Tuesday, 20 October 2020 11:45

Westpac chooses Afterpay as first partner on digital banking platform

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Westpac chooses Afterpay as first partner on digital banking platform Pixabay

The Westpac Group, one of Australia's big four banks, has announced Afterpay as its first partner on its new digital banking platform.

The new bank-as-a-service platform uses cloud-native technology from 10x Future Technologies and give Westpac the freedom to offer other companies the means to provide banking services.

Afterpay, which provides a platform for allowing retailers to offer online layby, will be able to provide Westpac transaction and savings accounts and other cashflow management tools to its 3.3 million customers in Australia in in the second quarter of 2021.

Westpac chief executive Peter King said: “Fintech innovation is changing banking in important ways and our new digital banking platform is part of our long-term strategy to support this trend and better respond to changing customer needs.

“The platform allows us to combine our banking experience with the innovation of our partners to support new customer experiences.

“We look forward to working with Afterpay to deliver new products and services.”

Afterpay chief executive Anthony Eisen said: “We believe Australians deserve greater support and insight to help manage their money. Together with the power of our retail platform, the latest banking technology from 10x, and the support of Westpac, we will begin by offering cashflow management in a simple way.

“Afterpay is in a unique position to extend and deepen the relationship with our customers and help them to manage their money more seamlessly through savings and budgeting tools. For Afterpay, this is clearly just the beginning as we explore this opportunity globally.”

Westpac’s general manager, Corporate and Business Development, Macgregor Duncan, said: “We have built the platform to allow us to collaborate closely with our partners, and we are excited to work with Afterpay to pioneer services relevant to, and reflective of, its customer base and unique business model.”


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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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