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Westpac launches real-time payment partnership

Westpac launches real-time payment partnership

(3 October 2012 – Australia) Last week Westpac and SAP launched a partnership to develop Australia’s first real-time payment solution for large companies and institutions, heralding a new era in corporate banking. SAP’s market leading technology - NetWeaver Process Integration and Westpac, intend to deliver a one-step payment solution that will bring significant cost savings for some of the country’s largest companies.

The real-time solution overcomes the normal multi-step process of digital payment instructions and is made possible by connecting the end-to-end payables and receivables data for large companies using Global Data Standards.

Mike Baldwin, Head of Innovation and Implementation, Westpac Institutional Bank said:

"Transitioning a company’s IT payments system into a tailored platform would normally take six-to-nine months and will now be reduced to weeks. Once we go live, customers simply need to download Westpac software from SAP Service Portal and set up the system at a minimal cost."
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