Westpac to build new institutional banking platform
Westpac has commenced work on a new transactional platform for institutional clients and is looking to UK-based technology provider 10x Banking to provide the core technology.
The two companies have signed a Letter of Understanding, building on an existing three-year partnership which launched Westpac’s leading Banking as a Service offering.
Leveraging 10x Banking’s latest contemporary and cloud-native core technology, Westpac’s institutional clients will benefit from a new market-leading digital experience with access to advanced liquidity management, cash flow forecasting and real-time payments processing.
Westpac Institutional Bank Chief Executive, Anthony Miller, says the bank wants to provide clients with the best possible transactional banking experience and is investing in new technology to deliver on this goal.
“Just as consumers are changing the way they bank, large institutional clients also need access to quick and secure digital transaction services.
“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,” Mr Miller said.
Antony Jenkins CBE, Founder and CEO of 10x Banking says: “At 10x we’ve built the technology I always dreamed of when I was running businesses in 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.