Westpac Institutional Bank has inked partnership with Scotney Group to offer its cashless payments solution across other segments including aged care, mining and universities.
According to Westpac, the Flexischools solution of Scotney is a closed-loop payments system which allows parents to pay for a wide range of school activities without children having to carry cash.
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Under the deal, Westpac will maintain its transactional and cash management relationships with customers and introduce Scotney’s expertise to set up the closed-loop system and manage the flow of payments.
Westpac innovation and implementation head for global transactional services, Mike Baldwin, said that the solution will work particularly well in closed environments such as aged care or universities where funds may be provided to users’ accounts by a third party.
"The solution is accessible through smartphone and tablet technology, and is therefore aligned with the continuing growth of mobile technology, as well as consumers’ expectations for convenient mobile online payments."
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