The backbone of a specialist SME bank ’ s unique proposition
The backbone of a specialist SME bank ’ s unique proposition
The increasing need for rapid and enhanced SME banking solutions has fuelled the emergence of digital banks like Avenue Bank . Founded in 2018 , Avenue Bank sought to address the unmet needs of small and medium-sized enterprises ( SMEs ) by innovating bank guarantees in Australia , which have remained onerous and largely paper-based .
The bank faced the dual challenges of meeting stringent regulatory requirements and establishing a robust core banking system . To achieve this , they needed a proven and flexible technology partner that could offer a customized solution that the Australian banking regulator would approve of .
Avenue Bank partnered with SAP Fioneer , selecting their Cloud for Banking solution for its regulatory reliability and innovation capabilities . This was instrumental in Avenue Bank securing a restricted banking license within the first year of their partnership .
SAP Fioneer was committed to supporting Avenue Bank in its arduous journey of becoming a fully licensed bank — from providing essential stability for the bank to pursue its mission to delivering an integrated , customized Cloud for Banking solution to fit its unique business model . As the bank grew , the partnership continued to deepen . Together , they refined technical and support aspects to ensure operational efficiency and predictability .
A game-changing product goes live
With a solid core banking infrastructure , Avenue Bank successfully launched its bank guarantee in market and obtained its full banking license . This milestone enabled them to offer fast , fair and fuss-free bank guarantees that can be issued within 24 hours ( instead of weeks ), revolutionizing banking for Australian businesses .
SAP Fioneer ’ s reliable infrastructure and tailored end-to-end managed services support enabled Avenue Bank to confidently deliver a game-changing product , attract new customers , build investor confidence , and set a strong foundation for future success .
“ The reliability and stability of SAP Fioneer ’ s Cloud for Banking platform has given us confidence to launch our innovative bank guarantee in market with approval from the Australian banking regulator ,” said Nicolas Parfait , CIO of Avenue Bank .
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