Westpac has commenced work on a new platform for institutional clients in partnership with UK-based technology provider 10x Banking to provide the core technology. The new initiative is building on an existing three-year partnership that launched Westpac’s Banking as a Service offering.
Westpac stated its institutional clients could benefit from a new “market-leading” digital experience leveraging 10x Banking’s cloud-native core technology.
Aiming to provide the best possible transactional banking experience, Westpac is investing in new technology to deliver this goal, revealed Executive, Anthony Miller.
“Just as consumers are changing the way they bank, large institutional clients also need access to quick and secure digital transaction services.
Australia’s oldest banking is deploying the 10x Banking technology to deliver its Banking as a Service platform and this is the planned “next step” in that evolution.
Also read: CBA Reimagines Banking With 3 New Product Launches
The new platform will enable us to improve productivity and cost-efficiencies while simplifying processes
Westpac Chief of Institutional Banking
Antony Jenkins CBE, Founder and CEO of 10x Banking says: “We are delighted to be using this market-leading technology to extend our partnership with Westpac into the important area of institutional transaction banking.” The bank is now working with 10x Banking and other partners on the multi-year program.
Recently, Westpac announced its new technology hub in Sunshine state. Westpac’s CIO said the Gold Coast tech hub is aimed at attracting tech talent and designed with software engineers in mind. Read more here.
