Westpac is to replace its currrent invoice finance loan system with technology from Dancerace.
The Australian bank will be replacing its current systems with Dancerace's c3 Backoffice Control, f3 Client Onboarding and e3 Client Access systems.
The upgrade is expected to simplify and streamline Westpac's entire lending process - from application to approval and settlement - while introducing automation to enhance the way the banks customers manage their finance facilities.
The deal with Westpac comes after year-on-year double-digit growth for Dancerace, whose OS is installed at 70 banks worldwide, supporting two million SME borrowers on three continents.
The Australian bank in December co-led a $28 million funding round in Rich Data Co, an Australian AI decisioning platform for bank business lending. This followed a January 2023 implementation of the firm's technology to make its business lending decisions faster and simpler.
New capabilities added as a result of the deployment included a digital application process, smarter technology that enables faster decisions for borrowers and an expanded cash flow offering that allows complex businesses access to flexible, unsecured funding.