(23 May 2022 – Australia) Westpac is working on a new institutional banking (IB) transactional platform with 10x Banking’s core technology.
Westpac and 10x Banking signed a memorandum of understanding (MOU) that's based on an existing three-year partnership that has already launched Westpac's Banking-as-a-Service (BaaS) offering. Westpac plans to utilise 10x Banking's latest contemporary and cloud-native core technology to allow the bank's IB clients to benefit from a new market-leading digital experience. The newly developed core IB platform is also set to enable Westpac's institutional clients with advanced liquidity management tools, cash flow forecasting and real-time payments processing.
“The bank wants to provide clients with the best possible transactional banking experience and is investing in new technology to deliver on that goal. Just as consumers are changing the way they bank, large institutional clients also need access to quick and secure digital transaction services” commented Westpac IB CEO, Anthony Miller
“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” Miller added.
“We are delighted to be using this market-leading technology to extend our partnership with Westpac into the important area of institutional transaction banking” stated 10x Banking CEO and founder, Antony Jenkins.