Westpac is working with "10X Future Technologies" to build a digital banking-as-a-service platform that will be run separately from the banks existing business.

The BaaS model enables "businesses without a banking licence to deliver banking services from a licenced bank digitally via APIs", and "will enable third parties – initially some of the bank’s institutional customers and fintech partners – to distribute Westpac banking products to their customers".

Further details in Westpac Wire - Nov 2019:

Photo by Kate Townsend on Unsplash

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