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 Banking-as-a-Service offering. which went into production late last year
Westpac doubled down on an earlier investment in 10x Banking in June last year, joining a $187 million Series C financing round.
The bank says the new institutional platform will provide clients with advanced liquidity management, cash flow forecasting and real-time payments processing.
Westpac Institutional Bank chief executive, Anthony Miller, says: “Just as consumers are changing the way they bank, large institutional clients also need access to quick and secure digital transaction services.
“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.”
He says the bank is now working with 10x Banking and other partners on the multi-year programme.