Westpac flags $70m Asgard migration to Panorama | Australian Markets
Westpac has strengthened its deal with making BT Panorama its solely remaining wealth platform, outlining the time body which is able to see Asgard buyer migrated to Panorama by the 2026 financial 12 months.
In an replace filed with the Australian Securities Exchange (ASX) on Friday, Westpac made clear its precedence was to have one modern wealth platform and that the Asgard migration was now in scope.
The Asgard migration has been anticipated within the wake of the large banking group finishing the migration of BT Wrap to Panorama over two years’ in the past.
The BT Wrap migration was considered one of the most important and most difficult undertaken within the platform market.
The banking group informed buyers the initiative is predicted to value round $70 million however that it’ll lead to advantages of as a lot as $40 million every year as a result of it simplifies the company’s technology wants.
The ASX announcement mentioned that the Asgard migration can be subject to approval by the board of Westpac subsidiary, BT Funds Management Limited.
It mentioned the migration was anticipated to improve shopper expertise by way of easier service model and improved technology.
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