Xinja Selects SAP to Power its Digital Bank

SYDNEY, AUSTRALIA SAP SE today announced that Xinja has selected SAP Cloud for Banking to power its planned ‘neobank’ – an independent digital bank designed entirely for mobile.

Aiming to revolutionise customers’ banking experience, Xinja is partnering with SAP to implement its SAP Cloud for Banking platform to drive a simple, agile solution that delivers rapid customer onboarding and real time risk and financial assessment, as well as enabling open banking capabilities.

SAP Cloud for Banking will fuel Xinja’s journey to become one of Australia’s first independent neobanks

This SAP core banking solution will underpin Xinja’s journey to become licensed as one of Australia’s first independent start-up neobanks. It 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; SAP Cloud Platform; and SAP Application Management Services.

Seeking to make banking quick, easy, helpful and even fun – allowing customers to make more out of their money with less angst– SAP Cloud for Banking will enable Xinja to simplify product design, rapidly respond to regulatory changes, onboard customers instantly, and enable open banking capabilities and integrate payment systems and business networks. In addition, Xinja will be able to access customer insights and manage risk in real-time, ensuring it remains agile and innovative, and driven by customer data.

The SAP HANA platform and its API-driven approach will give Xinja the speed and flexibility it needs and the SAP Cloud for Banking platform uses best practice private and public cloud technologies that will enable Xinja to deliver highly innovative solutions for customers.

The announcement comes following Xinja’s recent application for a restricted banking licence from the Australian Prudential Regulation Authority later this year.

Eric Wilson, Founder and CEO, Xinja, commented on the announcement, “Xinja is incredibly excited about this partnership with SAP. It means that right now we have a world class technology platform that will allow us to develop fantastic products for our customers into the future, as we work alongside a global company with a wealth of experience in the financial services sector.

“Xinja and SAP both have innovation in their DNA. We are also both passionate advocates for agile development and delivery. This is certainly a powerful combination of the energy and vision of Xinja merging with SAP’s ability to create, build and deliver world class banking services. The speed and flexibility of the new cloud-based core banking platform gives us the potential to revolutionise banking.”

Wilson adds, “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.”

Damien Bueno, President and Managing Director of SAP Australia and New Zealand, said, “Our Australian Digital Experience Report found that digitisation has resulted in higher consumer expectations, better networks and lower loyalty. 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.

“The vision and agility of a start-up like Xinja, and the technology, build and delivery excellence of SAP make for a powerful partnership. 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. Our SAP Cloud for Banking solution, coupled with the team’s passionate commitment, deep industry and product expertise, makes this a truly dynamic and collaborative partnership. We look forward to implementing our solution in a nimble manner for Xinja, exemplifying the speed and simplicity that forms the core of the neobank’s customer promise,” Bueno concluded.

To learn more about the latest advances to SAP Cloud for Banking, please visit our website.

For more information, visit the SAP News Center, and follow SAP on Twitter at @sapnews.

For more information on Xinja, visit www.xinja.com.au and follow @xinjamoney

About SAP

As market leader in enterprise application software, SAP (NYSE: SAP) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device – SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 404,000 business and public sector customers to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.

About Xinja

Xinja is building an independent, 100% digital bank – or ‘neobank’ – for Australians, designed entirely for mobile. It will be a radically new banking experience built with the community, around their needs and in their interests. Xinja will make it quick, easy and even fun for customers to track spending, save for what they want, and just get a lot more out of their money. Unlike incumbent banks, Xinja doesn’t have branches or expensive legacy systems which means lower costs, competitive rates and low fees for customers. Furthermore, the products are being designed to help people get ahead; if customers do well, Xinja does well too. www.xinja.com.au

NB: Xinja is not a ‘bank’ and cannot conduct ‘banking business’ yet, but is working with regulators to become a ‘bank’ and be able to conduct ‘banking business’.

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For more information on SAP, press only:
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