Fintech pioneer Xinja opts for SAP Cloud for Banking
Neo-bank aspirant Xinja has selected SAP to power its digital ambitions, with the German software giant’s technology set to underpin the digital framework of the Sydney-based company’s platform.
The SAP Cloud for Banking product will sit under the hood and provide functions such as faster customer onboarding, as well as real-time risk and financial assessment. It will also equip Xinja for the impending introduction of open banking in Australia, which will see the larger financial institutions make customer data available to other companies.
Access to this data is crucial for the likes of Xinja to deliver a slew of services.
Xinja founder and chief executive Eric Wilson said that SAP’s banking solution, 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), fits the bill perfectly for his company. “It took us many, many months of analysis and we looked at every player in the market, and for us, SAP offered the perfect balance of cutting-edge technology that was acceptable in the Australian market and reliability,” he told The Australian.
“Once the technical analysis was done, we could see that SAP for Banking is a top piece of kit and this is pretty much the first global implementation of this specific iteration of the SAP product.”
The announcement comes as Xinja gears up to secure its restricted banking licence from the Australian Prudential Regulation Authority later this year.
It is also looking to raise up to $20 million through a Series C funding round, valuing the company at just over $95m.
SAP ANZ president and managing director Damien Bueno said a business like Xinja, unencumbered by any legacy technology, was best placed to leverage the significant capabilities of SAP’s banking solutions.
“Our Australian Digital Experience Report found that digitisation has resulted in higher consumer expectations, better networks and lower loyalty,” Mr Bueno said.
“It is non-traditional players like Xinja that are meeting these changes, providing customers with a new approach, more options and a new experience when it comes to managing their finances.
“SAP Cloud for Banking will give Xinja the innovation platform it needs to revolutionise the consumer banking landscape and scale with them as they grow.”
* Article from the Australan.com.au
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