SBS, the global financial technology company trusted by more than 1,500 financial institutions worldwide, has announced the launch of Core MSS7, the latest version of its Mortgage and Savings Suite for UK building societies and banks.
SBS’s end-to-end core platform currently manages one in five UK mortgages, powering major lenders such as Newbury Building Society, The Co-operative Bank, Hinckley & Rugby Building Society, Scottish Building Society, Swansea Building Society, and Kensington Mortgages.
With Core MSS7, SBS is helping these institutions elevate their member experiences through open banking payments, digital onboarding, and simplified mortgage deal switches—all designed to meet rising customer expectations for speed, convenience, and personalization.
Meeting Evolving Customer Expectations
Today’s consumers expect instant digital access and tailored experiences from their banks, similar to what they receive from retailers and streaming services. This shift—coupled with competition from digital-first challenger banks and fintechs—has created new pressure on traditional building societies and banks to modernise.
Core MSS enables these institutions to embrace digital transformation while maintaining their hallmark member-first service. Together with its companion Front Office Portal (FOP)—a front-end solution for mortgage brokers and savings customers—the platform manages everything from mortgage origination and savings account opening to mobile banking, branch teller systems, and loan servicing.
By automating key processes, Core MSS helps lenders cut mortgage processing times by more than 50%. Its cloud-based architecture ensures all customer-facing innovations are supported by secure, scalable, and reliable infrastructure.
What’s New in Core MSS7 and FOP 4.2
The latest releases introduce a suite of new capabilities for UK lenders:
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Open Banking Payments: Customers can make direct payments using their existing banking credentials—reducing errors, speeding up transactions, and cutting card processing fees for both lenders and customers.
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Digital Onboarding: New accounts can be opened online in minutes, supported by automated identity verification and liveness checks for secure, paper-free onboarding.
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Mortgage Product Switching: Borrowers with multiple sub-accounts or varying terms can easily switch to new mortgage deals with their existing lender, avoiding the cost and complexity of remortgaging.
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Enhanced Regulatory Compliance: Core MSS7 ensures lenders stay compliant with evolving FCA regulations, including PS24/2, which enhances protections for borrowers in financial difficulty through proactive intervention and improved reporting.
Blending Human Connection with Smart Technology
“We’re continuing to empower building societies and banks to bring digital innovation into their branches and deliver seamless, personalized experiences that exceed customer expectations,” said Paul Walton, General Manager, UK Lending at SBS. “With Core MSS7, we’re blending human connection with smart technology to help these institutions evolve and stay as agile and member-focused as their customers expect.”
A Shared Vision for the Future
Core MSS supports SBS’s broader mission to help financial institutions modernise without losing sight of their values or community focus.
“Partnering with SBS is strategically important to ensure our systems evolve in line with our needs—and those of our members,” said Darren Garner, Chief Financial Officer, Newbury Building Society. “The future is very exciting as we continue meeting the needs and expectations not only of our current members, but a whole new generation of them.”
Why the partnership is important
Because many banks and building societies are under pressure to modernise (from competition, customer expectations, regulation), SBS’s proposition is strong: modern tech + domain expertise + global scale. It means organisations that partner with SBS can potentially reduce time-to-market for new digital products, shift away from slow legacy systems, and keep up with regulatory changes.
For UK building societies in particular, partnering with an organisation like SBS helps them maintain their mutual identity (focus on members) while delivering digital experiences that consumers now expect.
