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The bank has partnered with Sydney-based provide chain platform provider Octet to develop Business Link, with Westpac’s chief item officer, Jim Tate, saying numerous neighborhood SMEs presently waste a lot of time on reasonably basic transactions.
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The technologies — constructed by Octet, which initially cut its teeth as a financing and procurement facilitator — is currently used by the Bank of Nanjing in China and a listed economic institution in the US. Mr Tate said Westpac was hunting at an addressable market of 100,000 SMEs that stood to obtain from Business Link.