Briefs: 10x to build new Westpac platform, ubank rebrands, Openpay CFO quits, Payright settles fundi

Westpac has commissioned UK tech company 10x to provide the core technology for a new institutional transaction platform. The bank reported that the parties have signed a letter of understanding, building on a three-year relationship that has included Westpac using 10x technology in the development of its banking as a service offering. It said institutional clients will get access to advanced liquidity management, cash flow forecasting and real-time payments processing.

NAB is retiring the 86 400 bank brand, more than a year after buying the Neobank disruptor from Cuscal. The bank is amalgamating 86 400 with its ubank brand, with ubank operating by and large on the 86 400 tech stack.

Openpay chief financial officer Jussi Nunes has resigned and will leave the struggling buy now pay later company at the end of this month. Nunes joined Openpay in August 2020, after jobs at BNK Bank and Commonwealth Bank. He will be replaced by Oliver Josem, who has been at Openpay since 2016 and was most recently deputy CFO.

Buy now pay later company Payright has settled a funding package that includes a A$125 million warehouse facility. Shareholders approved an $8 million convertible note issue on May 5 and yesterday the company said it has settled a $9.5 million capital raising that includes the convertible notes and a placement. Goldman Sachs is the warehouse facility senior lender. The company said the warehouse funding would lower its cost of funds significantly.