Westpac’s first contract under its bank-as-a-service offering came to fruition yesterday when Afterpay launched Money by Afterpay, an app that consolidates the customer’s BNPL account with multiple savings accounts and a transaction account with a physical debit card. It was only 10 months ago that the deal was announced.

The BaaS platform, which was built by 10x Future Technologies, positions Westpac for what it sees as growing demand for white label banking services.

10x Future Technologies was founded by former Barclays chief executive Antony Jenkins. Westpac has equity in the business.

Westpac is betting that there will be a big change in the delivery of banking services, giving established banks a major opportunity to provide services on a wholesale basis.

Money by Afterpay will operate as a pilot initially, with the full rollout expected in October. The savings rate at launch is 1 per cent and there are no fees.

Deposits taken by Afterpay will be held on Westpac’s balance sheet. Product features and terms and conditions will be the bank’s responsibility.

In addition to savings and transaction accounts, Westpac is developing personal financial management tools for Money by Afterpay.