Monday, 12 July 2021 20:41

Hey, Hay has the low-down on the low-code way to Hay-as-a-Service


Australian fintech Hay has launches Hay-as-a-Service, managed by the Appian Low-Code Automation Platform, to streamline and automate the management of its embedded finance platform with low-code plus complete automation.

Back in September 2020, Aussie fintech Hay announced it had chosen Appian to digitise and automate its back-office processes, and now it has gone one step further to ensure it can make hay while the sun shines.

Hay has nothing to do with farming or the hay that cows eat, but is an Australian headquartered fintech company. Appian has announced that Hay is ramping up growth through its “Hay-as-a-Service” (HaaS) with the support of the Appian Low-Code Automation Platform.

So, what does Hay-as-a-Service do?

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We’re told “Hay-as-a-Service provides fast, secure, and customisable financial services processing for financial and non-financial businesses.

“Because the solution is supported by a low-code automation platform, HaaS is able to deal with all of the complexities of managing its services at scale for its clients.

“This allows HaaS and its clients to concentrate on delivering value for their customers, knowing that management support for any new innovation can be implemented risk free and at speed using Appian.”

Jason Latham, Chief Information Officer at Hay explained: “The move from traditional finance to embedded finance is accelerating across a range of sectors because it gives an organisation more ownership of the entire customer journey.

“The single pane of glass we developed on Appian’s low-code platform allows us to manage our platform and our client’s embedded finance products with ease, in a low-touch fashion with a minimum of manual effort and intervention. This allows us to concentrate our skilled resources on our HaaS platform.”

What does the HaaS solution offer?

Here, Hay explains the HaaS solution “offers one modern API frontend for individual companies to enhance their customer experience.

“The HaaS platform is a pure microservice, cloud native offering and includes a range of configurable and flexible microservices modules, such as accounts and core banking, payment processing and management, financial crime, data analytics and insights, card services including ApplePay, GooglePay and other digital wallets, loyalty and rewards and onboarding new customers.

“HaaS has built a single pane of glass using Appian ensuring it has a robust, tier 1 back-office platform to manage its operations that can be developed, risk free, at high speed.”

Luke Thomas, Regional Vice President APAC at Appian said: “Hay is leading the way in innovating the FinTech space, both through its Hay retail brand and HaaS solution, by leveraging low-code automation.

“Flexibility and speed are at the core of what Appian provides and we’re proud to support Hay in extending their services so other companies across the world can take better advantage of embedded finance.”

We’re told “HaaS has provided a full suite of transaction services and significantly accelerated timelines for Nano Home Loans, a mobile-first non-bank lender, who launched in Australia last week.”

Andrew Waler, CEO & Co founder at Nano Home Loans concluded: “HaaS removes the complexity of the payments ecosystem and replaces it with a one-stop seamless solution.

“It’s so fast and flexible that it allowed us to remove upwards of six months of build and integration from our timeline.”

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Alex Zaharov-Reutt

Alex Zaharov-Reutt is iTWire's Technology Editor is one of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

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