Hay will incorporate Mambu’s flexible, API-first, core banking platform into its custom-built technology ecosystem, alongside a collection of best-of-breed components.
Jason Latham, CIO of Hay said: “Like Hay, Mambu is genuinely cloud-native and we feel there is a real synergy between our two companies, both having had extensive experience in navigating the digital banking revolution. Hay plans to launch a suite of digital banking products this year and Mambu’s true SaaS technology will be a critical part of the technology underpinning all of our offerings. We scoured the market and found that there was nothing comparable to Mambu’s composable architecture - and working in the cloud is where we feel most comfortable.”
Hay, which earlier in February released a fee-free digital transaction account, is building world-leading digital infrastructure to provide Australians with a new mobile-first money solution. The company is eagerly awaiting approval of its application for a Restricted Authorised Deposit-taking Institute (RADI) licence, which will open the gate for Hay to begin operating as a fully-fledged neobank.
Myles Bertrand, Managing Director, APAC, at Mambu, said: “The Australian banking and finance industry is ripe for disruption at the moment, and innovative new players like Hay are seriously going to shake things up, providing a much-needed wakeup call to those banks and financial institutions that haven’t considered their digital strategy yet. By selecting Mambu’s agile and adaptable digital banking solution, Hay can develop innovative products and services that can be continuously updated and improved - all in the cloud - providing a seamless customer experience. We’re excited to see what the future holds for our partnership with this fintech powerhouse.”