Financial services technology provider Decimal has entered into an agreement with Western Australia-based P&N Bank in its first step into the mutual banking market.
Decimal said that as part of the agreement, the bank – which serves more than 100,000 members – will "evaluate Decimal under a partnership framework" with a view to commercially implementing its platform.
"The P&N partnership signals an expansion for Decimal into the mutual banking sector in Australia, representing $85 billion in assets and serving some four million customers," Decimal chief executive Carolyn Colley said.
"P&N has recognised the potential to fast track its growth through its partnership with Decimal, which will seek to enable it to offer cost-effective financial advice to a broader population of its members and the market," she said.
P&N chief executive Andrew Hadley added that the partnership is "another example" of the bank's commitment to meeting its clients' financial needs.
Decimal's partnership with the bank follows a number of other agreements it has made with QSuper and Mercer.
The move will support the business’ growth in the local market.
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