10x, Westpac Unveil Transaction Banking Platform

FinTech 10x Banking is expanding its relationship with Banking-as-a-Service (BaaS) platform Westpac via the launch of a transaction banking platform for the bank’s institutional clients, according to a Thursday (May 26) press release.

“The banking industry is experiencing a radical change, and Westpac is taking a leading role in its transformation,” said Antony Jenkins CBE, founder, chairman and CEO of 10x Banking. “Using our technology to underpin the new platform is a logical next step in its move to cloud-native technology. At 10x, we’ve built the technology I always dreamed of when I was running businesses in banking.”

10x Banking has clients in three continents, including those after last year’s launch of Westpac’s BaaS offering.

“Our clients are on the digital transformation journey and are looking for ways to use data to improve working capital,” said Jeff Byrne, managing director of global transaction services at Westpac. “We want to empower them by maximizing access to real-time data across a range of sophisticated cash management structures.”

Related: Banking Platform Synapse Launches Global Cash for FinTechs

Earlier this week, global BaaS platform Synapse debuted a new cash management account product called Global Cash that will let residents in 35 countries invest and hold U.S. dollars, letting FinTechs expand their market reach, simplifying their onboarding of international customers, granting international customers access to U.S.-based account features.

Global Cash is aimed at underbanked people, freelancers, gamers and influencers. It provides debit cards, bank transfers, virtual account numbers and cross-border transfers.