American fintech company FIS said that ANZ Bank New Zealand has selected it to modernise the latter’s core banking capabilities.

ANZ New Zealand will use the Modern Banking Platform of FIS. The platform is deployed on Microsoft Azure and it is for the first time that a bank outside the US will be utilising it.

ANZ New Zealand chief information officer Mike Bullock said: “Upgrading our core banking technology into a cloud-based platform means we can continue to deliver reliable, efficient and secure services for our customers.

“Our current core banking system is very robust and up-to-date but, like most platforms used by banks around the world, it is based on technology developed decades ago. This work sits within our current five year investment plan and will allow us to be more innovative in how we deliver banking services.”

According to FIS, its Modern Banking Platform facilitates convenient, seamless digital banking services by using a cloud-native architecture.

The core banking solution from FIS is claimed to use extensive measures for safeguarding data. It is also said to include the latest advancements in cloud security, resiliency, and monitoring from Azure.

FIS said that its platform has been designed with API-first functionality to allow financial institutions to take control of their customer experiences.

The plug-and-play components of the platform are said to allow institutions to develop the retail and commercial capabilities that are required currently with the speed needed for innovating into the future.

FIS enterprise banking head Andrew Beatty said: “Banks need modern systems to meet growing expectations for personalized products and services, and strengthen the customer experience.

“Cloud-based systems have quickly moved from a competitive advantage to the baseline of what makes a successful bank. Cloud-based core banking will enable banks to increase their speed to market and become more agile.”