At the end of October, Jordan International Bank Plc (JIB) became the 52nd bank to launch on the Flagstone platform. Established in 1984 to meet the financial needs of a broad international audience, JIB's evolution over three decades is illustrated through the increasingly personalised nature and focused means by which it serves its clients today.
JIB had a business need to raise deposits in the retail space and chose Flagstone as their partner to help them achieve their funding requirements, on an exclusive basis. Both Flagstone and Jordan International Bank Plc collaborated to deliver a fully automated process from inception to maturity, which both parties impressively delivered on.
To date Flagstone has placed over £10bn of client deposits via our online platform, giving us unprecedented access to customer trends. This access enables Flagstone to analyse the marketplace through customer behaviours thereby accurately estimating the inflow of products at differential rates.
Upon launching on the platform, we worked closely with Jordan International Bank Plc and provided several insights based on previous trends we have seen in the marketplace in order to assist the bank with their product choices and pricing decisions.
Consequently, this data analysis enabled Jordan International Bank Plc to manage their inflows more easily and achieve their liquidity goals. We were able to utilise our knowledge and data on customer trends to accurately predict the rate they needed to price their product at to meet their year-end funding target.
The resulting funding target has now been met within the estimated timeframe provided by Flagstone.
Mark Williams, CEO of Jordan International Bank Plc said, “We are excited to have partnered with Flagstone and to be offering Jordan International Bank’s savings products on the platform. As one of the leading cash deposit platforms in the UK market, Flagstone has access to unprecedented amounts of insights which we look forward to utilising as our partnership grows.”
In addition to bespoke price projections that Flagstone offers its partner banks, we also provide access to our banking portal. The banking portal delivers real time data on their deposits that are placed via the platform. Banks can download several reports and metrics including FSCS data, maturity profiles of their products, and geographical data on their underlying customers.
Through our scale and breadth of distribution channels, alongside the added commercial proposition of not charging bank partners additional fees, we are becoming the cash deposit platform of choice for banks wishing to raise deposits via a third-party provider.
If you are interested in partnering with Flagstone and would like further information on how we can assist you with your funding requirements, please contact a member of our Banks Team on the details provided below.
Mark Hicks, Bank Relationship Director
Zach Brookmier, Bank Relationship Director
Aman Rai, Bank Relationship Manager