Westpac and 10x Banking, the cloud platform founded by former Barclays chief executive Antony Jenkins, are deepening their relationship to include building a new transactional banking platform for the Westpac Institutional Bank.to create a “banking-as-a-service” capability, which allows it to provide deposit and loan products to clients like Afterpay.
Westpac plans to spend nine months building the system alongside London-based 10x, which has about 30 staff in Australia where it has proved the system to regulators and gained approvals to connect to local payment systems. Westpac Institutional Bank chief executive Anthony Miller said initial services that could be improved with the new system were liquidity management, forecasting cash flow and processing real-time payments.
To help large companies manage cash flow, 10x and Westpac, and potentially additional partners, will develop artificial intelligence tools that will be offered to corporate treasurers to help them monitor financing needs, foreign exchange or supply chains using big data.
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