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Westpac named one of Australia's most innovative companies


6 December 2012

Westpac Banking Corporation was today named as one of the 2012 BRW Most Innovative Companies and is ranked eighteenth on the 2012 list.

The nomination for the award was driven by Westpac Institutional Bank for its market leading payment matching and bank reconciliation solution developed by the Global Transactional Services team.

Alexandra Holcomb, Group General Manager, Westpac Institutional Bank, Global Transactional Services, said:  "At Westpac, we have a culture of innovation - it's in our DNA. We are committed to investing in and commercialising innovation for our clients and we have a dedicated team marshalling the capabilities of innovation teams across the wider Westpac Group to bring innovation to our customers.” 

Mike Baldwin, Head of Innovation and Implementation, Westpac Institutional Bank, Global Transactional Services, said: “Automatically matching payment information in the bank statement with individual invoices is part of an ongoing program to simplify the banking process for our customers.”

“We are the only Australian bank with a wholly-owned, in-house payments software company, which enables us to develop and deliver faster and more flexible, innovative solutions.”

“The Westpac developed solution allows a corporate customer’s payment information within the bank statement to be automatically matched to the invoice, eliminating a highly labour-intensive process,” he said.

Large companies need to understand who is paying them to reconcile their accounts. Manually looking through a paper bank statement with hundreds or thousands of items is time consuming and often inaccurate

“Achieving 18th place in the 2012 BRW Most Innovative Companies is extremely rewarding for us as we continue to work hard at finding innovations that make it easier for our customers to do business,” Mr Baldwin said.

“We focus on automating and simplifying banking processes - making it more secure, user friendly and accurate - to free time and resources for our customers.” He said.

About Westpac Institutional Bank

Westpac Institutional Bank (WIB) delivers a broad range of financial services to commercial, corporate, institutional and government customers with connections to Australia and New Zealand.

WIB operates through dedicated industry relationship and specialist product teams with expert knowledge in transactional banking, financial and debt capital markets, specialised capital, and alternative investment solutions.

Customers are supported through Westpac branches and subsidiaries located in Australia, New Zealand, United States, United Kingdom and Asia.