Australian neobank Xinja goes live with SAP Cloud for Banking
After a “rapid” three-month implementation, Australian neobank Xinja is now live on the SAP Cloud for Banking solution.
As reported in August, the bank chose SAP Cloud for Banking to underpin its 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.
“We were very considered in our choice of core banking partner, and we selected SAP because it had both the experience and imagination to work alongside us and kick-start the consumer banking revolution in Australia – something it has now proved,” says Xinja CEO, Eric Wilson.
Xinja says the solution comprises SAP S/4HANA Finance; SAP Banking (Loans and Deposits), SAP Payments Engine, running on SAP Cloud and managed by SAP Cloud Application Services.
The bank explains that the solution brings an API-driven architecture and means it’s prepared for the forthcoming open banking regulation.
Banking Down Under is looking up, but Xinja has several rivals to contend with. Check out our comprehensive list of Australian challenger banks here.