Westpac Banking Corp (ADR) (NYSE:WBK) Teams Up With Octet To Create A Payment Solutions Platform For SMBs
Westpac Banking Corp (ADR) (NYSE:WBK) has teamed up with Octet to create a payment solution platform called Business Link. The platform is designed to manage international suppliers and facilitate payments by small to medium business (SMB) customers.
According to Jim Tate, the Chief Product Officer at Westpac, Business Link makes it possible and easy for Westpac customers to use their credit cards to pay their overseas suppliers for goods at prevailing exchange rates. This eliminates the need to reveal credit card information to suppliers.
Business Link was developed with the help of Octet, an Australian financing platform with an established track record in supply chain management. The new trading platform will be launched this month. Mr. Tate stated that Business Link will be a vital tool especially for those businesses that rely on International suppliers. He added that the platform would provide a secure end-to-end alternative for online payments to the suppliers. The platform will also be available in two languages; English and Mandarin.
Tate pointed out that very few Chinese exporters support credit card payments due to strict merchant regulations. Most Australian businesses, therefore, don’t get the chance to use the funds on their credit cards. The platform will allow businesses to tap into their credit cards rather than having to dig into their cash. This will promote more cash flow in the business. Another perk that will be accrued from the platform is the ability to use technology that was previously only available to major commercial entities.
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According to Mr. Tate, Business Link was created with cues from Octet’s supply chain management platform that has so far facilitated supplier transactions worth almost $1 billion. These operations are on a global scale and have involved more than 60 countries. Clive Isenberg, the managing director at Octet, stated that the partnership between the two firms aims to unlock the tools that have been previously limited to major enterprises. Once unlocked, they will be available to small and medium enterprises (SMEs) through frictionless payments.