Data Action (DA) will deliver the core banking system of digital start-up bank 86 400 having won a competitive tender.
Named after the number of seconds in a day, 86 400 is a digital-only bank that when it gets its full banking licence will initially offer transaction accounts, savings accounts and home loans. 86 400 is owned by payments business Cuscal, an existing partner of DA.
DA is a specialist software and services provider to the financial services industry with clients including People’s Choice Credit Union, Bank Australia, Greater Bank and Defence Bank.
“Our heritage has been in providing core banking solutions to the country’s mutual banks so being selected by 86 400 shows the diversity of what we can offer,” said DA’s Chief Digital and Information Officer Brett Miller.
“Our Core Banking solution is used by 98% of our clients and is the anchor for it to operate. It comes with comprehensive credit reporting, access to API layers and an anti-money laundering feature.”
Mr Miller said they expected DA to provide 86 400 with additional products and services as the bank grew.
Chief executive of 86 400, Robert Bell, said once the bank is operational, it will look to target customers who felt they were not on top of managing their money, due to the complexity of finance.
“None of us are interested in building a small niche bank. We want to build a serious alternative to the big four banks.” he said.
Grant Titmus, Sumit Media
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