Westpac taps 10x Banking to power new institutional platform

Westpac will stand up a new transactional platform for its institutional customers that is built on technology from British fintech 10x Banking.

The chief executive of Westpac Institutional Bank Anthony Miller said the new platform would upgrade the digital experience offered to institutional customers.

It would offer the same 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," Miller said.

Westpac already uses 10x Banking's technology to underpin its banking-as-a-service offering.

The additional use case for 10x's technology is covered by a new letter of understanding between the pair.

10x Banking's chief executive officer Antony Jenkins lauded the extension of the "partnership with Westpac into the important area of institutional transaction banking.”