ANZ Bank New Zealand has selected a fintech provider FIS modernize its basic banking capabilities.

According to the company’s press release, ANZ New Zealand will be the first bank outside the United States to use FIS’ modern banking platform, which is deployed on Microsoft Azure. FIS’ modern banking platform enables digital banking services through a cloud-native architecture. The platform is a secure core banking solution aimed at protecting data while utilizing Azure’s cloud-based security and monitoring features.

ANZ cited data provided by Cloud Security Alliance showing that 91% of financial institutions use cloud services today or plan to do so soon, but traditional banks have been slower to move the core of their operations, banking capabilities basic, in the cloud.

The modern FIS banking platform is designed with API-first functionality with plug-and-play components that allow institutions to build up-to-date retail and business capabilities. FIS officials explained that “cloud-based systems have quickly moved from being a competitive advantage to being the foundation of what makes a bank successful. Cloud-based core banking services will allow banks to get them to market faster and become more agile.We believe ANZ New Zealand is just the start of a huge industry trend to drive digital transformation through the cloud.

ANZ New Zealand’s current Systematics core banking technology is also provided by FIS.

Recent ANZ partnerships and activities

Following its Australian debut in early 2022, Open Banking provider Bud has partnered with ANZ NZ to automate more of its lending, according to AltFi reports from February.

ASIC Fraud Allegations

In late May, the Australian Securities and Investments Commission (ASIC) took Australian and New Zealand Banking Group (ANZ Bank) to court for allegedly misleading customers about their available funds and account balances. credit card.

According to the Australian regulator, more than 165,000 ANZ customers have been charged cash advance fees and interest to transfer or withdraw money from their credit card accounts, based on an account balance. incorrect, from 2016 to 2018. Also, ANZ has not properly addressed or resolved the issue. , continues to affect customers on the bank’s website, app and ATMs.

M&A activity and product upgrades

In March 2022, ANZ had merged its digital and retail divisions into a single unit, as the bank moved closer to launching its customer-facing app, ANZ Plus. The news was soon followed by reports of Worldline signing its strategic business acquisition alliance with ANZ Bank in Australia. Payments operator Worldline also announced the creation of a 51%-49% Worldline-controlled joint venture to operate and develop commercial acquiring services in Australia with ANZ Bank.

Most recently, during July 2022, ANZ entered into a $3.3 billion deal to acquire the banking arm of insurer Suncorp in a bid to increase the size of its mortgage portfolio and is found among three of the “big four” Australian banks that have turned to the Dynamic Card Verification Value (CVV) feature to combat online payment fraud and boost digital consumer protection.