Westpac and international software solutions company SAP have announced a new partnership to develop the country’s first real-time payment solution for large companies and institutions.


Under the agreement, SAP’s NetWeaver Process Integration will deliver a one-step payment solution that will streamline payment options for some of the country’s largest organisations.


Westpac says the new system will overcome traditional barriers to large-scale real-time payments by connecting the end-to-end payables and receivables data for large companies using Global Data Standards.


“This innovation is part of an ongoing program to simplify banking processes. We invest in technology and innovation where it matters most to customers, making it easier for them to do business with us,” Mike Baldwin, Head of Innovation and Implementation, Westpac Institutional Bank said.


The Corporate Banking Connectivity project will use ISO 20022 Global Data Standards to convert all parties within the payments channel onto the same data structures.


The project is currently in the design-phase and is scheduled to go live in first quarter 2013.