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.
