Posted on: March 31, 2022

London, UK – March 2022 – An innovative technology company has developed a new integrated tool to enable a Challenger Bank to improve its efficiency, analyse forecasts and benefit from a singular comprehensive picture of its financial position.

Hertfordshire firm Whistlebrook teamed up with Redwood Bank in 2020 to implement a suite of financial software applications.

Now the Tring-based company has developed, in conjunction with the Bank, an integrated tool which allows for regulatory data to be accessible for use across the enterprise. As a result, the Bank is now able to execute its risk controls direct from the Whistlebrook Data Warehouse.

Redwood has developed reporting to provide daily utilisation and headroom against limits as well as against early warning indicators, providing clear metrics to manage the business.

This is alongside operational measures that can be created from within the Whistlebrook Data Warehouse into single reports and packs, providing valuable insights into business performance.

This latest development utilise the integration across the Whistlebrook platform of products, while the complementary nature of the products allows for the Bank to have full insight into its financial positions from a single source.

CEO and Co-Founder of Redwood Bank, Gary Wilkinson, said: “This deeper integration of the Whistlebrook applications within the Data Warehouse has allowed us to run our controls without the need to resort to internal Excel models.

Data import reconciliations provide an excellent opportunity to use single datapoints across the business for all reporting and we intend to further leverage this integration by developing the tool further to incorporate WALM® and WFP® data into our reporting.

This will allow reporting and packs to be created that not only provide the Bank’s current positions but also to provide forward looking analysis on all risks under stress scenarios, while at the same time reducing the man hours required to create reports and reporting packs.”

Andy Hudders from Whistlebrook said: “Our relationship with Redwood Bank has flourished in the years since we started working with them, and we are delighted to have collaborated to design a system that provides them with fully integrated reports, giving them a clear, more comprehensive overview of their present and future operations.”

Whistlebrook has specialised in providing innovative, back office software systems to the financial services sector since 1997.

Redwood has already adopted Whistlebrook’s treasury management (WTMS®) and regulatory reporting (WIRES®) products, along with its taxation reporting service (TIRIS®), the Financial Services Compensation Scheme (FSCS) single customer view and business planning software (WFP®).

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Redwood Bank was launched in August 2017, then becoming Britain’s newest business bank for SMEs and completing its ‘mobilisation’ phase just over four months after securing its initial banking licence in April 2017. Redwood Bank offers secured SME mortgages for business owners, as well as for experienced commercial and residential property investors. It delivers fast and efficient mortgage decisions to help its business customers seize property opportunities and also offers competitive business savings accounts. Redwood Bank was founded by Jonathan Rowland and Gary Wilkinson.

Whistlebrook was founded in 1997 Whistlebrook is a leading provider of back-office software solutions to the financial services industry. These software solutions have been developed with financial institutions to solve business problems, provide business insights, and improve efficiency. The software solutions comprise of a portfolio of back-office applications that cover such areas as: Regulatory Reporting; Effective Interest Rate calculation; Hedge Accounting; ALM; Financial Planning; Treasury Management and Accounting.

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