BPAY Group recognised as one of Australia’s most innovative companies for third consecutive year

Announcement follows #2 ranking in 2021 Best Places to Work award in July,  and winning the Best in Future of Trust category at the IDC ANZ Future  Enterprise Awards yesterday.

BPAY Group has been named on the 2021 AFR BOSS Most Innovative Companies List for the third year in a row. 

The prestigious annual list, published by The Australian Financial Review and Boss Magazine, is based on a rigorous assessment process managed by Australia’s  leading innovation consultancy, Inventium, in conjunction with a panel of industry  expert judges. 

BPAY Group ranked #8 on the Banking, Superannuation and Financial Services list,  from over 700 nominated organisations across Australia and New Zealand. The ranking was based on an assessment that measured BPAY Group’s Innovation  Platform. 

The Innovation Platform is a digital hub that enables staff to easily submit innovative  ideas, to be assigned an innovation coach to mentor and help them develop their  ideas, and to monitor progress and evaluate their impact.

Among the 102 ideas submitted last year, 61 were implemented with a value of over  $600,000 to BPAY Group’s business and customers, and 19 of the ideas have either  made life simpler, reduced risk or had a positive impact on the company’s reputation. 

Specifically, the judges looked at how valuable the problem is that the innovation is  solving, the quality and uniqueness of the solution, and the level of impact that the  innovation has had. Also assessed were internal elements such as innovation culture,  strategy, resources and process, which demonstrate a sustainable and repeatable  approach to innovation. The full list can be viewed here

“I’m incredibly proud that BPAY Group has once again been named on the 2021 AFR  BOSS Most Innovative Companies List. It clearly shows that innovation is truly  embedded within the organisation’s DNA, and that we continue to focus on our  purpose of making life simpler,” said John Banfield, BPAY Group CEO. 

“Our innovations highlight how we create solutions that support businesses and their  customers’ needs. Last year our Developer Portal which provides user friendly access  to BPAY APIs was ranked third, and in 2019 our Osko payment service was ranked  the second top innovation.

“Our number two ranking in the Best Place to Work in 2021 awards in July also shows  that our strong employee engagement enables us to stay focused on our customer  relationships, as we continue to make a difference,” said Banfield.


Media Contact
Jeffrey Coote
0490 850 742
media@bpay.com.au

About BPAY Group  

BPAY Group is resilient, agile and has successfully adapted to our changing  environment over decades. BPAY Group was previously known as Bankcard and  Cardlink. Today, our brands include BPAY and Osko®. The BPAY brand has led the  way as Australians’ favourite way to pay bills*, all from the safety of their digital  banking. Throughout our evolution, we have focused on continuing innovation from  our unique position in Australia’s financial services industry. We’re the brains behind some important Australian firsts – like our flagship BPAY bill  payments system; Osko, the faster way to pay and Sypht, a stand-alone business that  uses artificial intelligence and machine learning to unlock the value in unstructured  data. BPAY Group sold Sypht to existing Shareholders in October 2021. 

Our purpose is to ‘make life simpler’. For more information about BPAY Group visit website

*based on RFi Payment Diary 2021 

About the AFR BOSS Most Innovative Companies list 

The AFR BOSS Most Innovative Companies list (previously the BRW Most Innovative  Companies list) is now in its ninth year. The list ranks the most innovative organisations  in Australia and New Zealand, by industry, and is the only national list of its kind. The  list is judged and compiled by Inventium – Australia’s leading innovation consultancy. 

Inventium uses a unique, scientifically proven approach to help organisations grow  through innovation. In 2021, the list comprised of ten industry lists, compiled from over  700 nominations. 

About Inventium 

Inventium is Australia’s leading behavioural science and innovation consultancy. Since  2007, Inventium has helped over 400,000 people become more innovative and more  productive at work. Inventium applies the latest findings from science (psychology and neuroscience) to help organisations unlock growth through innovation. Inventium is  the official methodology partners of the AFR Most Innovative Companies list and the  AFR Best Places to Work List. Inventium is also a proud BCorporation. 

MyBond appoints Patrick John Esangga as Head of Marketing

MyBond is delighted to announce the appointment of Patrick John Esangga as the Head of  Marketing, as the company embraces the next growth phase of the business. 

With a diverse career encompassing 15 years in marketing and brand management across global, local, and start-up brands, Patrick brings his valuable experience, vast network of  contacts and passion. 

Patrick’s career highlights include the celebration of the 50th Edition of the Ermenegildo Zegna  Wool Awards, the launch of the Tod’s brand, and Ralph Lauren Pink Pony Collection &  Foundation in Australia. 

In addition to a successful career in Luxury & Retail, Patrick has consulted for a portfolio of  clients, which included the Art Gallery of New South Wales, Italian Chamber of Commerce &  Industry, Pullman Resorts & Hotels, and many other global brands, media outlets and  organisations.  

Patrick is passionate about developing talent – he has taught Marketing in the faculty of Law  and Business at the Australian Catholic University, as well as the Fashion Institute. 

Co-Founder & CEO Ray Dib said, “We are extremely excited to welcome Patrick to the MyBond team. Patrick brings his considerable talent and diverse experience to the business, with an  insightful and refreshing approach that is key to the success and growth of the brand in the market. His vibrant energy and engaging style also fits perfectly with MyBond’s professional  and friendly culture.”

Commenting on his new role Patrick said, “I’m excited to be joining MyBond, and work with  such inspirational leaders, who are game-changers of this industry. My transition out-of fashion has given me a new vision. It’s about helping people and advocating this service/  solution through purposeful work. It’s about being involved with a brand that has a unique  business solution in a growing industry, making a difference to many peoples’ lives.”

The new appointment follows two other recent hires in Customer Care at MyBond to service  a rapidly growing busines. 

About MyBond 

MyBond is a financial service that helps tenants pay their rental bond. Launched in New South  Wales in March 2021 and in Victoria in September 2021, MyBond is Fintech start-up that  operates in its own niche in rental property bonds with further expansion across other states  and territories in the coming year.

Payble Aims To Combat ‘Bill Shock’ As COVID-19 Financial Hardships Decimate Australian Households

What is needed is a proactive Bill Management App that lets consumers pay and manage their bills in one place, helping them avoid missed payments and the dire consequences 

  • Extended lockdowns across Australia are creating an unprecedented financial squeeze amongst consumers, compounding their monthly “Bill Shock”
  • Financial Stress has increased by 4.6% for lower income workers following the release of NAB’s Financial Stress Index highlighting the hardship faced by Australian Households during COVID-19
  • Utility disconnections are happening at an ever-increasing rate, with 1,000 reported in the first two weeks of March 2021, as a tsunami of debt continues to unfold
  • A 10% increase in electricity consumption per the ACCC has pushed consumers further into debt, compounding their financial stress and anxiety

The extended lockdowns across Australia have witnessed a rise in utility consumption, and alongside the end of JobKeeper and Government assistance, many Australians are feeling the ‘pinch’ with a financial squeeze and pressure to ration their essential services. Compounded by a tsunami of bills piling up, people fear opening the bill and then the ultimate consequence of being disconnected. This then entices the consumer to turn to high interest-bearing cash loans from a proliferation of ‘pay-day lenders’ targeting consumers to keep their heads above water, which only compounds the situation and pushes people further into debt and adds to their ‘bill stress’ and anxiety.

Enter Payble to save the day, a new fintech platform that is empowering Australians to combat their “Bill Shock” through a smart app, reducing ‘billing stress’ and helping consumers to proactively co-ordinate and appropriately manage payments without the high cost. Payble fights for the best interest of the consumer, to ensure they can stay ahead of the bill curve, complete with the provision of intelligent reminders and flexible payment options. That is the Payble Solution.

If a consumer needs more time or a helping hand to make their bill payment, Payble will offer a range of solutions pre-approved by the biller, including fee-free instalment plans, bill smoothing or a payment extension.

Payble wants to empower all Australians to make their payments on time, whilst also enabling those that need a helping hand to avoid falling into the high interest bearing, hidden cost trap of ‘pay-day lenders’, who further add to the ‘debt pandemic’ and stress being faced by Australians.

Co-Founder and Managing Director Elliott Donazzanan innovator and passionate tech entrepreneur, commented on providing a platform that helps consumers avoid “Bill Shock”:

“Here at Payble we are all working hard, day and night, to be an innovator in the bill payments space whilst helping consumers stay on top of their bills.  During COVID-19 we’ve seen so many consumers turning to ‘pay-day lenders’ at an alarming rate, just to get by. We are now fighting this exploitation, giving consumers a choice and access to free and flexible payment options, supported by their biller, in one place. Payble helps consumers manage their bills, either paying in full or accessing the flexibility for payments that they need.”

The Payble Story So Far

Payble has been backed by the Commonwealth Bank of Australia (CBA), through its venture-scaling entity x15ventures with a $1 million share investment, backing their plans to use open banking as a way to help consumers and merchants avoid the financial and emotional costs of late and missed payments. Payble seeks to “prevent late or missed payments” before they occur, to mitigate losses to both the consumer and the merchant alike using ground-breaking, easy-to-use software.

Payble also recently strengthened their team, appointing former BPAY Head of Product and Customer Experience, Jon White, to lead Product and Strategy, bringing with him a wealth of experience in the digital financial services area.

About Payble:

Payble provides a “better” way for merchants to get paid, and for consumers to be empowered to pay and manage their bills. The innovative App improves cash collection for merchants, lowers transaction costs and makes missed or late payments a “thing of the past.” Every year more than 75 million bills are missed or are paid late, which is a significant cost to the biller per transaction. Payble helps consumers manage all their bills from their pocket – users receive smart notifications (so they know when their bills are due), and can pre-emptively access flexible payment options like paying in instalments or requesting a payment extension if they need to. Payble prevents ‘Bill Shock’ and helps consumers access flexible payments that suit their budget.

Payble goes live on the Apple App Store and Google Play next week, initially featuring more than 200 of the largest billers on the platform (with more added every week). Find out more at https://payble.com.au/consumer.


To contact Payble:
Elliott Donazzan, Co-founder and MD
E: elliott@payble.com.au
Or see more at https://payble.com.au/merchants/

For further information please contact:
Rod North, Managing Director,
Bourse Communications Pty Ltd
T: (03) 9510 8309, M: 0408 670 706,
E: rod@boursecommunications.com.au

Loan Market appoints GBST Digital to deliver 21 financial calculators to over 1500 mortgage broker firms

Award-winning aggregator, Loan Market, selected GBST’s Equate solution to provide a suite of lending calculators to its network of more than 1500 mortgage brokerages across Australia and New Zealand. In under two months, the GBST team built and implemented 21 calculators and 12 application programming interfaces (APIs) for one of the largest and fastest-growing brokerages in Australasia.   

Loan Market connects with over 60 lenders and thousands of loan products to help brokers find the most suitable deal for their customers. The company supports a network of over 650 independent brokers, with a further 850 brokers trading under their own brand, facilitated through its Bring Your Own Brand (BYOB) program. To assist the BYOB program, GBST Digital developed a solution to enable the provision of white-labelled calculators for Loan Market’s brokers that can be included in its content management system (CMS) to configure each of the brokerage’s websites.

Brianna Dobing, Digital Manager at GBST, said, “We are pleased to offer Loan Market’s brokers a suite of new financial calculators to ensure their customers have access to the best tools available. With Covid-19 continuing to spread around the world and minimising face-to-face interaction, it is vital to be able to make informed financial decisions online. Our expertise in developing financial calculators has enabled Loan Market’s brokers to utilise modern tools built using the latest technologies, security protocols, and user interface (UI) design principles to help them better engage with their customers.

“For example, the Borrowing Power calculator allows customers to determine how much they can borrow, and what their loan repayments will be before they consider purchasing a house, while the Budget Planner calculator helps to understand income and expenses, and where savings can be made. The aim of these tools is to help customers understand their financial situation more clearly and acknowledge the most effective way to achieve their financial goals.

“Brokers on Loan Market’s BYOB program have benefitted from a white-labelled solution stylised to their own website and brand since 2019. Now, they also have the capability to easily calculate financial scenarios with their clients, improving customer engagement and financial outcomes.”

Rebecca Morton, Digital Marketing Manager of Loan Market, said, “We are delighted to offer our entire broker network across Australia and New Zealand, a suite of financial calculators that present significant value to their customers’ experience. Our aim is to enable all Aussies and Kiwis to understand their financial situation more clearly and deliver solutions that help achieve their financial goals. As a digital-first aggregator, effective digital tools play a large part in this.

“Having access to a white-labelled solution has been beneficial for us too, and provides our own-branded businesses with more flexibility, reducing external costs and most importantly, improving our customer experience, which has always been a major priority.”

The GBST Digital team works with financial services clients worldwide to improve brand reputation, build brand advocacy, and enhance online customer journeys, engagement, and drive acquisition. GBST’s customer experience (CX) experts create bespoke digital solutions for financial institutions from calculators to portals, apps, content management systems, and more.


Media contact
Andrew Byrne – Marketing
+61 9005 0922
andrew.byrne@gbst.com

The FinTech Australia Podcast is here!

Our new podcast is here!

We’re excited to launch our new podcast! The FinTech Australia Podcast will be a deep dive focusing on the challenges, opportunities and big stories our community faces across the fintech industry in Australia. This podcast is a joint venture with Startupbootcamp.

We are launching the podcast with two initial episodes which will cover two of our biggest initiatives this month – the Finnie Award winners and the EY FinTech Australia Census.

Future episodes will be a mini series on key industry topics such as debanking, CDR, angel investing and many more…

These podcasts will highlight key industry issues while giving opportunities to members, partners and relevant industry guests such as regulators, ministers, Treasury and other important stakeholders based on the topics we cover.

We hope you enjoy the first two episodes and do share any feedback, suggestions or insights to the team.

Listen to the episodes here

Global Processing Services raises over US$300 million to accelerate technology development and global growth

  • Global API-first payment technology platform powers the world’s leading fintechs, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy
  • Investment from Advent International and Viking Global Investors provides deep payments and fintech experience and capital; follows strategic investment by Visa in 2020
  • Company intends to use investment to accelerate technology investments in product innovation and to continue the expansion of its customer base in 48 countries today across Europe, Asia Pacific and the Middle East

LONDON, October 13, 2021 – Global Processing Services (“GPS”), the leading global payment technology platform, today announced it has raised over US$300 million from Advent International (“Advent”) and Viking Global Investors (“Viking”), who will co-control the company. The investment by Advent will be funded through Advent Tech and Sunley House Capital, an affiliate of Advent.

GPS’ API-first payment technology platform enables innovative card programmes for the world’s leading fintechs, digital challenger banks and embedded finance providers. Its platform has helped scale multiple unicorns and powers a vast array of prominent fintechs across Europe, Asia Pacific, and the Middle East, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy. Through a single unified code base, GPS enables its customers and partners to launch and scale card programmes across 48 countries, supported by integrations with over 95 issuers. To date, it has issued over 190 million physical and virtual cards, and last year processed more than 1.3 billion transactions on its cloud-based platform.

“GPS provides key payments technology infrastructure, enabling the global fintech revolution. Their agile, resilient and modern cloud platform drives some of the most innovative use cases and allows fintechs to globalise through a single API,” commented Peter James, Director at Advent International.

“Through their customer-centric innovation, GPS has quietly established a leading position in key markets around the world with an attractive, diversified and global customer base. Together with Viking, we look forward to supporting GPS’ leadership team to expand the business’s product offering and accelerate its international reach.”

“We are delighted to partner with Advent and Viking, with their deep experience and track record in payments and fintech, and, who share our bold vision for the next generation of global payments,” said Joanne Dewar, Chief Executive Officer at GPS.

“GPS has been at the heart of the global fintech explosion, simplifying access to the global rails of the new digital payments era. This investment will allow us to turbo charge our geographic footprint and product expansion plans as we drive the payments ecosystem in the key verticals of today and tomorrow, including digital banking, Buy Now Pay Later, B2B virtual cards, financial empowerment, and much more.”

Advent has a strong track record in the growth of businesses across the payment and software industries, including a recent investment in Planet, the global integrated payments leader, and Dock, the Latin American financial technology infrastructure provider where Advent’s affiliate, Sunley House Capital, co-invested alongside Viking. Worldwide since 2008, Advent has invested ~US$5 billion across 12 payments platform companies.

Viking has a long history investing in payments and software, across both the private and public markets. Viking is investing in GPS out of its private equity vehicles, which currently manage over $17 billion. Recent payments investments include Dock, the Latin American financial technology infrastructure provider where it co-invested alongside Advent, and Clip, the Mexican digital payments and commerce platform.

The transaction will be subject to customary closing conditions.


Media Contacts:

Sumeet Vermani / Louisa Bartoszek
Global Processing Services
Marcom@globalprocessing.com

Graeme Wilson / Harry Cameron
Tel: +44 (0)20 7353 4200
Advent International
Advent@tulchangroup.com


About Global Processing Services (GPS)
 

Global Processing Services (GPS) is the trusted and proven go-to payments processing partner for today’s leading fintechs, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy. GPS has to-date issued over 190 million physical and virtual cards, enabled in over 48 countries, and last year processed over 1.3 billion transactions on its API-first cloud-based platform.

GPS’ highly flexible and configurable platform places the control firmly in the hands of global fintechs, digital banks, and embedded finance providers, enabling them to deliver rich functionality to the cardholder. It is a multi-award-winning issuer processor powering next generation payment segments, including expense management, B2B payments, crypto, lending and credit (including Buy Now Pay Later propositions), digital banking, FX, remittance, open banking and more.

GPS is certified by Visa and Mastercard to process and manage any credit, debit or prepaid card transaction globally, with offices in London, Newcastle, Singapore, Sydney and Dubai. Its platform is equipped to meet the stringent standards required by Tier 1 banks, integrating with 95 issuer partners and operates programmes for a client base across the globe.

Company highlights from the last two years include:

  • Expansion into Asia-Pacific through establishing a new regional centre of excellence in Singapore alongside a hub in Sydney, with a fast-growing customer base including WeLab Bank, the first homegrown virtual bank in Hong Kong, and Paidy, the largest Buy Now Pay Later player in Japan.
  • Secured strategic investment from Visa, a long-term partner of GPS, and established a new regional centre of excellence in United Arab Emirates (UAE) having been selected as one of its preferred issuer processors in Asia-Pacific and the MENA region

Website: www.globalprocessing.com

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 380 private equity investments across 42 countries, and as of June 30, 2021, had €68 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 245 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit:

Website: www.adventinternational.com  

About Viking Global Investors LP

Founded in 1999, Viking is a global investment management firm that manages approximately $48 billion of capital for its investors. It has offices in Greenwich, New York, Hong Kong, London, and San Francisco and is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, please visit www.vikingglobal.com.

FinTech Australia Announces 2021 Finnies Award Winners

Women founders and executives from BrightePaypa Plane, Athena Home Loans and Adatree are among the biggest winners of the sixth annual FinTech Australia Finnie awards.

For the first time in the award’s history, women have taken out all of the top industry awards. Katherine McConnell, CEO and co-founder of Brighte, and Simone Joyce, CEO and founder Paypa Plane, jointly won the Outstanding Fintech Leader of the Year Award which for the first time has also been won by women.

Jill Berry, CEO and co-founder of Adatree was named Emerging Fintech Leader of the Year and Natalie Dinsdale, CMO of Athena Home Loans, was awarded Female Fintech Leader of the Year. Brighte also took home the Best Workplace Diversity Award.

In a departure from previous awards, fewer fintechs won multiple awards in 2021. Athena Home Loans took home a total of three awards — Excellence in Consumer Lending, Fintech Organisation of the Year and Female Fintech Leader of the Year. Onboarding and detection platform FrankieOne won two awards — Emerging Fintech Organisation of the Year and Excellence in RegTech.

In addition, Afterpay and Airwallex, long-running winners of the Finnies, were the inaugural inductees into the Finnies Hall of Fame recognising their sustained success.

This year marks the biggest Finnies awards to date. There were over 288 entries for a total of 23 awards, including two People’s Choice categories.

“The results of this year’s awards demonstrate the growth over the last 12 months and show just how far we have come as an industry,” FinTech Australia CEO Rebecca Schot-Guppy said.

“We have always had a Female Fintech Leader of the year award to meaningfully highlight and celebrate women in fintech. This year, women have taken out all of the top awards including outstanding fintech leader which has never been won by a woman. While there is more work to be done, it shows just how much headway the sector has made in terms of diversity in such a short period of time.

“I want to personally congratulate Katherine, Simone, Jill and Natalie for their achievements.. Their efforts hopefully send a message to other women out there in finance and technology, that the fintech sector supports career excellence and achievement.

“It’s also worth noting the greater spread of award recipients this year. Prior years have seen some companies take home multiple awards. This year has been more competitive than ever before, reflecting again the maturity of the industry.”

“This sets the scene for the sector reaching new heights in 2022, as we find new normal in a post-COVID world.”

Media contact

Harrison Polites
harrison@themediaaccelerator.com.au
0409 623 618

 

Fintech Australia 2021 Finnies Winners

Best Workplace Diversity — Sponsored by Tanggram
Brighte

Emerging Fintech Leader of the Year — Sponsored by GoCardless
Jill Berry, Adatree

Female Fintech Leader of the Year — Sponsored by SeedSpace
Natalie Dinsdale, Athena Home Loans

Outstanding Fintech Leader of the Year — Sponsored by BDO
Katherine McConnell, Brighte and Simone Joyce, Paypa Plane

Excellence in Establishing Market Presence Global — Sponsored by Austrade
Verrency

Excellence in Industry Collaboration & Partnerships — Sponsored by Xero
Fillr

Excellence in Business Lending — Sponsored by Creditor Watch
Prospa

Excellence in Consumer Lending — Sponsored by the Victorian Government
Athena Home Loans

Excellence in Payments (including Remittance/FX) — Sponsored by Paypa Plane
Zip

Excellence in Blockchain/Distributed Ledger — Sponsored by Swyftx
Meeco

Excellence in Crypto Digital Currencies/Wallets/Exchanges — Sponsored by Stone & Chalk
Swyftx

Excellence in Insurtech — Sponsored by IAG Firemark Ventures
Open Insurance

Excellence in Regtech — Sponsored by OneTrust
FrankieOne

Excellence in Wealth Management (including PFM and Robo) — Sponsored by  Ausiex
Stockspot

Excellence in Open Data — Sponsored by TrueLayer
Frollo

Excellence in Fintech Support Services — Sponsored by Data Action
Stone & Chalk

Emerging Fintech Organisation of the Year — Sponsored by Mastercard
FrankieOne

Fintech Organisation of the Year — Sponsored by Vocus
Athena Home Loans

Deal of the Year — Sponsored by YBF Ventures
Quadpay & Zip

Best Partnership of the Year — Sponsored by Firstmac
Valiant Finance and Australia Post

Hall of Fame
Afterpay and Airwallex

People’s Choice – Organisation of the Year — Sponsored by Tier One People
Up

People’s Choice – Emerging Fintech — Sponsored by Tier One People
WeMoney

Australian Open Banking APIs are fast and reliable

Data from Frollo shows 98.9% of API calls are successful and data is returned in 0.84 seconds on average.

Sydney, 12 October 2021 Australian Open Banking provider Frollo has released the second edition of its Open Banking API performance monitor today. The fintech compared performance for 24 Data Holders live on its Open Banking platform in Q3 2021.

Speed and reliability are crucial for building successful Open Banking use cases. Open Banking can help streamline mortgage decisions, improve financial wellbeing and automate customer onboarding, but only if it provides reliable access to near real-time data.

An encouraging start for many Data Holders

With many Data Holders launching in Q3 2021, most had only been live for one or two months by the time their performance was measured. Still, Open Banking is off to an encouraging start both in terms of speed and reliability.

On average, Australian Open Banking APIs return data quickly, with great reliability. The end to end response time for Open Banking APIs in Q3 2021 was 0.84 seconds, with 98.9% of those API calls being successful.

According to Frollo CIO Tony Thrassis, it’s an encouraging start: “A success rate of close to 99% is a great result, especially this early on. Over time we’ll see banks further developing and optimising their API performance, increasing speed and reliability. We’ll also see more API calls by other Data Recipients, putting more pressure on Data Holder’s systems.

We’ll never get to 100% reliability, that’s why we’ve built resilience into our Open Banking platform. If an API call fails, we’ll automatically try again using a backoff algorithm. This is how we’re getting the user experience close to 100%, which is critical for use cases like lending and customer onboarding.”

Five banks return transaction data in less than 0.5 seconds

In Q3 2021, five banks returned transactions in under 0.5 seconds on average. New Data Holders P&N Bank and Credit Union SA join 86:400, Beyond Bank and Up who topped the list in August 2021.

Up returns Accounts and Bulk Balances 3 – 4x faster than the second fastest bank

When it comes to the Accounts API and Bulk Balances API there’s no measure on Up. In Q3 2021 the neobank’s response time for the Accounts API was 0.11 seconds, with number two, NAB, delivering Accounts data in 0.47 seconds.

A similar situation can be seen for the Bulk Balances API, where Up’s response time is 0.09 seconds and number two, 86:400, 0.32 seconds.

The average response time for both of these APIs is less than 1 second, with the slowest banks coming in just under 2.5 seconds.

Open Banking API performance monitor

The Frollo Open Banking platform has made over 16 Million Open Banking API calls in production to date. This provides Frollo a unique perspective on API performance between the different Data Holders. Every month we publish our findings in our Open Banking API performance monitor, September numbers are available now.


About Frollo

Frollo is Australia’s leading Open Banking intermediary. We help businesses use Open Banking to deliver better customer outcomes – from increasing their savings or reducing debt, to simply getting a better deal on their finances.

Our Open Banking platform can be used to collect, enrich and use Open Banking data for Personal Finance Management and Lending use cases. Frollo works with businesses like ANZ, Virgin Money Australia, Volt Bank, REA Group and Canstar.

As Australia’s first Accredited Data Recipient and the first to go live with Open Banking, we’re responsible for over 95% of all Open Banking activity to date – 16 Million + API calls.

Cloud SaaS fintechs Mambu and Rich Data Co partner to support AI innovation for lenders

SINGAPORE, 12 October 2021: Mambu, the market leading cloud-native SaaS banking platform, combined with Rich Data Corporation’s (RDC) cutting edge AI-powered decisioning SaaS platform, is set to enable innovative credit solutions in the local financial services sector.

Today’s borrowers have a strong appetite to consume credit in new and different ways, with an ideological shift towards credit products that are flexible, diverse, and needs-based. The challenge for lenders is that traditional deployment architecture is not equipped to plumb in new and alternate data sets, support AI or rapidly deploy innovative new credit offerings. Cumbersome architecture directly impacts the costs to originate and service new lending, and innovate the credit process.

Mambu and RDC are partnering to enable both traditional and neo banks to leverage the latest AI techniques to operate efficiently, configure and deploy rapidly, and mitigate credit risk. Unlocking the value of AI means that lenders are armed with a diverse set of tools to make sound credit risk decisions, even with limited or no readily available data. This is a heightened challenge when banks and lenders are looking to launch new products or target a new lending segment.

In partnership, RDC and Mambu bring AI innovation to life, with cloud infrastructure to support the use of AI in the origination and servicing of the credit lifecycle. The combined value delivered by the two organisations will enable banks to improve workflow and address efficiency issues, achieve faster time to yes, and faster time to fund. RDC’s unique AI-native credit risk solution brings together modelling and decisioning within a single platform, simplifying the traditional credit technology landscape, while enabling lenders to maximise the use of all available data to make accurate predictions and execute intelligent decision strategies.

Gordon Campbell, Chief Product Officer at RDC, said: “The use of AI increases the accuracy of predictions and decisions and can be safely used by leveraging our glass-box explainability. The power to imagine and implement new lending offerings is something we can deliver in this partnership with Mambu.”

Mambu’s SaaS core banking solution offers enormous flexibility and speed, meaning banks and lenders can rapidly configure and deploy new products, giving financial institutions a unique competitive edge.

Myles Bertrand, Managing Director of Mambu APAC, said: “We are excited to be working together with RDC to facilitate innovation and increase the accuracy of lending decisions while also increasing efficiency and speed to market for new offerings. Mambu’s composable approach allows seamless integration via API with market leading solutions such as RDC’s platform, and we look forward to continued collaborations to solve customer challenges.”

Mambu and RDC entered a partnership arrangement in September 2021 and are working together to support a number of lenders in market.


Media contact: Rachel McDougall | rachel@whitehatagency.com.au


About Mambu

Mambu is the world’s only true SaaS cloud banking platform. Launched in 2011, Mambu fast-tracks the design and build of nearly any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more. Our unique composable approach means that independent components, systems and connectors can be assembled in any configuration to meet business needs and end user demands. Mambu has 700 employees​ that support 200 customers in over 65 countries – including N26, OakNorth, Tandem, ABN AMRO, Bank Islam and Orange Bank. www.mambu.com

About Rich Data Corporation

Rich Data Corporation (RDC) is an industry-leading credit risk management platform which uses explainable artificial intelligence and predictive machine learning models, traditional and alternative data sources to provide more accurate, transparent and compliant credit decisions for its global lending clients.

Its next-generation ‘Delta’ platform enables lenders to more accurately access the credit risk and predict the future behaviour, revenue and expenses of SMEs and individuals with a thin credit record – or no credit history, due to the way use of credit is evolving. www.richdataco.com

Member exclusive tickets to Finnies 2021 awards night!

We are so excited to have you join in celebrating the success of the industry, albeit, virtually. This is your excuse to pop that bottle of bubbles that you’ve been saving for a special occasion! The high calibre of applications and finalists only prove how strong the industry is and its growth over the last 12 months.

While you await the biggest night in Australian fintech, we wanted to share a short note from all our sponsors for supporting this years Finnie Awards. Please check out some exclusive offers and opportunities for the registrants.

Watch the livestream of the Finnies from the youtube link on the left. Click the bell icon to get notified.

In case you missed the calendar invitation, please use the below button to save to your google calendar. you can also save to your outlook calendar here.

Save to Google Calendar

Exclusive for registrants!

  • Grow your business in Victoria – The department of Jobs, Precincts and Regions in Victoria is dedicated to ensuring Victoria’s strong economic performance by partnering with industry to create more jobs and export opportunities, securing new investment and supporting innovation across Victoria. If your organisation, its members or its clients are considering new investment and export growth or are undertaking any new innovative projects, the department would welcome the opportunity to speak with you. Contact Kai Streicher, Senior Investment Manager, Business Investment and Engagement at DJPR for more information
  • Telecommunications solutions designed for Australian fintechs – Vocus’ offerings are purpose-built for business, giving you the control and security you need. Their network connects your people, products, and services led by solution design experts in financial services.
  • Swyftx is Australia’s fastest-growing and most trusted cryptocurrency exchange. The company supports retail and institutional customers to securely trade Bitcoin, Ethereum and 280+ other digital assets. It offers customers access to some of the lowest spreads on the market and industry-leading standards of customer support. Watch out for a special discount when watching

Advisory Support

  • Export your business – Australia is home to some of the world’s best and brightest fintechs with more than 40% already going global. If you have the capacity, capability and motivation to export, then now is the time to start looking at your export strategy and begin your export journey. To discover what brilliant international opportunities await your business with Austrade
  • If compliance requirements give you a headache, taking you away from your disruptive world beating fintech solution, then you need to talk to OneTrust. Their solutions start at a pre-built, follow the bouncing ball, for PCI-DSS, IOS27001, etc, up to a full-blown Privacy, Security, Risk, 3rd Party Management compliance platform.
  • With over 25 years of experience and the backing of a multinational trading technology powerhouse, AUSIEX is one of Australia’s leading wholesale brokers. From seamless trade execution and clearing to efficient reporting and customised equities administration tools, our goal is to help our clients grow their businesses with solutions that provide an edge.
  • Q2 is a leader in financial technologies providing lending origination and related solutions in Australia, New Zealand and other areas of Asia Pacific. Our expertise in cloud technologies brings innovative automation and workflow configurability to lending organisations in the region. Reach out for more information.
  • BDO is one of the world’s leading accountancy and advisory organisations. They provide the capability and depth of expertise of a large global practice, with the approachability and relationship-driven style you expect from a local firm.
  • Data Action enhances the banking experience of more than a million Australians via its core banking and digital platforms every day. With over 30 years’ experience, DA represents over $33 billion in client assets and is well-positioned to continue its extraordinary track record of success with continued market expansion.

Payments

  • Mastercard is a global technology company in the payments industry. Their mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible.
  • A global leader in account-to-account payments, GoCardless is making it easy to collect payments in 30 countries around the world via direct API integration or through one of our many ecosystem partners, including Xero, Salesforce Billing, Chargebee and Zuora. Over 65,000 businesses trust them to streamline their payments, from small startups to multinationals.
  • Truelayer, the Australian Open Banking Platform and a global open banking pioneer with local presence in Sydney, Melbourne and Auckland, will bring together the suite of proven APIs for data, verification and payments to harness the core functionality of the Consumer Data Right and deliver powerful open banking data.
  • Also, Paypa Plane is the bank-grade platform where traditional payments and new fast, real-time (like PayTo in Australia), crypto and data enriched scheduled/recurring payments work alongside each other.

Other Exciting Services

  • A world leader in innovative packaging and has become the go-to provider in the fintech space. With a highly creative and experienced collaborative team, Burgopak designs are brief. They focus on the ‘wow factor’ – providing an engaging unboxing experience, creating a higher perceived value of your product with clever cardboard engineering.
  • Tanggram is the First Smart Wealth Creating Platform in Australia. It is on the mission to turn everyone’s small dreams into big wealth. It integrates Smart Investments, Shopping Rewards, and Social Networking altogether to build a financial world in everyone’s pocket. By focusing on goal-based and AI-driven investment strategies, Tanggram helps independent-minded individuals to manage their wealth much easier.
  • Looking for investment? – For Early Stage – Seed Space Venture Capital supports founders and innovators to change the future of financial services.
  • For series A and above – IAG Firemark Ventures is IAG’s strategic corporate venture capital fund. They strategically partnering with and investing in startups that have the capacity to materially alter IAG’s business.
  • ASX is one of the world’s top ten exchanges. As a full-service exchange, offering trading, clearing, settlement, market insights, connectivity, and depository services across all major asset classes including equities, derivatives, ETFs, options, and managed funds. With a total market capitalisation of around $1.5 trillion, ASX is home to some of the world’s leading resource, finance, and technology companies. Our $47 trillion interest rate derivatives market is the largest in Asia and among the biggest in the world.
  • Xero is partnering with some of the world’s most innovative banks and fintechs to ensure its 2.7 million small business customers can access the financial services they need. These integrations offer businesses better visibility of their cash flow, greater access to capital and more time to focus on their operations. Reach out danielle.smith@xero.com to know more.
  • CreditorWatch is a commercial credit reporting bureau which holds the credit file of every entity in Australia and enables businesses of all sizes to access credit risk information on any entity in Australia (including sole traders, trusts and partnerships) to determine what sort of risk they represent to their business.
  • Coworking Spaces – Looking for a space where you get to rub shoulders (not literally #Covid) with amazing like-minded entrepreneurs? Check out YBF Ventures and Stone & Chalk.
  • Partner with Firstmac – Australia’s leading non-bank lender, Firstmac, has provided over 130,000 home and car loans and has raised over $28 billion in wholesale funding.
  • Looking for your next Executive? – Tier One People is the recommended executive search consultancy. If you don’t know Dexter Cousins yet, reach out to him! Or Check out the best podcast in fintech!

We look forward to celebrating the night with you.

Upcoming Events
  1. EY FinTech Australia Census 2021

    October 20 @ 11:30 am - 12:30 pm
  2. FinTech Connect: Share. Network. Grow.

    October 20 @ 3:00 pm - 4:00 pm
Videos

Ep 2: Fintechs Acceleration of Growth Since COVID

Ep 1: The Evolution of Payments

Scaling Product Globally

Podcasts

Lee Hatton – Afterpay: FinTech Australia Podcast

Anthony Jones – Visa AUS/NZ

Tim Cameron – TransferWise