as a Service (BPaaS). The agreement marks Monument Technology’s second major client and its first collaboration with a UK-regulated bank.
Under the deal, Castle Trust Bank will move its savings business onto Monument Technology’s platform. Implementation is already underway, with the migration expected to be completed in early 2027.
The transition is intended to support the bank’s broader technology transformation strategy while enabling it to scale its savings operations more efficiently.
A Cloud-Native Platform for Modern Banking
Monument Technology’s platform is built as a cloud-native BPaaS environment that integrates core banking functionality, payments infrastructure and digital customer channels into a single managed solution.
By consolidating these capabilities, the platform is designed to help financial institutions modernise their technology stack, reduce operational complexity and accelerate the launch of new financial products.
For banks looking to replace ageing systems, cloud-native platforms are increasingly viewed as a way to improve agility while maintaining the stability required in regulated financial environments.
Supporting the Next Phase of Growth
Castle Trust Bank first launched in 2012 and became a fully regulated UK bank in 2020. The institution offers a range of savings products, including ISA accounts, alongside specialist property and consumer finance services delivered through its Omni business.
The move to Monument Technology’s platform forms part of the bank’s wider investment in its technology infrastructure. The upgrade is expected to support the expansion of its savings offering, including the planned introduction of a new Easy Access product range.
By adopting a more modern platform architecture, the bank aims to streamline operations and improve the speed at which new products can be introduced to market.
Demonstrating Momentum for BPaaS Platforms
The partnership also represents an important milestone for Monument Technology as Castle Trust Bank becomes the first UK-regulated bank to adopt its platform.
Banking Platform as a Service models are gaining traction across the industry as financial institutions increasingly look to outsource parts of their technology infrastructure while maintaining control over customer-facing products.
Monument Technology recently completed its first full deployment with Ecology Building Society, providing an early demonstration of its platform operating within a regulated banking environment.
What this means for the industry
- Banks continue to replace legacy core systems with cloud-native banking platforms.
- Banking Platform as a Service models are gaining adoption among regulated financial institutions.
- Modern infrastructure allows banks to launch new savings products faster.
- Platform providers are positioning themselves as technology partners for long-term banking transformation.
