A new tool aimed at entrants looking to enter the financial services sector has been launched by the founder of MetroBank to help speed up the licensing process…

For firms that are looking to change business plan and move into banking, the way in may soon become that much bit easier.

A new software being launched by founder of MetroBank, Anthony Thomson, is made to reduce the time and money it takes to apply for a UK banking license.

The tool, named Agiliti, has been created in partnership with Thomson and Fiserv Inc, the leading global provider of financial services technology solutions. It is aimed at potential new entrants to the UK banking sector, enables faster access to joining the market, as well as increased delivery speeds of new capabilities for existing financial service providers.

Thomson, who has just joined Fiserv as a non-executive director, commented on the new service: "Technology is the last major barrier for new entrants to financial services, and Agiliti is offering them a way to overcome it. New entrants in particular benefit from the fact that the business model allows them to align costs with business success.

"This is the next phase of the banking revolution, which should bring greater competition and choice for consumers. We expect a significant number of new banks to open in the UK within the next three years, and Agiliti is ready to help them get up and running quickly, with an economic model that makes good business sense."

Agiliti is designed to enable new and existing players to quickly deliver retail and SME banking products such as current accounts, savings, and secured and unsecured loans, together with a full range of payment and transaction capabilities.

In response to this launch, Charles Haresnape, Managing Director Residential Mortgages at Aldermore Bank, commented: “As one of the UK’s fastest growing banks, Aldermore is committed to increasing competition in the banking market and therefore we would welcome any activity that would help to increase competition.”

Travers Clarke-Walker, Managing Director EMEA at Fiserv, added: "Agiliti offers a compelling solution that enables UK financial services providers to focus on the business of banking."

"By utilising Agiliti, organisations can concentrate on those differentiators that secure them genuine competitive advantage -- enhancing their brand, developing a strong service ethos, extending their product offering or refining their distribution strategy for example -- rather than direct their focus to building and maintaining a costly IT infrastructure."