Starling Bank is working with IT solution provider, GFT, as an implementation partner for its Software-as-a-Service business, Engine by Starling.

Launched in 2022, the platform helps banks develop products including checking and business accounts without needing to handle the groundwork.

Engine by Starling provides banks with access to the cloud native, modular and API-based banking platform initially built by Starling’s own in-house tech team to run Starling Bank.

Engine by Starling: client wins announced

Engine is now available to banks around the globe. It recently announced its first two clients: Salt Bank in Romania and AMP Bank in Australia.

GFT has been selected as one of Engine’s partners for providing design, integration and implementation services for banks that adopt the Engine platform.

Sam Everington, CEO of Engine by Starling, said: “We’ve partnered with GFT for their deep technical skills, platform focus and entrepreneurial approach. As Starling disrupted the UK banking sector, Engine’s mission is to empower our clients to do the same in their markets. GFT’s global footprint makes them an ideal partner as we scale.”

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By GlobalData

Marika Lulay, CEO of GFT, added: “There is huge demand in the market for a proven, scalable system that can help existing banks to re-platform or new banks to launch as quickly as possible. By combining Engine by Starling’s cutting-edge technology with GFT’s expertise in systems integration, we will enable organisations across the globe to rapidly launch a state-of-the-art digital bank.”

The business case for Starling to export its BaaS platform

As per GlobalData’s 2022 Financial Services Consumer Survey, most small business owners use their personal account as their primary business account in Asia-Pacific (71.5%). This is partly because incumbent banks have not historically built out enough dedicated features to warrant opening separate accounts.

For many SME owners, their personal and business lives are closely intertwined, making this approach seem like the logical option. Just 16% of respondents in Asia-Pacific indicate they use a separate SME account to manage their business in Asia-Pacific.

In contrast, Starling has won businesses over in the UK with compelling features carefully matched to the various stages of a company’s evolution. The strong growth of SMEs in Asia-Pacific provides banks with a strong opportunity despite the currently limited uptake of business accounts. Following Starling’s focus on differentiation and tailored services would be a smart move – one that could be fast-tracked by signing up to utilise the Engine platform.