49% of banks provide Open Banking transactions in under a second

Though new research shows not all banks provide complete data.

An analysis by Frollo, the leading provider for Open Banking in Australia, shows that the number of fast and reliable Data Holders has significantly increased in Q1 of 2022. Almost half (22 out of 45) of the Data Holders provided Open Banking transaction data in less than 1 second on average, up from 16 Data Holders in 2021. 

Reliability – the percentage of successful API calls – was also up, with 40% of banks scoring 99% or more, up from 22% of banks in 2021.

Data completeness in Open Banking

Open Banking has the potential to offer a rich and deep dataset to build innovative and personalised experiences. Though, to build those experiences it’s important a business can count on the data being available, regardless of which Data Holder the customer connects to.

Unfortunately information about what data is actually being provided, hasn’t been easily accessible – until now. 

In an ongoing effort to help build and improve  the CDR ecosystem, Frollo has performed an initial analysis into Open Banking API payloads and properties, as part of its Open Banking API performance reporting.

This initial analysis compares API payloads for transaction accounts by 11 popular Data Holders, to see how many of 26 selected properties they provide. It only includes quantitative data; quality will be assessed in a future analysis. 

The 26 properties form a set that enables a typical personal finance management use case with expense categorisation, spend insights, bill tracking and product comparison. 

The following properties were included:

  • Account information: Account id, creation date, display name, nickname, open status, is owned, masked number, product category, product name, bsb, account number and features
  • Transaction information: Transaction id, type, status, description, posting date & time, value date & time, amount, reference, merchant name, merchant category code, biller code, biller name, crn and APCA number

For each Data Holder a large number of transactions related to their transaction accounts were reviewed to determine which of the properties in the set are provided by the Data Holder for transactions where this would be expected. Although this analysis has a purely quantitative focus, following analyses will include qualitative elements as well.

Overall results

15 out of the 26 selected properties are provided by all of the Data Holders in this analysis. The properties that are most often missing are APCA number (provided by 27% of Data Holders), merchant name (64%), account nickname (55%) and product features (64%). Properties related to billers are provided by less than 3 out of 4 Data Holders. Biller code and biller name are both provided by 73%.

Results by Data Holder

Out of the Data Holders included in this analysis, St. George Bank provides most of the data (96%), while NAB (69%) and UBank (73%) trail behind. 6 out of the 11 Data Holders provide more than 90% of all selected properties for a typical pfm use case.


About Frollo

Frollo is a purpose driven fintech and Australia’s leading Open Banking intermediary. We help businesses use Open Banking data to deliver better customer outcomes. From reducing debt and increasing savings, to providing a better, more personalised customer experience.

Our modular, end-to-end Open Banking platform enables businesses to bring Open Banking powered use cases to market quickly by leveraging Australia’s most advanced and reliable CDR Gateway, with plug & play access to lending, personal finance management and customer onboarding solutions..

Trusted by clients like Beyond Bank, Volt, AFG, P&N Bank and BCU, Frollo is an Australian market leader in Open Banking.


Assets

Graphs and images: https://frollo.com.au/blog/half-of-data-holders-sub-1-second/ 


For media enquiries

Piet van den Boer

Frollo

0468 375783

piet@frollo.us 

Sandstone Technology partners with Brilliance Financial Technology to offer in-built pricing and profitability to the SME Market

Sandstone Technology bring risk-based pricing into their arsenal for SME lending.

With the pandemic driving more entrepreneurs into the market as people look for more flexible working opportunities, we are seeing an uplift in Micro SME and SME businesses across the globe. With many retail banking customers owning and operating small businesses, people’s personal and business banking needs are becoming more interlinked.

By further extending their Loan Origination System’s (LendFast) capabilities, Sandstone Technology identified a need to incorporate risk-based pricing into the systems workflow and decisioning engine. The Brilliance Financial Technology partnership, through their DPX deal, pricing and profitability optimisation solution, provides Sandstone with the ability to optimise a bank’s pricing and profitability outcome, helping to streamline the loan application experience. By having automated deal pricing and profitability optimisation functionality embedded in the origination flow, every deal is made with eyes wide open, consistently and efficiently.

In Australia and New Zealand SME lenders generally focus on digitising the CRM and origination journey but try to manage pricing and profitability in spreadsheet-based models disrupting the RM and broker journey and assessing deal and relationship profitability in the rear-view mirror. Many SME lenders cling to legacy processes that are potentially slowing them down. Having a digitised, consistent process and procedure can help build and maintain customer relationships, enhance proactive and reactive retention measures, and reduce ‘special pricing’ offered inconsistently and without justification on the front and back book.

Mic Phillipou, Sandstone Technology’s CEO, said, “the Brilliance and Sandstone partnership will ensure banks and financial institutions can be confident in the deals being executed by their relationship managers, knowing that risk-based pricing has been applied to the deal in real-time. With interest rate increases expected to impact both lenders and borrowers alike, we understand that real-time data driven decision making will be crucial to financial institutions’ success.”

Jean-Edouard van Praet, CEO and President of Brilliance Financial Technology said he was pleased to be working with Sandstone Technology to enhance the digital experience for their SME banking clients.

“We have been working with some of the largest financial institutions in the world over the last 15 plus years optimising not only the deal at hand but the overall relationship profitability. Digital technology and this partnership with Sandstone means that SME and business banks can access this critical piece of the origination jigsaw puzzle and stay competitive in an increasingly competitive market” suggests van Praet.

Sandstone’s investment in SME capability comes off the back of their strength in origination and lending within the highly regulated and competitive consumer lending market within Australia and New Zealand.


The full article can be found here:  https://bit.ly/3LHq3at


About Brilliance

Brilliance Financial Technology has delivered digital pricing and profitability solutions to banks in 50 countries, servicing over 25,000 relationship managers. DPX, is their 4th generation cloud-native platform, which uniquely combines pricing, rates and profitability management to help banks thrive in today’s dynamic market conditions. DPX improves bank’s profits, ensures bank’s regulatory compliance and delivers pricing transparency across the organisation. For more information, visit www.bxfin.com


Contact: Kevin Delmar | Global Head of Product Distribution, kevin.d@bxfin.com


About Sandstone Technology

For more than 25 years Sandstone Technology has been innovating and evolving financial solutions for some of Australia and the world’s largest banks and financial institutions. From digital banking and digital onboarding to loan origination and AI-based data analysis, our scalable, robust, end-to-end solutions using a multi-channel approach helps our customers get to market faster.

Fintech, Financial advisor in your pocket backed by ex-ANZ CEO

Rising Australian fintech Yondr Money launched in February and is set to raise up to $1.5 million to fund its expansion as an alternative to mainstream banks.

Only 64 per cent of Australians are considered financially literate. That means approximately nine million people have no idea where their money is going, making it challenging to keep on track with their financial goals.

Melbourne-based fintech, Yondr Money, is drilling down into the spending habits of consumers, and building savings tools teaching them ways to save for their goals while helping them better understand where their money goes.

After witnessing many friends and family financially struggling to get into the housing market, founder of Yondr, Shane Chanel, set out to help more people take control of their money.

“Research tells us 70 per cent of Australians have no automatic savings in place to help them achieve their financial dreams,” says Chanel.

“Yondr is focused on giving its customers more control of their finances and providing various tools that can be easily integrated into their daily lives, helping them to achieve their goals – such as going on a well needed holiday or becoming homeowners.”

The up-and-coming Fintech is backed by former CEO at ANZ Bank, Mike Smith, who sits on the advisory board at Yondr Money.

“Yondr represents the future in an economic landscape that craves low-cost, efficient, and safer banking experiences,” says Smith.

Using Artificial Intelligence (AI) and other machine learning processes, Yondr Money has rolled out their beta smart money app that improves financial intelligence and outcomes for consumers.

A customer-first alternative to big banks, the fintech platform aims to help more Australians become financially savvy by equipping them with the tools to monitor, track and set limits on where they’re spending their money – wherever in the world they are.

Yondr Money’s initial offering also includes – a multi-currency account attached with the option of a physical and virtual VISA cards, accessible through an intelligent mobile app– is aimed at reducing the cost of travel for the approximate 10 million Australians who travel every year (pre-pandemic).

While travelling internationally, Chanel was shocked to see the disparity between the financial services offered overseas compared to Australia.

“Australia is years behind other countries when it comes to accessing high quality money services. In the UK alone there are over 38 Neobanks, providing innovative, low cost and customer-first banking solutions at people’s fingertips,” says Chanel.

“With only one in four Australians having heard of Neobanks, we have a lot to do in creating awareness that there are better and more efficient alternatives to the way we spend and manage our money.”

According to Chanel, Yondr Money has received encouraging support and commitment from an initial round of capital raising among angel investors.

“We are currently raising via a crowdfunding raise. Given the high level of support we’re getting, we may do another round of capital raising as we ramp up our products and distribution channels,” Chanel said.


About Yondr Money

Yondr Money is a technology-driven fintech company based in Australia that offers an intelligent and streamlined, customer-first alternative to mainstream banks. Yondr was created to address some of the banking industry’s most pressing issues and to tip the balance back towards the customer.

Visit linktr.ee/yondr.money for more info.

Expense Management startup Cape raises $33.1m to simplify spending control systems & eliminate expense reports

Meet Cape, a new Australian startup that offers an Expense Management platform issuing corporate charge cards, primarily focused on helping their business customers spend smarter and save time as opposed to generating a quick buck from them. 

Cape announced a $33.1m raise today, with funding from Aura Ventures, Investible, Scalare Partners, Mercury Capital and 15 business angels, including Stripe’s APAC Head of Startup practice, the founder of legaltech platform LegalVision & a handful of early Atlassian employees.  

Expense management is a famously frustrating area of technology with broken processes that see employees continuously having to carry the burden of footing the bill for company purchases made on their personal card, usually because getting it through the corporate provided system is too much hassle. 

Many companies have disparate software vendors for expenses and corporate card solutions such as Expensify and American Express. 

If they manage to use systems, it will typically see them submitting expense reports at the end of each month, with the invoice attached, then reconciling this in their accounting software. Each step of this process ends up being time-consuming and costly for an organisation and fraught with errors. 

Founder Ryan Edwards-Pritchard’s built Cape with the mission to help businesses unlock expense nirvana by saving time on financial administration work and cutting money associated with wasteful spending by creating a smoother system for employees and employers to operate with a single streamlined workflow on a unified platform. Ultimately Cape aims to close the loop between spend and expense management by providing both as an all-in-one spend management platform. 

Cape aims to provide a centralized node for internal expense controls, rooting out duplicate and unnecessary expenses to help companies lower their total expenses with corporate cards wrapped in software that helps companies track and control all spending. Businesses are able to set different limits for different individuals and teams, as well as centralizing all of their receipts, attaching them to each expense with integrations into Cloud Accounting Software providers. 

Unlike some competitors however, the startup will provide their customers with cashback on all their purchases, whether that be a client coffee, Uber ride or monthly subscription cost, without an over-engineered points or rewards system. 

Cape customers get access to a charge card with credit limits up to $100k depending on creditworthiness. Cape leverages the latest in CDR (Open banking) technology to understand their customers financial position and any subsequent changes to ensure they’re offering an appropriate line of credit.  

Being one of the first in this geography with their model, Cape is focused on building a powerful software suite around their products, enticing customers in with digital tools built around spend itself, helping companies manage and limit their cash outflows. 

Cape, like many of its peers in North America (Brex & Ramp) and Europe (Pleo & Payhawk), makes money by collecting a small slice of customer spend as revenue via interchange income. With $66 billion in B2B spending in Australia alone, there is plenty of market for the startup to grow into.

Unlike these territories, interchange in Australia is one of the lowest globally. Which meant thinking up an entirely different model. This first involved Cape becoming a Principal Member to Mastercard to control their costs by retaining all of the interchange and to offer a route to internationalise their operations across the APAC region. It then saw Cape taking a different approach to their peers, allowing their customers to issue unlimited virtual cards to their employees, with no transaction fees or interest charged on the credit facility. Instead they chose to charge for their expense and spend management software, making it more like a traditional SaaS company with tiered pricing.

Daniel Veytsblit, Investment Director at Investible, says he has seen very little innovation in this space and that’s what drew him to the company. “Cape has taken a bold step forward to create an entirely new paradigm. It delivers a tangible solution to the biggest problems finance teams face as their companies grow,” Veysblit said in a statement. 

The 18 person team founded 17 months ago is based in Sydney and remotely across 3 continents. They are planning to use the funds to invest in technology with building an expansive suite of products to cover the entirety of corporate spend by doubling their headcount in the coming months, with the vast majority of capital going into hiring Engineers and Product specialists. Recent recruits include its new Sydney based CPMO Andrew Fanner who previously led the Product and Marketing functions for U.K. based Cashplus which boasts 350k SME customers and a new London-based CTO in Julian Guppy, who previously co-founded U.K. ID&V platform Onbord and was the CTO of Business Credit Card platform Capital On Tap, Guppy has been consulting with Cape for some time and was involved with the recent replatform of the startup from Angular to React.


About Cape 

Cape is building the APAC’s first finance automation platform that issues virtual corporate cards designed to help companies strengthen their cash flow. Cape provides businesses with full visibility and control on purchasing to cut wasteful spending and the time taken on financial administration work relating to expense management.

Till Payments announces Executive Leadership promotions

Tanya Green, Head of Brand & CX promoted to Chief Customer Officer and Alison Long, Head of People & Talent, promoted to Chief People Officer.

Global Fintech disruptor, Till Payments (Till) has today announced the promotions of Tanya Green and Alison Long into newly created roles within its Executive Leadership Team. Green will step into the role of Chief Customer Officer, while Long will take on the position of Chief People Officer. Both promotions are effective from the 1st of April, 2022.

As CCO, Green will now be responsible for aligning and unifying internal teams around the customer and leading Till’s global brand as it launches into new markets. Meanwhile, in her new role as Chief People Officer, Long will be spearheading the paytech’s global growth journey, ensuring it retains its culture-first and people-first approach to employee experience.

“Since joining Till, both Tanya and Ali have demonstrated exceptional talent, leadership and global business acumen. They have led the company through some of the most challenging and colossal projects, with an unparalleled dedication that has led to success after success,” said Mr Haddad.

“I’m proud and honoured to be announcing their well-deserved promotions and have absolute faith in their vision for our future and their ability to execute for the business as we scale.” Mr Haddad continued.

“One of our organisational values is ‘Focus on the customer and the rest will follow’ and this has rung true to me since the moment I joined the business. As we scale globally and look to the future, my role will be laser-focused on ensuring our customer-centred promise never falters, regardless of where they are in the customer lifecycle. Our vision is to deliver an unrivalled payment experience to merchants and partners. And while our bold brand and bespoke CX initiatives will push boundaries, we’ll always have the customer at the centre of our decision-making. I’m thrilled to be leading the charge for our customers in this journey.” Ms Green said.

Ms Green joined Till Payments in March 2021 as its Head of Brand & Customer Experience. Since her appointment, she has overseen the development and rollout of the fintech’s new, global brand strategy – including its visual and verbal identity – playing a leading role in the fintech’s continued drive to increase its brand awareness worldwide. Across her career, Green has amassed over 13 years of experience within some of the world’s leading branding, advertising and creative agencies and ASX 100 businesses.

“The driving force behind my career to date has always been about delivering an incredible people experience, so the opportunity to join an executive leadership team just as dedicated to its people as I am has been a dream come true. I’m excited to step into this new role of Chief People Officer and lead the next phase of our hyper-growth while we build and deliver our global employee value proposition.” Ms Long said.

Ms Long joined Till Payments in February 2021, quickly advancing to the position of Head of People & Talent. She has a background in talent acquisition within leading Fortune 500 multinational companies and ASX 100 businesses and has been the driving force behind the rapid and successful growth of the Till Payments team to date.

Till Payments and its founders recognise the importance of supporting women in leadership roles, and these appointments mark the addition of two females into its Executive Leadership team. The payments fintech recently launched a gender equality campaign, Breaking the Bias with Till’, reinforcing its commitment to taking action to improve standards for women in the workplace.

It follows the company’s announcement of its first Chief Product Officer, Dave Hemmingway, in January, who joined the fintech after a nine-year tenure at PayTech player, Indue.


About Till Payments 

Till is the fast-moving, Aussie-born, global fintech disruptor opening up a world of possibilities for businesses seeking simple, seamless, all-in-one payments. We take the complexity out of getting paid with single-source solutions that ensure merchants can accept any payment wherever and whenever their customers shop, be it online, in-store, or a combination of both.

Organisations across a range of sectors, including FMCG, automotive, parking & transit, retail and hospitality, use our end-to-end smart and seamless payments experiences to support growth and enhance customer experiences.

Founded in 2012, Till’s team of over 300 staff is rapidly growing and headquartered in Australia, with teams in London, Europe and across North America. Till currently serves hundreds of merchants across 12 countries and over 500 cities.


Media Contact

Tasha Nabila
Till Payments
+61 3 7064 7113
Tasha.nabila@tillpayments.com.au

CreditorWatch appoints Anneke Thompson as Chief Economist (consultant)

CreditorWatch is very pleased to announce that economic consultant Anneke Thompson has joined the CreditorWatch marketing team as the Chief Economist.

Anneke Thompson is the founder and Managing Director of Clio Research. She has been providing research and consulting services to both domestic and offshore clients for more than 15 years. She has built strong relationships with market experts and works collaboratively with them when modelling her research to provide a holistic view of the Australian economy.

With more than 15 years of experience servicing local and international clients in property agency research and finance, Anneke previously held roles at Colliers International Australia National Director Head of Research. Prior to this, she was an Analyst at NAB, and also part of the consulting team at JLL.

Anneke’s experience is the perfect fit for CreditorWatch, where in her new role she will provide her thoughts, commentary and analysis for company whitepapers, reports, the monthly Business Risk Index, keynote speaking engagements, and ongoing media opportunities.

The team at CreditorWatch looks forward to utilising Anneke’s wealth of knowledge and expertise as an industry leader, reinforcing CreditorWatch’s position as a trusted barometer of economic health.

Five Fintechs On Friday April 1, 2022

The new edition of the five fintechs on Friday is here!

Block your calendar for the upcoming events!

FinTech Australia and Amazon Web Services (AWS) are bringing together leaders from rapidly-growing fintech organisations to discuss scaling startups. Attend the panel held in-person in Melbourne, VIC on 5th April 2022 – 3:30 PM AEST. Limited spots available, book today!

We’re also hosting our first roadshow to share FinTech Australia’s agenda and goals, and connect with members and partners. Join us for our first in Adelaide on 7th April 2022 – 5:30 PM AEST, following the second meetup on 27th April in Sydney. Limited seats for the events. Register today.

In association with Austrade, we are pleased to invite you for a webinar on UAE fintech market and opportunities. The discussion will focus on Middle East market regulations, trends and opportunities. Visit here for more info and registration.

Below are five fintechs to know about this fortnight!

 

Driva

Driva is an online platform that helps Australians navigate car-buying. Financing a car should be easy, but it’s often not. Whether you’re in a dealership being passed from salesperson-to-salesperson with only one lender option available or going to multiple lenders directly to find out your rate (hurting your credit score), it’s extremely difficult for consumers to shop around with confidence. That’s where Driva comes in. In a few simple steps, the platform provides customers with personalised quotes from multiple lenders, with full transparency over costs and the confidence that they will be approved. Driva aims to make the car buying process fast, simple and fair – putting Australians back in the Driva’s seat.

 

Open

The trigger for most people to get insurance is the purchase of a new car, home or going on the trip of a lifetime. But it can be hard to find, annoying to buy and expensive. At Open, they’re on a mission to create the fastest insurance, at the best price, for the world. Their promise to customers is powerful, simple insurance through white-label and embedded car, home and travel products. You might know their consumer brand, Huddle, and partners such as Telstra, Plenti, ahm and Polestar.
Open takes care of the entire insurance experience from quote to claim, with a digital experience made brilliant through innovations like instant claims and pay-as-you-drive car insurance.

 

Frollo

Frollo is a purpose driven fintech and Australia’s leading Open Banking intermediary. They help fintech’s, banks and lenders use Open Banking data to deliver better customer outcomes. From reducing debt and increasing savings, to providing a better, more personalised customer experience. Their modular, end-to-end Open Banking platform enables businesses to bring Open Banking powered use cases to market quickly by leveraging Australia’s most advanced and reliable CDR Gateway, with plug & play access to lending, personal finance management and customer onboarding solutions. Their clients include Volt, Beyond Bank, REA Group, P&N Bank and Bank of Queensland.

 

Cache

Cache is on mission to help more people invest, by enabling companies to offer branded investment products, empowering their customers to take control of their financial futures. Cache builds, manages and operates white-label investment products and as Australia’s leading investment-as-a-service provider, is transforming the way companies of all sizes launch FinTech investment products. By eliminating traditional barriers to entry for FinTech products while ensuring they are compliant, rigorous and scalable enough, business can focus on their user growth and leave the complexity to Cache.

 

CryptoSpend

CryptoSpend is a Sydney-based, crypto fintech company specialising in crypto payments. Their mission is to make it as easy as possible for everyday Australians to buy and spend crypto. In late 2021, they became the first Australian company to partner with Visa to release a crypto payments card in Australia. Through the CryptoSpend app, users can pay their bills in crypto, cash out to their bank account, and send crypto to other users with no fees. The CryptoSpend Card allows users to spend their crypto on lunch, groceries, online shopping, etc. in Australia and overseas, anywhere Visa is accepted.

Check out our previous issues here

Change Financial announces partnership with Mastercard®

  • Exclusive six-year direct issuing partnership with Mastercard for prepaid and debit cards in Australia and New Zealand.
  • New agreement strengthens Change Financial and Mastercard’s long-standing relationship in the US market.
  • Change Financial provides mid-sized banks and fintechs with a faster path to market for prepaid and debit card products.

Australian based global fintech and payments as a service (PaaS) provider, Change Financial (Change), today announced an exclusive six-year direct issuing partnership agreement with Mastercard in Australia and New Zealand. Under the agreement Change will begin issuing prepaid and debit cards in both countries from Q4 FY22.

Change CEO Alastair Wilkie said, “This agreement strengthens our long-standing relationship with Mastercard in the US, and transaction processing for existing clients.

“Our partnership with Mastercard will deliver direct issuing capabilities for our Australian and New Zealand clients, giving them a faster path to market for innovative prepaid and debit card products.”

Change uses innovative and scalable technology solutions to provide tailored payment solutions, card issuing and testing to banks and fintechs. The company manages and processes more than 16 million virtual, credit, debit and prepaid cards worldwide. Change’s payments technology and management services are used by over 147 clients in 41 countries. Clients include BDO Unibank, ME Bank and eftpos Australia.

Dan Martin, Vice President, Digital Partnerships, Australasia, Mastercard said, “There’s a significant opportunity to provide Australian and New Zealand’s mid-sized banks and fintechs with the tools and services to best meet the changing expectations of a more digital world. This partnership brings the best of our respective strengths, including Mastercard’s global payment network and technology, to enable Change’s customers to create and launch prepaid and debit card programs seamlessly, safely and securely.”

This agreement follows Change’s recent launch of Vertexon, a payments platform with host multitenancy and dedicated PaaS platform for Australian and New Zealand clients. Vertexon seamlessly integrates with a businesses’ core systems enabling them to easily deliver physical and digital card solutions to their customers as well as offering other features such as Buy Now Pay Later (BNPL), transaction processing and integrated loyalty programmes.

Change is currently being onboarded on to the Mastercard Network to complete testing to onboard customers onto their PaaS platform from Q4 2022.


For media enquiries:

Change Financial

Sam Rockliff

change@honner.com.au

+61 400 168 007


Mastercard

Matilda Freedman

Matilda.Freedman@mastercard.com

+61 431 630 261


About Change Financial Limited (ASX:CCA)

Change Financial (Change) is an experienced global fintech, listed on the Australian Securities Exchange (ASX) providing tailored payment solutions, card issuing and testing to banks and fintechs. Partnering with over 147 clients across 41 countries Change delivers simple, flexible, and fast-to-market payment solutions.

Managing and processing over 16 million credit, debit, and prepaid cards worldwide, Change also provides the default standard for payments testing for many Australian companies, including Australia’s domestic card payment service eftpos.

Learn more about Change at www.changefinancial.com


About Mastercard (NYSE: MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realise their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

Learn more about Mastercard at www.mastercard.com

Spenda: The budget alone won’t solve Australian businesses cash flow problems – investment in smart technology is key

Australian businesses now have the ability to turn their accounts receivables into cash faster, reduce credit exposure and get paid instantly. 

In a recent announcement, and as part of the 2022-23 Federal Budget, it was revealed that the Morrison Government is taking decisive action to provide cash flow support for millions of small and medium businesses as part of a plan for a stronger future and to allow businesses to invest, innovate and create more jobs for Australians. 

Late payments hinder business growth and today, they are costing businesses in Australia approximately approximately $115 billion each year. And while these Government-imposed measures, coupled with the recent Payment Times Reporting Scheme, are all a great step 

forward for businesses of all sizes, it’s not the only lever businesses can tap into to unlock some much needed cash flow. 

Companies, like Spenda, aim to simplify the collections process and reduce the invoice-to-pay lifecycle, which improves cash flow and strengthens data integrity. 

On top of this, businesses who supply goods to other businesses are now able to inject a third-party funding partner into the supply-chain effectively allowing their customers to opt for a ‘Pay Later’ solution on all transactions. 

Utilising the on-demand, point of activity lending the solution, offered by Spenda, limits a businesses credit exposure and enhances cash flow by ensuring suppliers get paid on time, or even before payment is due.

By accessing finance as and when it’s needed, businesses will be able to turn their accounts receivables into cash fast, giving them direct access to working capital to pay their own expenses and invest more into growth initiatives. 

This is especially pertinent in today’s post-COVID economy where even “healthy” SMEs, including those larger businesses with significant resources, have been impacted by a COVID-related slowdown and long invoice payment terms. 

Spenda’s CEO, Adrian Floate, said that “late invoice payments are not an option for businesses, especially in uncertain economic times, and unfortunately for suppliers, a stream of late invoice payments result in restricted cash flow for their own business, which then has a flow-on effect across the entire supply chain.” 

At Spenda, we are offering businesses an opportunity to tap into innovative payment and lending solutions that turn their accounts receivables into cash faster, freeing up much needed cash flow” Mr Floate added. 

This is a game changer for the business finance landscape, and it allows businesses to reap the benefits of strong cash flow and take advantage of new avenues of growth without overleveraging themselves,” said Mr Floate 


About Spenda: 

Spenda (previously Cirralto ASX:CRO) is an ASX listed company (ASX:SPX) with over 20 years’ experience in delivering smart B2B software applications, flexible payment and lending solutions, and integration services that help improve the way businesses trade and get paid. 

Spenda’s solution enables businesses to transform with fast, error-free digital efficiency and aims to boost cash flow across the entire supply chain. 

For more information, please visit www.spenda.co


About Adrian Floate: 

Adrian Floate is the CEO of Spenda. As an entrepreneur at heart with a fascination for emerging business technologies, he has spent the last 20+ years solving complex problems surrounding global business efficiency. The culmination of his experience and passion resulted in the launch of Spenda – a fully integrated digital payments and business solution that enables businesses to boost their sales, efficiency, revenue and customer experiences. 


Media Contact 

Ola Polczynski 

Marketing Manager at Spenda 

ola.polczynski@spenda.co

NAB Ventures Invests in Payment and Data Enterprise Solutions Company DataMesh Group

DataMesh Group, an emerging player in global payment services, has secured $12m in a pre-Series A funding round, including new investor NAB Ventures

Additionally, there has been continued investment from some of Australia’s largest merchants and retailers, who seek to utilise DataMesh’s services, including an existing cornerstone investment by the Chairman of the Peregrine Group, which utilises the DataMesh solution in their hundreds of fuel sites and retail outlets.

DataMesh’s revolutionary financial processing platform, enables banks, acquirers and card schemes (e.g. Visa, Mastercard, American Express) to quickly respond to changing demands coming from merchants at the point of sale and online.

DataMesh’s solutions can support most smart terminals including unattended, roaming devices and mobile phone based technologies, together with the company’s cloud POS integration tools. This enables merchants and acquirers to accept a wide range of payment methods, including QR codes, loyalty cards, prepaid transport cards, debit and credit cards and other methods. 

DataMesh provides real time 360-degree view of customers across instore and online channels and provides merchants with a more granular view of their customers spending patterns with enhanced data analysis capabilities.

DataMesh’s modern cloud-based architecture enables it to be very nimble and respond to our ever-changing requirements. We are seeing this across our fuel, retail and QSR (quick service food) operations as well. We are extremely delighted to work with DataMesh and see them as key strategic partner helping us service our customers better and ultimately help  fuel our growth,” said Yasser Shahin, Chairman of Peregrine Group.

For traditional banks and merchant acquirers, DataMesh’s technology offers bespoke omnichannel solutions to their merchant customers at scale, resulting in improved user experience, increased sales and cost efficiencies. When used in in collaboration with existing merchant acquirers, DataMesh provides the link between technology and banking products. It enables merchants to reduce cost and risk and increase revenue, while enabling banks to retain their client relationship as the merchant acquirer.

NAB Ventures Managing Director, Amanda Angelini said: “As Australia’s leading business bank, we understand the need to give merchants flexibility in how they receive payments from customers. We see how DataMesh’s technology can give merchants greater opportunities and capability, making them a great fit for NAB Ventures’ portfolio. The feedback from our customers using DataMesh technology so far has been very positive and we’re looking forward to continuing working with the team and introducing their current and new solutions to more of our customers.”

DataMesh sits uniquely in the global market as an enterprise solution company that benefits merchants, banks, merchant acquirers and global payment schemes by enabling enhanced merchant experiences without disrupting the bank-to-merchant relationship. This unique market proposition has fuelled DataMesh’s rapid growth and this pre-series A funding will allow DataMesh to scale its operations domestically as well as expand overseas. DataMesh is working closely with major global banks, acquirers and advisors to execute its international strategy based on success in Australia.

Mark Nagy, CEO of DataMesh said: “We’re pleased with the results of this latest funding round and are looking forward to continuing to scale up our business both locally and globally. The fintech revolution has created a seismic shift in the way the financial world operates, so building a solution that provides stability for banks and merchants while continuing to offer choice to customers is extremely rewarding.” 


About Datamesh

DataMesh Group is an Australian based technology company with deep payments experience that has been focussed on revolutionising the current payment systems available to banks, acquirers and merchants across the globe.
DataMesh delivers next generation, fully integrated payment capabilities as well as a suite of unique, valuable customer insights and integration tools through its proprietary EMV compliant financial switching platform (UnifyTM). 

UnifyTM is the world’s most modern and powerful cloud and terrestrial-based financial switching solution available in the market today. The company has commenced its global roll out of its platform, creating a world-wide, interconnected network of processing capabilities that will be offered as under an own or SAAS model. The systems are fully certified and PCI compliant.


For more information:

Justin Kelly

Media and Capital Partners 

justin.kelly@mcpartners.com.au

0408 215 858 

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Scaling Product Globally

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