Naqoda joins the core banking race with Oxbury Bank as first client win

By Oliver Smith on Monday 1 February 2021

Digital Banking

The duo worked closely together as Naqoda developed its core banking system.

Naqoda joins the core banking race with Oxbury Bank as first client win
Image source: Indira Tjokorda/Unsplash.

Naqoda has emerged from stealth as a new core banking challenger, announcing Oxbury Bank as its first client win today.

The arrival means yet another core banking challenger has arrived to join Thought Machine, Yobota, 10x Banking Technologies, Mambu, Ohpen and others.

Naqoda says it has worked alongside Oxbury, the specialist lender for farmers, since its inception and has worked with the bank to develop its core banking platform.

“Our vision for Naqoda has always been to set a new standard for core banking systems – where banks can rely on a robust, resilient and modern operating environment that also puts them in control of their proposition development,” said Naqoda’s founder and engineering lead Erik Bogaerts.

“We enable banks, new and old, to tailor their systems to their specific needs, at a fraction of the traditional cost – and with our small and focused team of engineers, we can offer our bank clients a real personal service in a traditionally impersonal industry.”

Bogaerts belives Naqoda’s low-code development will make it more attractive and easier for both traditional and challenger banks to roll out.

Naqoda also offers integrations with third-party banking systems and Bogaerts says allows banks to easily roll out new products and services.

For Oxbury’s part, the bank’s CEO James Farrar said: “Launching a new Bank with a clear technological advantage needs a core banking system at the heart of the technology stack that is capable of being built flexibly and in close collaboration. Naqoda has worked seamlessly as part of our team to deliver a customer-driven infrastructure – something legacy providers just cannot do.”

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