Westpac has commenced work on a new transactional platform for institutional clients, partnering with UK-based technology provider 10x Banking to provide the core technology.
The two companies have inked a letter of understanding, building on an existing three-year tie-up, which launched Westpac’s leading Banking as a Service offering.
Westpac’s institutional clients will benefit from 10x Banking’s latest contemporary and cloud-native core technology, which will provide them with a new market-leading digital experience plus access to advanced liquidity management, cash flow forecasting, and real-time payments processing.
Anthony Miller, Westpac institutional bank chief executive, said the bank is investing in new technology to provide clients with the best possible transactional banking experience.
“Just as consumers are changing the way they bank, large institutional clients also need access to quick and secure digital transaction services,” Miller said. “We’ve seen significant success working with 10x Banking and its modern technology to deliver our Banking as a Service platform and we are now planning the next step in that evolution for our institutional clients. The new platform will enable us to improve productivity and cost-efficiencies while simplifying processes and making it easier for our customers to do business with us.”
“At 10x, we’ve built the technology I’ve always dreamed of when I was running businesses in banking,” said Antony Jenkins, founder and CEO of 10x Banking. “We are delighted to be using this market-leading technology to extend our partnership with Westpac into the important area of institutional transaction banking.”
The bank is now working with 10x Banking and other partners on the multi-year program.
