The new money management services, facilitated by Westpac's new digital bank-as-a-service platform, will complement
Available beginning in FY21, the new offerings will replicate the simplicity and transparency of the existing
Linking the new services to a user's existing Afterpay account will deliver further insight into how customers prefer to manage their finances, what their savings goals are, and how responsible spending behavior can be further encouraged and rewarded.
These insights will also deliver a more tailored user experience and more mutually beneficial consumer and retailer connections via the
The Westpac digital bank-as-a-service platform uses cloud-native technology from 10x Future Technologies. Being the default buy now pay later provider integrated with this global technology in
By leveraging the globally-scalable technology and associated banking and regulatory infrastructure,
The collaboration also brings efficiency benefits to
"The introduction of savings accounts and budgeting tools offers new customer benefits that continue to build on our core principle of encouraging responsible spending and enabling financial wellness.
"In deepening our relationship with our customers, we will gather greater insights into how they prefer to manage their finances and better understand their savings goals. This will allow us to assist them to budget more effectively and avoid debt traps.
"We are excited to leverage the bank-as-a-service platform to provide customers with a different way to manage their finances, without relying on traditional banking services. We applaud Westpac's foresight in curating this innovative digital platform and welcome their desire to partner with
Westpac CEO,
"We are very pleased to be able to offer our digital bank-as-a-service platform to one of
"We look forward to launching our platform in Q2 with
"Broadening Afterpay's ecosystem to include new money management tools and products allows us to leverage our insights to deliver innovative solutions that meet the needs of our customers, helping them to make better-informed financial decisions and further differentiating us from traditional credit products.
"The collaboration accelerates
"The advanced core technology available around the world today means we are well placed to ultimately provide these services to our 10 million plus customers across our global footprint. It also means we can continue to drive faster innovation and deliver greater benefits to customers and retailers while staying true to our core values."
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