Germany’s first true cloud bank
Germany
Solaris is Europe's leading Banking-as-a-Service (BaaS) platform. By leveraging the power of technology, Solaris removes the barriers for businesses that want to offer their own financial solutions. Its platform was built from scratch to enable financial services to move into new contexts that were unimaginable before.
The adoption of customer-centric models has evolved banking from a tedious event into a fluid activity in consumers’ life experiences. Businesses are embracing fintech to embed financial services directly into the products customers use. By integrating financial services into people’s lives, companies can provide a one-stop frictionless experience for their customers, all while not having to leave their platform.
This rising trend offers a truly convenient banking experience that saves time and seamlessly syncs with life by providing financial services precisely at the time and place it’s needed.
Solaris is leading the European charge by partnering with retailers and fintechs and lets them integrate its modular financial services through APIs directly into their own product offerings. Solaris provides everything from digital banking accounts and payment cards, identification and lending services, digital asset custody as well as services provided by integrated third-party providers.
As a tech company with a full German banking license, Solaris is optimally positioned to handle the regulatory and technological complexities of banking. That is why innovators ranging from fast-growing startups to leading multinationals have put their trust in us.
The challenge
Catering for the specific requirements of a BaaS model, Solaris is running a modular core banking infrastructure and has migrated all of its services to the cloud. This involves multiple providers of standard solutions for different purposes, such as general ledger, regulatory reporting, loan ledgers, clearing and settlement mechanisms connectivity.
In order to run their modular core banking system more efficiently, Solaris needed to find a solution to help serve as the customer account subledger system for their lending business. According to Dr. Jörg Howein, “With a trend of growing volumes hitting our booking platform as a result of larger and more partners, we found our previous loan booking provider was not suitable to sustain our future needs. We needed a system that could manage loans in an efficient and scalable way, ideally hosted in the cloud. We needed a loan booking provider that was scalable and matched the level of Solaris's overall tech stack.”
Scalability was limited as only one loan could be created at a single point in time, and the total amount of loans that could be generated per day was restricted. Also their legacy provider didn’t support horizontal scaling, meaning it was impossible to add more instances to the system and distribute the load between them.
Most providers in the core banking space usually come with a highly integrated solution, while we were looking for a loan subledger system. During multiple meetings and workshops, Mambu was able to show us a very unique flexibility on the product configuration side. Their solution driven mindset, communication efficiency and speed of integration is unmatched.
The solution
Solaris turned to Mambu as it offers an API-enabled solution hosted on Amazon Web Services (AWS), which matched the BaaS platform’s setup. Leveraging Mambu’s infinitely scalable cloud native platform, Solaris has full flexibility to integrate and configure various lending products and can finally address their international expansion plans.
The results
Solaris is now Germany’s first bank in the cloud. Leveraging modern cloud technologies, it is creating a highly developed technological banking ecosystem, as well as services provided by integrated third party vendors, for fintechs and established digital companies, banks and corporates.
Following a quick and smooth four month implementation, Solaris is able to create more compelling products for their customers, that in turn improve the banking experience for consumers across Europe. With over two million customer accounts, Solaris relies on Mambu’s technology to run the lending load of some of their largest partners like Samsung Pay.
Dr. Jörg Howein confirmed, “A multitude of lending specific use cases are covered extremely well by Mambu, both on conceptual level as well as on operational level. This helped us to integrate Mambu into our larger infrastructure within only a couple of months, now already running the lending-load of some of our large partners.”
