Irish start-up LEVERIS achieves a new milestone in digital banking technology

LEVERIS, an Irish-based financial technology company, has broken new ground in the drive to unlock the benefits of truly digital banking.

The digital banking platform is entirely software-defined, based in the cloud and completely independent of legacy core banking technology. LEVERIS has effectively cut the cord binding banks and financial technology companies to complex, expensive and outdated systems.

LEVERIS’ technology is already live and has enabled major financial services firm Link Group to enter the Dutch market. It is now executing loans and servicing millions of euros for three Link Group clients.

Since deployment, the LEVERIS Digital Banking Platform has helped deliver a 70 per cent reduction in average application to drawdown time, enabled the onboarding of additional lenders to the platform in less than four weeks, and delivered a significant reduction in operational costs for Link Group.

Commenting on the partnership, Robbie Hughes, CEO, Banking & Credit Management at Link Group, said: “This partnership is enabling us to enhance traction across the broader banking universe through the application of next-generation technology.”

LEVERIS Digital Banking Platform is also helping lenders easily manage payment breaks for struggling borrowers during the global pandemic. “If COVID-19 has taught us anything, it’s that the future of banking is digital,” said LEVERIS founder and CEO Conor Fennelly. “During this period, businesses and consumers have sought out digital solutions that ensure products and services are delivered safely and seamlessly.”

He added: “The consumer experience with banking has not always lived up to expectations. We believe technology has failed banks and, as a consequence, their customers. We aim to change that.”

McKinsey & Co. has estimated that financial institutions that “fail to evolve digitally” could see profits fall by up to 60 per cent by 2025. LEVERIS can help address this. Its technology dramatically reduces the cost of digital transformation for legacy banks and enables new entrants to set up fully functional digital banks within a matter of weeks from a standing start. For consumers, this heralds a new era in digital banking, presenting lower costs, greater competition and better innovation as Banking-as-a-Service (BaaS) becomes a reality.

Commenting on LEVERIS’ early successes, Carol Gibbons, Enterprise Ireland Divisional Manager ICT and International Services, said: “COVID-19 is accelerating the move to digitisation for many Irish companies and LEVERIS is well placed to benefit from this trend with its innovative digital banking platform. We wish the LEVERIS team success as they expand in Ireland and in overseas markets.”

The LEVERIS Digital Banking Platform

LEVERIS Digital Banking Platform is a cloud-native, software-defined core banking system built for the rapid launch of low-cost, digital-first banks.

The platform enables banks and non-banks to offer a wide variety of retail banking products. Some of these include:

• Current accounts

• Deposit and savings accounts

• Multi-currency accounts

• Savings goals

• Payments and direct debits

• Debit card cashback

• Personal loans

• Mortgages

• Digital onboarding including KYC & AML

• Fraud monitoring

• Real-time notifications

• Mobile and web channels

• Back office servicing interfaces

In a nutshell, LEVERIS Digital Banking Platform dramatically reduces the cost, complexity and time it takes to launch agile, future-proofed digital banks at scale.