Starling Bank is working with GFT, the global digital transformation pioneer, as an implementation partner for its Software-as-a-Service business, Engine by Starling.
Engine by Starling provides banks “with access to the cloud native, modular and API-based banking platform initially built by Starling‘s own in-house tech team to run Starling Bank. Engine is now available to banks around the globe and has recently announced its first two clients: Salt Bank in Romania and AMP Bank in Australia.”
GFT has been selected as “one of Engine’s partners for providing design, integration and implementation services for banks that adopt the Engine platform.”
Sam Everington, CEO of Engine by Starling, said:
“We’ve partnered with GFT for their deep technical skills, platform focus and entrepreneurial approach. As Starling disrupted the UK banking sector, Engine’s mission is to empower our clients to do the same in their markets. GFT’s global footprint makes them an ideal partner as we scale.”
Marika Lulay, CEO of GFT, said:
“There is huge demand in the market for a proven, scalable system that can help existing banks to re-platform or new banks to launch as quickly as possible. By combining Engine by Starling’s cutting-edge technology with GFT’s expertise in systems integration, we will enable organisations across the globe to rapidly launch a state-of-the-art digital bank.”
As covered recently, AMP will be launching a digital bank division built specifically “for the transaction needs of sole traders and small business.”
AMP will work with Engine by Starling, the SaaS subsidiary of UK digital bank, Starling Bank Limited, allowing it to leverage:
Starling’s ‘Engine’ technology platform, and Engine’s expertise to build the new AMP digital bank division, to be in market by 1Q 2025 – ~$60m investment over FY24 and FY25, absorbed within current controllable cost targets The new digital bank division is expected “to be Net Profit After Tax (NPAT) and Return on Capital (ROC) accretive for AMP Bank from 2027 onwards.”
The next step in AMP Bank strategy is “to lessen funding risks in the medium term through a focus on building deposits.”
AMP confirmed that it is progressing “with the next phase of its Bank strategy with the launch of a new digital bank offer targeting the small business and consumer markets.”
The solution will be built in FY24 and launch “in Q1 2025, operating on a separate technology platform, as a new division to AMP Bank.”
AMP is working with Engine, the SaaS subsidiary of Starling Bank, a UK digital bank. AMP will leverage Starling’s ‘Engine’ technology platform in “building the new AMP digital bank offer, under a Software as a Service agreement.”
Targeting sole traders and small businesses “with 1-20 employees, the new digital bank division will offer transaction and savings accounts.”