The new banking platform is expected to give institutional customers access to advanced liquidity management, cash flow forecasting, and real-time payments processing.
As the next step in its digital transformation strategy, Westpac has signed a Letter of Understanding with UK-based technology provider 10x Banking to develop the core technology for its new institutional banking platform. This latest agreement between the pair builds on an existing three-year partnership, which resulted in the launch of Westpac’s banking-as-a-service offering. According to Westpac Institutional Bank boss Anthony Miller, delivering a new institutional banking platform will give customers access to advanced liquidity management, cash flow forecasting, and real-time payments processing.
„Just as consumers are changing the way they bank, large institutional clients also need access to quick and secure digital transaction services“, he said.
„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.
