Palantir is a US software and data infrastructure company that provides technology to the US government and military. Named after the “seeing stones” from J.R.R Tolkien's The Lord of the Rings, the company’s tech is used to assist in military targeting and ICE deportations.
Westpac currently uses Palantir software in its financial markets compliance and cyber security; however, in a statement to media, a spokesperson for the bank confirmed that customer data was not accessible by Palantir.
“We use a range of technology solutions and all providers are subject to rigorous security, risk, governance and sustainability requirements. Westpac maintains strict controls over data, including access management, encryption, security monitoring and ongoing oversight,” said the Westpac spokesperson.
“The systems we use are under constant review and we have already commenced a program of work to reassess some of our suppliers as part of a broader technology simplification. This work is being carefully managed to maintain security, resilience and operational effectiveness throughout any transition.”
Now however, Westpac has said that it will not be renewing its contract with Palantir.
Westpac says that the decision to cut ties with the company is part of a “broader technology simplification”, however the bank was under major pressure from shareholders and activists.
Activist group GetUp, which was behind the campaign, had three demands for Westpac: to tell customers what its deal with Palantir covers, to end its contract with the company, and to “Commit to excluding defence and intelligence contractors from Australian banking data infrastructure, for good.”
“Palantir builds the data systems the CIA, the Pentagon, and ICE use to identify and track people for deportation,” GetUp said in an email to its subscribers.
“Westpac’s own human rights position says it has ‘a responsibility to respect human rights across our activities and relationships’. Plenty of data companies don’t build tools for military and intelligence agencies. Westpac picked one that does.”
The petition was signed by 27,317 Australians calling for the bank to cut ties with Palantir. 173 of those were bank shareholders.
SIX filed the shareholder resolution in partnership with GetUp, but it was withdrawn once the bank said it would undergo a review of its responsible sourcing and human rights policies.
"Together, we have gotten Palantir, a company linked to human rights abuses and mass surveillance, out of both Coles and Westpac," SIX said on Wednesday.
"With GetUp, we will be keeping our eye on Westpac until their current Palantir contract comes to an end."
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