Westpac is Australia’s first bank and oldest company, one of four major banking organisations in Australia and one of the largest banks in New Zealand. Innovation is at the heart of Westpac’s purpose to Help Australians and New Zealanders Succeed.

Banking as a Service (BaaS) is Westpac’s new digital bank as a service platform. We developed the BaaS platform in response to two key trends: the rise of new cloud-based core banking systems that offer more flexibility to meet customer needs and a shift in how financial products are being distributed.

The BaaS technology sets Westpac apart as Australia’s first, purpose-built, digital BaaS platform and business. The plug and play API-powered ecosystem, built on cloud-based microservices architecture, means we are future-ready and able to capture constant innovation of our technology partners. It also proves out the all-digital model powered by a flexible cloud-native core banking platform, that provides optionality to the Group.

Phase 1 of the BaaS technology project was completed between November 2019 and May 2021 with the project team successfully delivering a brand-new core banking platform equipped to provide fully compliant transaction and saving accounts, in an astoundingly short time frame of 18 months.

For more information about Westpac, visit westpac.com.au