Westpac prepares to launch banking-as-a-service platform

Monday 4 November 2019 14:08 CET | News

Westpac plans to launch a cloud-based digital banking-as-a-service platform that will allow third parties, such as Westpac’s institutional clients and fintechs, to offer the bank’s products to their customers.

According to Computerworld, Westpac revealed details of a partnership with UK cloud banking technology company 10x Future Technologies to build a “standalone” digital platform. Westpac said the platform would allow businesses that don’t have a banking licence to leverage its licence and product set via APIs.

Westpac intends to purchase a minority stake in 10x, which was founded in 2016.

The new platform is expected to be running before the end of 2020.

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Keywords: Westpac, banking-as-a-service, digital, APIs, fintech
Categories: Banking & Fintech | Payments General
Countries: United Kingdom
This article is part of category

Banking & Fintech