Westpac BaaS platform plugs into Aussie fintech FrankieOne
Officially announced at the 7th Annual Fintech Summit, presented by Amazon Web Services (AWS); after an extensive global search, Westpac has selected Melbourne based FrankieOne as their identity infrastructure provider for their new banking-as-a-service (BaaS) platform.
FrankieOne is the second infrastructure partner alongside 10X Future Technologies to join the bank’s market-first, best-of-breed BaaS platform.
To support Westpac’s goal of authorising businesses without a banking license to deliver banking services from a licensed bank digitally, FrankieOne has been trusted by the bank to create, connect and orchestrate all of Westpac’s BaaS identity infrastructure, including real-time and risk-based onboarding.
FrankieOne, run entirely on AWS, currently has 100 per cent of the Australian BaaS market share and services three out of four of Australia’s Big Four, with Westpac placing BaaS as a priority on its digital agenda. Through AWS Connections, a program designed to link startups with some of its biggest customers, and word-of-month, a financial institution connects to FrankieOne’s unified API every week.
FrankieOne CEO and founder Simon Costello said, “Historically banks have had to work with dozens of siloed software and data providers, few of which have the ability to “talk to” other systems. This creates clunky, disjointed internal processes, poor customer experience, and ultimately, business intelligence is compromised.
“Whereas, now Westpac has integrated into FrankieOne’s unified API they can “switch on” new services for its customers, and access to over 170 different third-party vendors and data sources. This has enabled Westpac to supercharge its speed to market and remove the need for multiple vendor implementations.
“The move to partner with Westpac forms part of our core vision to saving business billions in IT costs and providing superior customer experiences.
“As Australians continue to look for new and different ways to do their banking, we are excited to be part of the ever-growing BaaS movement with Westpac. Not only does BaaS help reduce the cost and time needed to launch banking services in Australia, but it will also accelerate efforts to innovate the fintech sector as a whole” concluded Costello.
Formerly known as Frankie Financial, FrankieOne is an identity and fraud platform helping banks and fast-growing fintechs make better decisions using a single API and dashboard to manage KYC/AML and fraud.
Westpac’s BaaS offering will be available from mid-2021.
