Westpac partners 10x Banking on new platform for institutional clients

Aussie banking heavyweight Westpac has partnered with 10x Banking to develop a new transactional platform designed for institutional clients.

Westpac taps 10x Banking for new venture

10x Banking, which has worked with Westpac for three years building out the bank’s Banking-as-a-Service (BaaS) offering, will provide the core technology for the new venture.

The new platform will leverage 10x Banking’s cloud-native core technology to provide Westpac’s institutional clients with a digital-first experience, access to advanced liquidity management, cash flow forecasting and real-time payments processing.

Both partners have signed a Letter of Understanding, which sets out the proposed contract in more detail, with the multi-year programme already underway.

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,” Miller adds.