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.
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