Westpac integrates data analytics, AI, IoT and blockchain to automate trade processes

Westpac, one of Australia’s “Big Four” banks, has announced that it has successfully conducted a proof of concept (POC) that combined four cutting-edge technologies – Data Analytics, Artificial Intelligence (AI), Internet of Things (IoT) and Blockchain – to automate trade.

In a press release dated September 18, the banking giant said that the POC integrated the four technologies to digitize inventory management, procurement, and trade.

The POC was conducted by the Westpac Institutional Bank Trade Finance team in collaboration with Ausreo and Infosys. The purchase system was created on R3’s Corda blockchain platform. In addition, Westpac customers IVE and Iluka also provided significant insights during development on how the application could apply to other industries.

The POC addressed key challenges relating to demand and price prediction, inventory management, forecasting and tracking. It delivered a solution that optimizes procurement value while securely automating and digitizing old manual procurement and payments processes.

Explaining the role played by different technologies, Westpac said that IoT helps to track stock levels and provide real-time information; data analytics and AI work together to predict demand and price levels; and blockchain creates smart contracts and executes orders in a fully digital and secure fashion.

Didier Van Not, General Manager and Head of Westpac Corporate and Institutional Bank, clarified that this was a Proof of Concept and not something ready for market.

“Working with the Westpac Institutional Bank team, we have prototyped solutions that modernised Ausreo’s supply chain and core IT systems,” Andrew Groth, Senior Vice President, Regional Head - Australia & New Zealand Industry Head – Financial Services, Asia Pacific, Infosys, said. “The beauty of this solution is that it is inherently scalable by design. With componentised offerings, the solution can be tailored to meet individual client needs, by implementing one or several functions at a time”, he said.