Westpac and Infosys have created a proof-of-concept for key customers that uses a range of smart technologies including IoT to digitise inventory management, procurement and trade.

The bank’s trade finance team worked with Infosys and customers including reinforcing steel supplier Ausreo, IVE and Iluka Resources on the project.

The bank claimed it to be a “global first” since the proof brings together IoT, blockchain, artificial intelligence and data analytics technologies into a single platform.

“Westpac has offered a glimpse into the future where a business can accurately predict the demand for products, optimise stock levels, identify the best time and place to buy, and fulfil the procurement and settlement in a completely digital way,” the bank said.

“By bringing the technologies together, Westpac has shown the incredible potential to provide a high-value proposition for business with this kind of innovation.”

The proof was prototyped at Ausreo before Westpac looked at how the learnings from Ausreo might be applied elsewhere.

“We are looking to harness new technology such as blockchain and machine learning to improve efficiency,” Iluka Resources treasury manager Tom Plant said.

“Iluka will use our learnings from our involvement in this project to determine how we might use the technology in the future.”

Westpac said that the system is not yet ready for commercial availability.