SBS Bank in major digital revamp with Sandstone Technology
New Zealand-based SBS Bank is rolling out a new “end-to-end” digital banking platform supplied by Sandstone Technology.
Sandstone describes the project – which has its first phase now completed – as “the first step in what promises to be a long and exciting relationship between the rapidly growing New Zealand member bank and the fintech, which was co-founded by New Zealander Bob Hall.”
Sandstone was set up in the mid-1990s and is based in Australia. It has 270 employees, and 35 customers in Australia, New Zealand and Europe (mainly in the UK). These include ME Bank, Bendigo and Adelaide Bank, PCFG, Arbuthnot Latham, Cumberland Building Society, Shawbroork Bank, Rabobank and Rabodirect, and ING Direct.
The digital banking platform for SBS Bank was developed by Sandstone in collaboration with partner Liferay.
Sandstone says it “will soon be extended to create an online sales channel supporting the origination and fulfilment of member applications for accounts and investments”.
Shaun Drylie, CEO of SBS Bank, comments that the creation of an enterprise middleware layer has been “key” to the Sandstone implementation.
“This takes SBS closer to being able to provide Banking-as-a-Service, or a banking ecosystem where we can seamlessly plug in to a range of smart third party and/or self-powered digital services for our members to consume,” he explains.