Westpac Banking Corporation has selected IQ Financial Systems' Loan IQ package as the platform for its global commercial lending and syndication business.
The Australian bank says it will utilise Loan IQ to streamline and automate corporate lending functions, increase deal flow controls and strengthen internal and external reporting.
The product will be deployed across the bank's broad range of commercial lending products - including commercial bills, overnight money market loans, term cash and other complex financial instruments - in both its institutional and business banking divisions.
Edward Ho, CEO of IQ Financial Systems says implementation of the package will ultimately enable Westpac to consolidate multiple systems on a single platform.