Banking-as-a-service

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:

https://www.westpac.com.au/news/making-news/2019/11/westpac-enters-banking-as-a-service/?searchsource=search-results-newsroom&kw=cloud&rank=3&result-type=natural


Photo by Kate Townsend on Unsplash


#innovation #banking #Westpac #bankingasaservice