The core technology behind the bank’s new transaction platform will be provided by the UK’s 10x Banking, Westpac said in a statement.

The bank expects 10x’s latest state-of-the-art and cloud-based core technology to offer Westpac’s institutional customers a new “market-leading digital experience” with access to advanced liquidity management, cash flow forecasting and real-time payment processing.

“Just as consumers are changing the way they bank, large institutional clients also need access to fast and secure digital transaction services,” said Institutional Bank CEO Anthony Miller.

“We have seen significant success working with 10x Banking and its advanced technology to deliver our banking as a service platform, and we are now planning the next step in this evolution for our institutional customers.

"The new platform will enable us to improve productivity and cost efficiency, while simplifying processes and making it easier for our customers to do business with us," Mr Miller said.

According to Westpac, the new platform build is a "multi-year program" and includes "other partners".

Commenting on their latest project with Australia's big four banks, Anthony Jenkins, founder and CEO of 10x Banking, said: “At 10x, we've built the technology I've always dreamed of when I was running a business in banking.

"We are delighted to be using this market-leading technology to expand our partnership with Westpac in the important area of ​​institutional transaction banking."

Last year, a paper published by credit reporting agency CreditorWatch praised major banks' interest in fintech, suggesting Westpac's deal with the UK-based technology provider would increase consumer choice for banking products and services 10x.

The document found that 2021 has been "landmarking" for the local fintech industry as demand for digital products surged during the pandemic.

Moving forward, CreditorWatch predicts that financial technology will completely transform financial services to the point that the use of cash will decline completely and check payments will become obsolete.

Maja Garatsa Djurdjevic

Maya's career in journalism spans more than a decade in finance, business and politics. Already an experienced editor and reporter in all elements of the financial services sector, before joining Momentum Media, Maya reported for several established news outlets in South East Europe, looking at key processes in post-conflict societies.