Xinja, the Australian neobank, has selected SAP Cloud for Banking to power its forthcoming independent digital bank.

Xinja has submitted an application for a restricted banking licence from the Australian Prudential Regulation Authority. The bank is targeting a launch later this year.

Under the agreement, Xinja will deploy SAP’s S/4HANA Finance and SAP Transactional Banking  (Loans and Deposits and Payments Engine).

Additionally Xinja will implement SAP HANA Enterprise Cloud (HEC), SAP Cloud Platform (SCP), and SAP Application Management Services (AMS).

Xinja expects the deployment of SAP Cloud for Banking platform to optimise speedy onboarding of new accounts. In addition, the service offers real time risk and financial assessment and also supports open banking capabilities.

Xinja founder and CEO Eric Wilson said: “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.

“The speed and flexibility of the new cloud-based core banking platform gives us the potential to revolutionise banking.”