Australian neobank Xinja selects SAP Cloud for Banking
Australia-based challenger Xinja has chosen SAP Cloud for Banking as it powers on with its planned neobank.
This SAP core banking solution will underpin Xinja’s application for a restricted banking licence from the Australian Prudential Regulation Authority (APRA) later this year. It also follows on from March, when it launched its card and app.
Eric Wilson, founder and CEO, Xinja, says: “We now have a solution that is proven and also fast and flexible. SAP ticks both boxes thanks to its reputation and track record, which combines stability and reliability with innovation.”
The neobank will implement SAP Cloud for Banking which comprises SAP S/4HANA Finance; SAP Transactional Banking (loans and deposits and payments engine) on SAP HANA Enterprise Cloud (HEC); SAP Cloud Platform (SCP); and SAP Application Management Services (AMS).
According to Xinja, this means it can simplify product design, respond to regulatory changes, onboard customers, enable open banking capabilities and integrate payment systems and business networks.
Banking Down Under is looking up, but Xinja has several rivals to contend with. Check out our comprehensive list of Australian challenger banks here.
The Banking Technology Awards 2018 are now open to entries! Click here to apply.
An interesting choice of system/supplier… SAP’s core banking system is a big, heavy solution aimed at large banks with deep pockets and resources… Commonwealth Bank of Australia (CBA) spent 5 years and over AU$1 billion implementing the system. Xinja will be rubbing shoulders with Deutsche Bank, Macquarie Bank and other big players on the customer list. And whatever happened to Kiwibank’s SAP core banking project? Oh yeah, an NZ$90 million write-off.
Good luck, Xinja!
Hi Tanya
It is not a secret that we – software engineers, do follow analyst’s comments on our work… In case you would be interested to revisit your opinion about this particular “interesting choice of system/supplier”, you can find below two sources on how “rubbing shoulders” is progressing.
“Xinja today announced that it is live on SAP Cloud for Banking, after a rapid three-month implementation.”
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Best Regards
Marcin