IN BRIEF: Westpac Banking launches new invoice finance solution

3rd April 2025 00:50

Westpac Banking Corp - Sydney-based bank - Announces the launch of a new digital invoice finance solution powered by technology from Dancerace PLC, a fintech company based in Bath, England. The bank says its offering can cut application submission time in half by integrating directly with cloud-based accounting software. According to survey data gathered by Westpac, 11% of businesses wait 1 to 2 months to receive payment on invoices, with larger organisations waiting a longer period on average compared with smaller entities. Consequently, 38% of businesses identify cash flow issues as a primary operational challenge with 45% reporting lost time chasing late payments.

Tamara Bryden, managing director, Business Lending, said: "We're removing some of the main barriers that have historically prevented businesses from accessing working capital when they need it most...Our invoice finance solution allows businesses to turn their unpaid invoices into near instant cashflow. The self service portal is available 24/7 and our real time drawdown means that once approved you can access funds within minutes freeing up cash that businesses can put to work right away."

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By Elijah Dale, Alliance News reporter

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