New Zealand's Kiwibank is to make a four-year $100 million investment in a new core banking platform from SAP.
New Zealand Post subsidiary Kiwibank says the development and installation of the new platform will involve a number of IT providers working alongside SAP, who will net approximately half of the estimated $100 million outlay.
The new platform will replace a 12-year old Unisys-based system from Australian firm Ultradata.
Announcing the project, Kiwibank chief executive Paul Brock, says: "We are looking to the future growth of the bank and to make sure we have the right back office systems and infrastructure to support our strategic plan.
"The core system upgrade project will take place progressively to avoid any disruption to existing services, but ensure the bank has the capability to manage growth and increasingly-complex technological advances in the banking industry."