Westpac signs Afterpay as first digital bank-as-a-service customer

Westpac has signed Afterpay as the first user of its new cloud-based bank-as-a-service platform, upon which Afterpay will offer savings accounts and cash flow tools to Australian customers.

The bank-as-a-service platform takes its foundations from 10x Future Technologies, a UK-based startup that Westpac partnered with late last year.

Bank-as-a-service enables “businesses without a banking licence to deliver banking services from a licenced bank digitally via APIs,” Westpac said at the time.

The first to do this will be buy now pay later (BNPL) operator Afterpay, Westpac said in a financial filing on Tuesday morning.

“The partnership will allow Afterpay to provide Westpac transaction and savings accounts and other cash flow management tools to its 3.3 million customers in Australia in Q2 2021,” Westpac said.

“We look forward to working with Afterpay to deliver new products and services,” Westpac CEO Peter King said.

To read more, please click on the link below…

Source: Westpac signs Afterpay as first digital bank-as-a-service customer – Finance – Cloud – iTnews