Convedo supports Australian FinTech with banking infrastructure

Canary Wharf based IT consultancy Convedo has supported Australian FinTech Hay with the launch of its own challenger bank service. Hay sought out Convedo to help implement a low-code app building solution, based on the Appian platform.

In February 2020, Australian FinTech Hay announced it had applied for a deposit-taking banking license from the Australian Prudential Regulation Authority. Having already obtained an Australian Financial Services Licence (AFSL) and submitted an application to APRA for a Restricted Authorised Deposit-taking Institution licence, the announcement signalled the company’s intent on becoming the newest Australian challenger bank.

Since then, the Sydney-based Hay Bank has formally opened for business, and is currently offering its first 10,000 customers a special ‘founder’ card, enabling them to get early access to Hay’s future launches. Hay’s mobile banking app uses the New Payments Platform for instant transfers in and out and like other digital banks, its sends real-time notifications to your smartphone or smartwatch.

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Source: Convedo supports Australian FinTech with banking infrastructure