Westpac considers outsourcing back office broking

Westpac looks to outsource its back office processing.

Westpac Banking Corporation, Australia's third-largest discount broker, is looking to outsource its back office processing to JDV, a division of HP JDV Limited, an Australian investment banking, technology and outsourcing company.

Although, all customer contact activities will remain with Westpac broking, the bank is considering outsourcing settlements, sponsorship, corporate actions and account administration functions.

Tim Moore, CEO of  HP JDV, says that through the JDV platform, the bank can expect to benefit from economies of scale and stay at the forefront of technology. Other clients of JDV include AMP, Suncorp Metway, Macquarie Financial Services Group and Charles Schwab.

The JDV platform has been fully STP straight-through-processing enabled since 1999 and...

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