Westpac builds new platform for institutional clients using 10x Banking technology

  • By Zilla Efrat

Westpac has started developing a new transactional platform for institutional clients for which UK-based technology provider 10x Banking will provide the core technology.

The bank is also working with other partners on the multi-year program.

In a statement, Westpac says by leveraging 10x Banking’s latest contemporary and cloud-native core technology, it will provide institutional clients with a market-leading digital experience and access to advanced liquidity management, cash flow forecasting and real-time payments processing.

Westpac Institutional Bank CEO Anthony Miller says the new platform will help Westpac improve productivity and cost-efficiencies while simplifying processes and making it easier for its customers to do business with the bank.

“Just as consumers are changing the way they bank, large institutional clients also need access to quick and secure digital transaction services,” he says.

“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.”