Data Action to underpin Australian banking disruptor 86 400

Data Action to underpin Australian banking disruptor 86 400

Data Action (DA), a leading Australian provider of Digital and Core Banking solutions, is pleased to announce that it has partnered with banking disruptor and neobank 86 400, to deliver its Core Banking platform.

The cloud-based platform has been operational for several months with all payment rails (including real-time payments) established and money already flowing through the banking system.

“Having 86 400’s Core Banking platform live and functional is hugely important for them as they move closer to a full-scale launch,” Data Action’s Chief Technology Officer, Brett Miller said.

“We’ve witnessed several recent examples of costly and destructive Core Banking implementation failures across the banking industry, so we know how critical it is that this is done right the first time.

“It is important that 86 400 has a trusted and proven system underpinning its banking functions so that they can focus on delivering an innovative new offering for Australians.”

Brian Parker, Chief Information Officer of 86 400, said that DA’s open platform and proven reputation in the market were the chief motivators behind the decision to partner with the company.

“By leveraging Data Action’s open APIs, we have been able to focus on building our proprietary Customer Experience Engine, which enables us to develop and deploy features significantly faster than incumbent banks” he said.

“Our aim is to deliver a better banking experience for Australians and Data Action is helping us do that.”

Data Action is the largest provider of Core and Digital Banking solutions to Australian Mutual Funds and Credit Unions with around 30% market share and more than one million end users across the country. It has successfully transitioned more than 80 customers from their legacy platforms to the DA Core Banking solution with a 100% success rate.

The partnership with 86 400 is the company’s first with a neobank and Mr Miller expects that it will pave the way for future opportunities as Australia’s banking sector becomes more open.

“Australia’s banking sector is undergoing a significant transformation as new market entrants disrupt the status quo,” he said.

“We are pleased to be working with 86 400. It is a fantastic endorsement of our offering by an innovative new market entrant.

“We already have an established track-record of delivering solutions to challenger banks and we believe that we have the expertise to deliver solutions that will underpin the future of our country’s banking sector.”