After a rapid three month implementation, Xinja is now live on its core banking solution
Neobank developer live on SAP Cloud for Banking
Last Week, in a global first for SAP, Australian banking startup Xinja announced that it is live on SAP Cloud for Banking. After a rapid three-month implementation, this step allows Xinja to accelerate development of innovative solutions for customers to make banking as easy and engaging as possible.
Xinja has implemented SAP Cloud for Banking which comprises: SAP S/4HANA Finance; SAP Banking (Loans and Deposits), SAP Payments Engine, running on SAP Cloud and managed by SAP Cloud Application Services.
SAP Cloud for Banking is an easy to configure, open platform. Agile, collaborative and simple to integrate. It allows for rapid innovation cycles, leveraging the power of SAP HANA to deliver a data-driven customer experience. With an API-driven architecture and SAP’s Open Banking readiness, SAP Cloud for Banking enables Xinja to be prepared for the forthcoming Open Banking regulation.
Consumer Banking Revolution
“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,” said Xinja Chief Executive Officer, Eric Wilson.
“SAP’s world class cloud solution gives Xinja the building blocks to deliver a customer experience that will energise consumers and allow them manage their finances from their mobiles and ultimately make more out of their money,” Mr Wilson said.
“In the past, people may not have expected an agile start-up like Xinja to select an established player like SAP. With SAP Cloud for Banking, we now have a cloud-based core banking solution for deposits, payments and finance that is quick to deploy and provides the foundation for an entirely digital bank,” said Damien Bueno, President and Managing Director, SAP Australia and New Zealand.
“By implementing an agile microservices-driven platform in just three months, SAP is not only enabling Xinja to realise value quickly but is also enabling it to deliver new and innovative experiences for its customers, revolutionising consumer banking and delivering on its customer promise.”
XINJA™ is not a ‘bank’ and cannot conduct ‘banking business’ yet, but has applied for a licence to become a ‘bank’ and be able to conduct ‘banking business’.