HOME
LATEST NEWS
LATEST STORIES
WEST REPORT
ABOUT US
SUPPORT US
Don’t pay so you can read it.
Pay so everyone can.
HOME
LATEST NEWS
LATEST STORIES
WEST REPORT
ABOUT US
SUPPORT US
Don’t pay so you can read it.
Pay so everyone can.
HOME
LATEST NEWS
LATEST STORIES
WEST REPORT
ABOUT US
SUPPORT US
by | December 1, 2022 14:57 | News
Australia’s biggest bank is touting the promise of a new industry-wide tool it says will revolutionise recurring payments, as well as launching a new ecommerce platform for merchants.
Commonwealth Bank executives on Thursday briefed reporters on the “PayTo” functionality the bank activated in September, as well as its new PowerBoard platform it is launching with Sydney fintech Paydock.
General manager for merchant solutions Karen Last said PowerBoard would let merchants connect to the platform once and from there plug in to multiple logistics providers such as buy now, pay later merchants, rather than having to connect to each provider separately.
“We’re moving really beyond traditional banking products and services to really try to solve the pain points of running your business online,” Ms Last said.
“At the heart of it, PowerBoard is about giving merchants choice and flexibility, giving it to them really seamlessly and efficiently for their business.”
PowerBoard is already up and running, with Sydney Zoo one of its first customers. Ms Last said it had enabled the zoo get its ecommerce platform up and running in just 48 hours.
Commonwealth Bank has been working on the service for a year and searched globally for a suitable partner before finding Paydock. PowerBoard will compete with similar platforms from Shopify, Stripe and Square.
“The business case is incredibly strong,” said Mike Vacy-Lyle, group executive for business banking.
Also on the video call, CBA’s executive general manager for payments Ethan Teas talked about the “pretty exciting” new PayTo tool for periodic payments. CBA in September became the first major bank to implement the service, ahead of an April deadline set by the Reserve Bank.
“On one hand, it leaps direct debit forward decades. And on the other hand, it opens up so much more possibilities for real-time, data-rich payment experiences authenticated right in banking channel,” Mr Teas said.
“It’s a groundbreaking capability that will open up innovation in Australia.”
Mr Teas said PayTo would eliminate the “risks, complexity and cost” that come with using direct debit payments and give customers control over their recurring debits within their banking channel.
“And because the customer has control, that comes with trust, so the customer is more likely to use their bank account versus cards and you avoid some of the challenges with card-on-file payments,” he said.
“This trust can can remix account-to-account payments.”
The data-rich information included with PayTo payments will let consumers know what they are signing up for when they agree to payments, Mr Teas said.
It will also allow merchants to much more easily reconcile the payments they receive, something that adds complexity and costs to their business.
“So the data richness can really be an unlocker for businesses and also is very positive for consumers,” he said.
Don’t pay so you can read it.
Pay so everyone can.
This website is dedicated to the public interest. Our focus is investigations into big business, particularly multinational tax avoidance, banking and the energy sector.
Good sources are critical to good journalism. We have always worked closely with our contacts and jealously guard their identities. Absolute confidentiality is assured.
Don’t pay so you can read it.
Pay so everyone can.
Weekly email normally sent on Wednesday
The Daily Newsfeed every day at 5pm
Don’t pay so you can read it. Pay so everyone can.
Weekly email normally sent on Wednesday
The Daily Newsfeed every day at 5pm
Westpub Pty Ltd | ABN 76 613 202 421
About | Contact | Privacy
source
