Big four bank Westpac has announced a new five-year agreement with Telstra to provide telecommunication services for Westpac's Australian and Pacific operations in a $400 million deal.
A statement from the bank said the contract renews an existing agreement with Telstra, due to expire this month.
Simon McNamara, Westpac CIO, said the new agreement offered "significant value and further telecommunication innovation opportunities" to the bank. "The agreement marks the entry into a strategic partnership with Telstra to further improve our service to customers through the latest in telecommunication technology," McNamara said.
"Our partnership to date has produced significant innovation, particularly in areas such as VoIP where Westpac now has the number-one capability of any Australian corporation."
McNamara said the new agreement will ensure "continuing momentum in innovation" and provides vital support to the bank in meeting its mission of "being number one in customer service".
Westpac contracted Telstra in October 2004 to provide its telecommunications services. This enabled Westpac and Telstra to also work on the requirements for Westpac's new Sydney head office.