FinTech Voice June 16, 2022

Dear Community,

It’s almost the Finnies Gala Night! If you are unable to make it for the in-person event in Melbourne, we will still have it streamed online! Plan your own little home/office party. Add the details to your Google or Outlook calendar or save the Youtube link.

Watch this space for the Intersekt fintech conference launch and more updates about our plans for the new financial year. After our three successful roadshows in Adelaide, Sydney and Melbourne, we’re headed to Brisbane on 6th July. Register early as we have limited space for the event.

We’re also excited to have recently added five new corporate partners – 1835i, OneSpan, Endava, Palo Alto networks and Thales. If you are require any support from them, please reach out to us. We thank them for their support and look forward to working with them closely. Exciting initiatives planned.

For any queries, feedback or suggestions please reach out to us.

We recently made our submission for the Treasury’s Crypto asset secondary service providers Consultation. Rest can be accessed through the Policy section below.

Finally, we welcome our newest member this fortnight – DINEIRO PTY LTD, CARD ACCESS SERVICES PTY LTD and APICKLE

Regards,

Rehan D’Almeida,
General Manager,
FinTech Australia

Two consultations to enhance the digital asset ecosystem

Thank you to all members who shared their inputs on the call with our policy partner King and Wood Mallesons.

Please find the final submission to the Treasury’s Crypto asset secondary service providers Consultation.

Roundtable on debanking

The Council of Financial Regulators which comprises of Treasury, APRA, RBA, ASIC, AUSTRAC and ACCC are tasked with writing an options paper on de-banking. We will continue to seek suggestions/feedback from our members and follow-up with the council to ensure there is further action taken.

🤝🏻 Monetary Authority of Singapore is hosting its Global FinTech Hackcelerator 2022. It is a great opportunity for fintech companies to gain access to some of the fastest growing markets in Singapore and the region. Applications open till 26 June. For more info, visit here

📇Open Banking Excellence (OBE) has joined forces with Accenture, the UK Government’s Department of International Trade (DIT), Innovate Finance, NatWest and the University of Oxford to develop a first-of-a-kind global Open Finance Index. The index helps to understand about Australia’s domestic readiness to develop Open Banking and Open Finance ecosystems. Take part in their quick survey here.

📣 Tune into a Breaking Banks Fintech Podcast’s 444th Episode on Rise of Embedded Finance in Australia & Digital for good. Sponsored by Austrade, some great minds will join the session to talk about how Australian capability can act as a launch pad for global innovations, and investments within the fintech and insurtech ecosystems. Check out the 30-min session here.

💻 Join ASEAN Online Workshop Series presented by AWS to learn how to approach modernisation journey, sustainably. Learn more about specific application workloads such as Windows, SAP and Databases on AWS. Register for the session here

📁 Oracle is hosting its Fintech & Cloud Native webinar. The team will come together to talk about the best practices for adopting cloud native architecture in Fintechs on Oracle Cloud Infrastructure – 21 June. Click here for more info and registration

🤝🏻 Stone & Chalk powered by Pivott presents the Pivott Talent Jam. Get a chance to pitch your company and ideal candidate criteria in under a minute. Passionate jobseekers will then participate in a speed networking session – 5 July. Get your tickets here

💻 Stone & Chalk will be opening a Scaleup Hub at Tech Central in July 2022 to power scaleups that are shaping Australia’s economic future. This is Stone & Chalk’s second Hub in Sydney. To know more about the tour of the hub, visit here

Don’t miss all the news and insights from our members and corporate partners from our newsroom.

  • LAB Group integrates with Praemium to deliver secure onboarding and improve user experience
  • Nano Digital Home Loans is extending its product suite to help home buyers and property investors navigate Australia’s complex housing market.
  • Radium Capital in funding boost for Spacecubed Accelerator
  • Currencycloud gains ASIC licence to operate in Australia
  • Mambu released a new report on how banks can be more sustainable
  • Basiq launches Smart Payments to accelerate Australian fintech ecosystem
  • Dacxi conducted a research Australia’s wealth health
  • InvestHK introduces expanded programme for Global Fast Track 2022 to help fintech companies connect with Asian corporate clients and investors
  • Change Financial announced its partnership with Finzsoft to sign agreements with four New Zealand mutuals to offer direct issuing, processing, and card management solutions
  • Mambu partners with Western Union to integrate its solution into the latter’s next generation real time multi-currency digital wallet
  • TreviPay recently teamed up with payment processor Compaynet to power its B2B trade credit product
  • Zai waives PayTo fees, saving Australian businesses thousands of dollars
  • WeMoney announces winners of inaugural personal loan & car loan awards
  • Mambu partners with Commonwealth Bank of Australia (CBA) to develop Unloan, the CBA group’s new digital home loan

FinTech Australia secures five new corporate partnerships

FinTech Australia has signed up five new major corporate partners, securing a total of 11 partnerships within the past five months.

FinTech Australia’s ecosystem partnership program helps companies collaborate with the fintech sector and foster relationships with its key players.

The new Gold tier partners include the innovation and venture capital partner of ANZ Bank, 1835i and OneSpan, the Digital Agreements Company.

The new ecosystem partners include: technology consulting firm Endava, cybersecurity companies Palo Alto Networks and banking services, digital identity and cybersecurity company Thales.

FinTech Australia Head of Strategic Partnerships Rehan D’Almeida said: “Just a few months ago, we announced seven new partners. Now we’ve added another five. There is red hot interest in Australia’s fintech industry from global companies, and we’re in an ideal position to help convert this into deeper connections and potential partnership opportunities.”

“We welcome 1835i, OneSpan, Endava, Palo Alto Network and Thales to the program, and look forward to better networking and integrating them with the fintech industry. They join an extensive list of other major technology companies who are looking to integrate with the sector and work more closely with Australian fintechs.”

Ron Spector, Managing Director of 1835i, said: “1835i is pleased to partner with FinTech Australia.

We are committed to this market and supporting the continued development of an effective and vibrant fintech ecosystem in Australia. We believe there are many opportunities for partnership, and we look forward to taking a more active role in this growing ecosystem.”

OneSpan Country Manager, Nigel Stewart said: “Security and trust are critical to the future of the fintech industry. OneSpan has helped a number of Australian banks and financial institutions, including the country’s largest banks, mitigate fraud risk, digitize internal and consumer-facing agreement processes, and comply with industry regulations. We look forward to partnering with FinTech Australia to enable organizations to deliver secure and trusted digital experiences through collaborations with Australian fintechs.”

David Marsh, Principal Industry Consultant – Payments, Endava said: “Endava has a strong history of supporting Fintechs in the UK, Europe and the US – taking great ideas and developing them through proof of concept into full-featured software and seamless customer experiences. We are delighted to be extending this capability into the Asia Pacific region – providing access to our global expertise, multi-disciplinary teams and extensive experience developing next-gen technology solutions. We are excited to have partnered with Fintech Australia and look forward to helping Australia’s fintech and financial institutions leverage the latest technologies to compete on the global stage.”

Steve Manley, Regional Vice President, ANZ at Palo Alto Networks said. “Collaboration and sandboxing between established banking and fintech’s is driving innovation and competitive advantage, creating never before seen products and services or repackaging old services in new ways. Through this partnership, we hope to encourage the Australian Fintech community to adopt and leverage cybersecurity measures to mitigate current risks while preparing for new security risks associated with innovations. Cybersecurity investments are more crucial than ever when organisations are looking to revolutionise the fintech industry. This allows them to focus on their core business of creating, innovating and bringing great products to market that improve people’s digital way of life.”

Michael Au, SVP Banking and Payment Services Asia, Thales said, “We look forward to our partnership with Fintech Australia to support the exciting array of existing and emerging local Fintechs. With our global leadership in payment technologies and expertise in both physical and digital payments, along with our strong local and worldwide footprint, we are uniquely positioned to meet the needs of Fintechs of all sizes. We are already bringing innovative solutions, sustainable product options and rapid deployment programs to many Fintech organisations and welcome the opportunity to work with more customers in Australia.


Media contact

Harrison Polites
harrison@themediaaccelerator.com.au

0409 623 618


About FinTech Australia

FinTech Australia is a national association for the Australian FinTech Startup community. Our vision is to make Australia the leading market for FinTech Innovation and Investment by working with both sides of Government, Industry and the Australian FinTech community to create a supportive environment and partner ecosystem in Australia and abroad.

TreviPay Helps Compaynet Power B2B Trade Credit

B2B payment and credit management company TreviPay has teamed up with payment processor Compaynet to power its B2B trade credit product.

“Furthering its mission to simplify e-commerce payments, Compaynet can now enable their clients to offer instant, embedded B2B credit terms to business customers,” TreviPay said in a news release Tuesday (May 17).

The company points to a recent study that showed 82% of B2B buyers would switch to a new vendor if that vendor offered invoicing at checkout with 30 to 180-day terms.

By working with TreviPay, Compaynet — based in the U.K. and Italy — can now offer an embedded trade finance solution to these B2B customers, letting them offload accounts receivable administrative functions, funding and credit risk so that they can spend more time focusing on their business.

“Providing more flexible trade terms and streamlining the payments process for our business clients are important innovations that will help our clients remain competitive,” said Compaynet Director Barry King. “Our partnership with TreviPay will provide a financial value proposition for our customers’ balance sheets and support Compaynet’s growth in Italy, Australia, the United Kingdom and United States.”

The company adds that its API-centric solution will make for a better checkout experience, improve customer loyalty and provide faster payments for merchants.

As TreviPay assumes the risk from extending trade credit, sellers on the Compaynet platform can preserve capital while still offering convenience and security across buying channels. B2B merchants and manufacturers can enjoy the benefits of extending credit terms without the worrying about debt collection or funding.

PYMNTS collaborated with TreviPay recently on the report “Risk and Resilience,” based on a survey of executives at multimillion/billion-dollar companies in the retail, manufacturing and marketplaces sectors.

We found that a recent proliferation of fraud in the (B2B) space has led to tangible negative outcomes for many companies, hamstringing their B2B business development.

In fact, 54% of retailers and 44% of manufacturers fail to accept new customers due to fraud concerns, while nearly half (47%) of businesses surveyed were said they were unable to onboard clients out of fear of fraud and that their anti-fraud measures would be insufficient.


About

PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are getting it right and where they need to up their game to deliver a customized shopping experience.

Pay nothing for PayTo: Zai waives PayTo fees, saving Australian businesses thousands of dollars

Delays in bank readiness prompts slow uptake fears and call for industry to do more, as Zai announces first customer to sign up to PayTo

Zai, the global financial technology company delivering embedded orchestration solutions, today announced that – for a limited time – new and existing customers signing up to its PayTo solution will pay nothing for the first 12 months*. Zai is the first company in Australia to waive fees for creating PayTo agreements and initiating PayTo payment requests, for customers who sign up to PayTo, and businesses who take advantage of this offer are expected to save thousands of dollars. 

PayTo is a new service delivered via Australia’s New Payments Platform (NPP) allowing businesses to initiate requests for real-time payments from their customers’ bank accounts. It is planned to launch across Australia on 30 June, 2022 and Zai is working closely with NPP to deliver a best-in-class solution to support it.

Paul Byrne, CEO of Zai said: “The launch of PayTo is nearly upon us, and should be a game-changer for how Australian businesses manage payments – inviting a wave of innovation from fintechs and financial institutions alike. However, there are concerns around a lack of information and incentive from traditional banks, which could lead to a slow uptake by businesses. 

“This is why we are the first company in Australia to offer an incentive for PayTo, allowing new and existing customers to pay nothing for the first 12 months when they sign up.* We are calling on other financial institutions and companies to implement similar offers, to encourage as many companies as possible to sign up to PayTo on day one and ensure the success of this revolutionary new service.” 

PayTo ensures payments will be more efficient for businesses and their customers, and Zai will allow businesses to plug seamlessly into the PayTo service, providing their customers with a fast and convenient new way to manage their payments.

Zai has already signed new customers including PayCollective, to embed its PayTo solution. Dubbed Australia’s first SuperApp, PayCollective gives users the simple convenience to access multiple services from top brands across different apps in one place – while enjoying exclusive discounts and rewards. 

Robin Hao, CEO and Co-Founder of PayCollective commented: “PayCollective is excited to partner with Zai and implement its PayTo solution so we can offer our members and partners the latest in seamless real time payments. PayCollective’s innovative, community-focused marketplace app is the first of its kind in Australia, so we are delighted to provide an even more enhanced experience when PayTo goes live in the coming weeks.”

Businesses interested in discussing Zai’s PayTo offer should visit https://www.hellozai.com/payments/payto


*Companies availing of this offer will need to have PayTo integrated by 1 December, 2022.   For further information see:https://www.hellozai.com/payments/payto


For further information please contact:

Rachel McFaul

Global Communications Manager 

Zai

+353 85 782 7230 | rmcfaul@hellozai.com


About Zai

Zai is boldly transforming the future of financial services and powering customers by making innovative financial services accessible to all. Zai’s payment API is a core capability within its suite of embedded finance products and services, helping businesses manage multiple payment workflows and move funds. Its innovative platform applies expertise in real-time payments to a reliable micro-service architecture to enable authentication, liquidity, payment and settlement. Also under Zai’s umbrella is CurrencyFair, a global currency exchange platform serving consumers and businesses with competitive exchange rates.  Zai has over 300 employees, with plans to grow to 450 by 2025, and is expanding its presence across APAC, UK, USA and the Middle-East. To find out more about the 10-year history of Zai visit The Story of Zai.

WeMoney Announces Winners of Inaugural Personal Loan & Car Loan Awards

Australia’s leading social financial wellness platform, WeMoney, has announced the winners of its inaugural awards for the Best Personal Loan and Car Loan Lenders in Australia.

The awards program attracted submissions from well-known lenders, including Wisr, NOW Finance, MoneyMe, Plenti and others, who battled it out to be recognised for the most competitive products in the market.

WeMoney ran the awards across 3 distinct categories; celebrating the best overall lender, alongside awards for best rates and fees, and outstanding customer service.

WeMoney Founder & CEO, Dan Jovevski said “Throughout the last year, we have listened closely to what our members have to say about lending products and supported them on their journey to consolidate debt. The next step was for us is to recognise the best lending products and innovators in the industry, providing Australians with more confidence when it comes to comparing various loan options.”

Wisr took out the pinnacle of the award of the program for ‘Non-Bank Lender of the Year – Personal Loans’, recognised for balancing fees, quality features, positive user experience, great customer support, and an excellent level of trust.

Anthony Nantes, Wisr CEO, said “We’re disrupting an entire industry by starting with a purpose to improve Australians’ financial wellness and helping our customers repay their loans earlier and faster with our financial wellness tools. By putting our customers first and providing access to smarter, fairer credit and encouraging them to pay down their debt faster, we’re going to build a company of significant size and scale. We aim to also have a major impact on the Australian community by simply always doing the right thing for our customers and acting in their best interest. Being recognised for this as the winner of WeMoney’s Non-Bank Lender of the Year Award is an incredible honour.”

NOW Finance won the award for ‘Excellent Rates & Fees’ for their personal loan product, recognised for exceptional value with their ‘no fees’ approach.

Richard Blumberg, NOW Finance Founder & CEO, said “We pride ourselves as being Australia’s ‘no fee and none of the bank’ lender, and we’re rapidly becoming the most awarded too. To win the Excellent Rates and Fees award from WeMoney is particularly satisfying as it directly recognises the great value on offer to customers by having no fees on our product at all, whilst still providing market leading interest rates. The entire team at NOW Finance is dedicated to giving our customers the best possible personal loan and this award is fantastic recognition of that.”

The awards program was supported by a panel of independent judges with a diverse background across fintech, venture capital and lending. The judges included Lynda Coker (Entrepreneur in Residence, 1835i), Cam Sinclair (Director, Ammo Marketing) and Ben Ford (Head of Growth, Frollo).

As demand from WeMoney members to identify trusted brands continues to grow, there will be a broader set of awards launching throughout the coming months.

Full List of Winners of the 2022 WeMoney Personal Loan & Car Loan Awards:

Personal Loans

Non-Bank Lender of the Year

  • Winner: Wisr
  • Runner-up: NOW Finance

Excellent Rates & Fees

  • Winner: NOW Finance
  • Runner-up: Wisr

Outstanding Customer Service

  • Winner: MoneyMe
  • Runner-up: Wisr

Car Loans

Non-Bank Lender of the Year

  • Winner: Loans.com.au
  • Runner-up: MoneyMe

Excellent Rates & Fees

  • Winner: Loans.com.au
  • Runner-up: Plenti

Outstanding Customer Service

  • Winner: Finance One
  • Runner-up: Wisr

To learn more about the awards and winners: 

https://www.wemoney.com.au/car-loan-awards

https://www.wemoney.com.au/personal-loan-awards


For further information from the WeMoney team, please contact:

WeMoney

Media and Awards Team

hello@wemoney.com.au

CommBank partners with Mambu to develop Unloan, the CBA group’s new digital home loan

Australia’s leading bank, Commonwealth Bank of Australia (CBA), has selected market-leading SaaS cloud banking platform Mambu as the technology foundation of its next-gen digital mortgage brand, Unloan.

“We’ve selected Mambu to underpin our new home loan brand, Unloan, and look forward to working closely with Mambu as we continue to digitally transform our suite of CBA Group brands,” explained Brendan Harrap, Chief Architect at CBA. “Partnering with Mambu is an investment in future-proofing CBA. Mambu’s SaaS cloud banking platform will enable us to bring in best-in-class solutions from other high-performing fintechs and vendors, build financial solutions that meet the demands and expectations of our customers, and retain our position as Australia’s leading bank.”

Mambu is a true SaaS cloud banking platform and has a uniquely composable approach that enables the assembly of independent components, systems, and connectors to meet business needs and end-user demands. This approach aligns perfectly with CBA’s goal to understand and anticipate its customers’ evolving needs, utilising next-gen technology like data analytics, AI and cloud to deliver personalised, agile and flexible finance solutions to consumers.

“We are thrilled to be working with CBA,” said Myles Bertrand, Mambu’s Managing Director, APAC, “an organisation that has already demonstrated a deep understanding and respect for the power of technology and taken a lead role in Australia’s digital banking revolution, as evidenced by its proactive investment in digital technologies. Working with organisations that want to make banking better for everyone is at the heart of what we do at Mambu, and this new partnership with CBA fits that bill perfectly.”

“There has been a profound shift in the way people think about their finances over the last two years,” added Paul Apolony, General Manager Australia and New Zealand at Mambu, “with significant acceleration in the adoption of digital technologies and greater expectations from consumers. People aren’t content to just get what they’re given anymore; they want personalised customer service and products that are tailored to their circumstances. That’s what Mambu can enable, at a fraction of the cost and much more quickly than traditional banking technology. We are so excited to be working with CBA as it takes this next leap into the digital future.”

Unloan is set to be a revolutionary force in the Australian mortgage industry, with the new offering able to provide loan refinancing applications in as little as 10 minutes and a discount that increases every year for up to 30 years. Unloan was launched to the Australian market in May 2022.


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. The Mambu team of 900 is spread across the globe and supports over 230 customers in 65 countries, including Western Union, N26, BancoEstado, OakNorth, Raiffeisen Bank, ABN AMRO, Bank Islam, Orange Bank and Commonwealth Bank of Australia. With 400 deployments to date and 100% year-on-year growth, Mambu’s API-first, cloud-native platform is currently used by more than 65 million end customers around the world.


About Commonwealth Bank of Australia

The Commonwealth Bank of Australia (ASX:CBA) is one of Australia’s leading providers of personal banking, business and institutional banking and share broking services. With more than 15 million customers and a history spanning more than a century, the Group’s purpose is to improve the financial wellbeing of its customers and communities. The Commonwealth Bank is Australia’s leader in digital banking and maintains the largest branch network across the country. Headquartered in Sydney, Australia, the Bank operates brands including Bankwest in Australia and ASB in New Zealand. For more information on Commonwealth Bank, visit www.commbank.com.au.


About Unloan

Unloan is a new kind of home loan built for a digital world. We believe home loans should be easy to get and easier to live with. That’s why we built a home loan with a low variable rate, an increasing discount^, and an easy online application. For more information visit www.unloan.com.au

Nano digital home loans extends its 10-minute home loan product to help homebuyers avoid the stress and anxiety of the lengthy finance process

Over 70% said their lender took over a week to grant them home loan approval citing “too much paperwork” and “slow response times” as the key reasons for the delay 

  • Meanwhile, time in market for properties nationally has dropped from a median 33 days in  early 2021 to 28 days in May 2022 – after reaching an all-time low of 20 days in November  2021, meaning 20% – 30% risked missing out on a property because their lender was too slow 
  • 1 in 5 Australian borrowers missed out on their property due to a delay in securing finance,  causing them stress and anxiety 
  • Nano’s new digital home loan solution provides full loan approval (bypassing the need for pre approval), in a sub 10 minutes 

SYDNEY, AUSTRALIA, 14 June 2022: Australia’s first truly end-to-end digital home loan lender Nano is disrupting the $2 trillion Australian mortgage market by extending its product suite to help  home buyers and property investors navigate Australia’s complex housing market, with fast upfront  full approval, not pre-approval. 

According to the latest Australian homeowner research by Nano1, over 70% said their lender took  over a week to approve their home loan, while 1 in 5 stated it took over 3 weeks, citing “too much  paperwork” and “slow response times” as key reasons for the delay.  

The research also found that 1 in 5 Australian homeowners actually missed out on a property due to  a delay in financing, sometimes even more than once – leaving them “angry” and “disappointed”.  

This comes as a report published by CoreLogic showed that Australian properties were selling at  their fastest rate in almost two decades, as the median time on market dropped to an all-time low of  20 days in November 2021 and has increased to 28 days in May 2022. This is still well below the  rolling national 5-year average that peaked at almost 45 days on market.  

According to Andrew Walker, co-founder and CEO of Nano digital home loans: “traditional lenders  slow approval times add an unnecessary layer of anxiety to an already complex process. When you  combine this with a fast-moving property market, it makes an already stressful process even more  daunting. 

1 Consumer research commissioned by Nano and Pureprofile in April 2022 of over 1000 Australians aged 30+ who  have purchased a residential property in the past 5 years with a total household income of over $100,000 

“If we compare home loan approval times to the median days’ properties spend in market, 20% to  30% of borrowers are at risk of missing out. 

“Unnecessary paperwork and manual credit-underwriting slow things down, and it’s at this point that  home buyers start to feel the stress and anxiety that comes with waiting for their loan to be approved.” 

Today, Nano gives potential home buyers the ability to secure full approval in minutes not weeks.  Their digital end-to-end home loan is not an online application, it’s a digital decision engine that  delivers an answer in real time.  

Their proprietary automated decision engine checks each borrower’s credit history, serviceability, and identity, as well as completing a digital property valuation, so full upfront approval can be  achieved in minutes, not weeks.  

“Our record time for full approval is sub 10 minutes, making it the fastest loan approval in Australia,  if not in the world.  

“We’re using technology to innovate so we can give borrowers confidence and peace of mind when  buying a property’ added Mr Walker.  

The recently launched product enables approved home buyers to borrow up to $2.5 million or 80%  of the valuation with terms out to 30 years at a competitive loan rate from just 2.24% per annum. 

This follows from Nano’s success of saving Australian’s over $65 million in interest since launching  their refinance product in June 2021.  

Australian home buyers have a ‘fear of no approval’ 

For more than half (56%) of Australian borrowers the lengthy home loan approval process starts with  pre-approval, with 94% believing it gave them the confidence that their loan would be approved faster.  

However, despite having pre-approval, 1 in 5 missed out on a property due to a delay in securing  financing and for 1 in 10 that happened more than once.  

According to Mr Walker, ‘pre-approval is still considered an important first step for many buyers,  however it comes as no surprise, that the confidence pre-approval gives buyers is short lived, as pre approval is not full approval. 

“Our research shows that 33% of borrowers worried they would lose their deposit. Like one of our  recent customers who came to us after his lender of 25 years said he had no chance of getting  approved in time to meet his 21-day settlement clause. The fastest they could do was 46 business  days, despite already having pre-approval.  

“We can give buyers the confidence to purchase fast with full home loan approval in sub 10 minutes,  bypassing the need for a pre-approval. Speed and ‘time to yes’ is the new battleground in lending,  and we’re leading the way,” he added. 

With their new offering, Nano customers have the additional flexibility of being able to get more than  one loan and use equity from another property as cross collateral. 

Nano also offers a low rate, fee free, full feature home loan at no extra cost. Every home loan comes  with the added benefit of a free offset sub-account – which typically comes at an additional cost with other lenders.  

“Our goal at Nano is to enable buyers to bid, offer and buy with confidence, so the home loan approval  process doesn’t cause buyers to miss out on their dream property or risk losing their deposit.  

“In the end, it’s all about giving buyers flexibility, transparency, and confidence for one of the biggest  investments in their lives” concluded Mr Walker. 


Media enquiries:  

Louise Priddle 

Honner 

+61 458 751 023 

louise@honner.com.au 


About Nano digital home loans  

Nano digital home loans is an Australia-based financial technology company licensed to provide loans  under the National Consumer Credit Protection Act. It employs Nano’s advanced data and innovative  digital technologies to offer consumers better financial services exemplified by simplicity, fairness and  innovation. Nano Digital Home Loans is provided by Digital Mortgage Solutions Pty Ltd and has an  Australian Credit Licence (ACL) 511406, meaning the business can provide lending products.  www.nano.com.au

LAB Group Integrates with Praemium to Deliver Secure Onboarding and Improve User Experience, with First Use at Marcus Today

Australia’s most connected account opening platform provider, LAB Group (“LAB” or “the Company”), is pleased to announce that it has delivered a new integration via partnership with Praemium Ltd (ASX: PPS) (“Praemium”), which will simplify digital client management for users of Praemium’s platform.

Praemium (ASX: PPS) is a leader in the provision of technology platforms for managed accounts, investment administration and reporting. Praemium services more than 300,000 investor accounts covering over $260 billion in funds for more than 1,000 financial institutions and intermediaries, including some of the world’s largest financial institutions. This strategic integration between LAB Group’s KYC and onboarding platform and Premium’s platform technology creates efficiencies for the users of both systems by further enhancing the connectivity and the automated data flow of both platforms.

Financial planners and advisers using Praemium can now benefit from LAB Group’s unprecedented and comprehensive oversight of the new client application process.

Marcus Today, a leading independent Australian stock market newsletter and provider of Separately Managed Accounts (SMAs) who uses Praemium’s platform technology to administer its clients SMAs was seeking an integration to facilitate their non-advised clients onboarding and LAB Group was the preferred solution to automate, enhance and gain insights into its clients onboarding process.

Marcus Today founder and director, Marcus Padley, said:

“We are delighted by the impact LAB Group has had on our operations. Its platform has transformed how onboarding is managed within Marcus Today and has measurably improved our user experience.

“Building on our history together, we couldn’t be happier to now see LAB and Praemium integrate, as this will streamline the user experience further for all of our investors. We have long viewed this integration as a key part of our strategic journey and are glad to report it is now working as planned, providing us with immediate insight into our new clients’ onboarding journey. LAB Group has proven itself to be a strong partner to Marcus Today and the market leader in secure onboarding.”

Nick Boudrie, CEO of LAB Group, said:

“Through our new partnership with Praemium, we are excited to deliver another integration for our digital onboarding platform. With Praemium an increasingly strong independent wealth technology platform provider in Australia, we see immediate potential to expand the scope of this integration to LAB clients around the globe.

“As the most connected digital onboarding platform in Australia, we are firmly committed to the rapid expansion of strategic integrations like this with Praemium, to continue enhancing our client’s product origination, distribution and fulfilment through the LAB Network.

“We remain committed to maintaining our advantage as Australia’s most connected digital onboarding platform. As our network continues to strengthen across financial services and other industries, we look forward to building out more upstream and downstream connectivity as we work toward our strategic goal of leadership in data automation across our chosen markets.”


About LAB Group Services Pty Ltd

Where welcome onboard begins.

LAB is a RegTech providing an innovative KYC & Onboarding platform that revolutionises the customer journey from the very first steps, fulfilling AML/CTF regulatory needs whilst saving time and resources by providing a high degree of automation for account creation and customer lifecycle management using remediation and ongoing customer due diligence processes.

The LAB platform welcomes tens of thousands of people into hundreds of financial product offerings across over 15 industry verticals, matching applicants with a vast array of market offerings.

Connect to more people in more places.

Connect into the LAB Network that leverages strategic partnerships and integrations to enhance product origination and distribution.

Hundreds of regulated entities around the globe connect through the LAB Network to accelerate customer registration, reduce onboarding time, increase security, and achieve higher completion rates.

The leaders in secure onboarding.

LAB’s continually advancing platform empowers our businesses to stay ahead of rapidly changing compliance regulations and evolving customer experience expectations.

Our Software-as-a-Service (SaaS) platform provides a fully compliant, end-to-end, multi product digital onboarding process. LAB seamlessly connects digital client acquisition, ID verification, biometrics, workflow management, fraud protection and compliance services on a single platform.

Become part of the most connected digital onboarding platform.

With LAB’s unmatched connectivity, we get you to market sooner through our sector-agnostic integrations and transformational data automation.

Discover more at  https://labgroup.com.au/


For all media enquiries please contact Tim Dohrmann, NWR Communications

Phone:  +61 468 420 846

Email: tim@nwrcommunications.com.au

https://nwrcommunications.com/

Western Union integrates Mambu into its new digital bank platform

Mambu, the cloud banking platform, has teamed up with Western Union, a global leader in cross-border, cross-currency money movement and payments, to integrate its solution into the latter’s next generation real time multi-currency digital wallet and digital banking platform in Europe.

Mambu will enable Western Union to extend the relationship with its customers and create a new banking experience. With its cloud-native platform, Mambu has 70 million daily users and over 230 banks and financial institutions as customers.

Built on Mambu, Western Union’s digital banking app WU+ will bring together a range of features that make it easy to move money, manage cards and view transactions.

Mambu gives Western Union full control to deploy new banking products and services that are easy to configure and integrate with external applications. In a single, native mobile app, customers can create a new account in minutes by selecting a subscription model and start saving and spending instantly.

The new digital banking offering will help Western Union transform the transactional relationships it has with customers, into closer customer-centric connections.

Thomas Mazzaferro, Chief Data & Innovation Officer at Western Union, said: “Our ambition is to provide market-leading financial solutions to our customers. By partnering with Mambu we have built our digital banking products and services starting in Europe with Germany and Romania. The Mambu and Western Union team have come together in a truly collaborative partnership accelerating our financial service ambitions, while building a product that can scale and is cloud agnostic.”

Western Union connects millions of consumers to their families and loved ones, as well as to the world economy, across more than 200 countries and territories and in over 130 currencies.

The company has a truly diversified omni-channel offering, bridging the digital and physical worlds with a global retail agent network consisting of hundreds of thousands of locations, combined with one of the largest cross-border, person-to-person digital global networks, reaching billions of bank accounts, as well as millions of digital wallets and cards.

Eugene Danilkis, CEO and co-founder of Mambu, commented: “The industry has reached a tipping point for cloud adoption. Large financial institutions have started a global trend of moving to cloud-native, nimble tech stacks and are becoming part of the ecosystem. Western Union adopted the cloud because they recognised that FIs of the future need to engage their customers with excellent new products. We are looking forward to seeing Western Union wow their customers with modern and secure banking services.”


Notes to Editors

For media enquiries, please contact 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 900 employees​ that support 230 customers in over 65 countries – including N26, BancoEstado, OakNorth, Raiffeisen Bank, ABN AMRO, Bank Islam and Orange Bank. www.mambu.com

Five Fintechs on Friday – 10 June, 2022

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

But first, news from the industry…

Basiq launches Smart Payments to accelerate Australian fintech ecosystem. MyBond turns one, celebrated its first anniversary recently in Sydney. Currencycloud gains ASIC licence to operate in Australia. Change Financial bolsters card capabilities for New Zealand mutuals.

 

Below are five fintechs to know about this fortnight!

Kraken

Kraken is one of the world’s largest global digital asset platforms and a leader in euro volume and liquidity. Globally, Kraken’s client base trades more than 100 digital assets and 7 different fiat currencies, including GBP, EUR, USD, CAD, JPY, CHF and AUD. Kraken, now 3,000 employees, was founded in 2011 and was one of the first exchanges to offer spot trading with margin, parachain auctions, staking, regulated derivatives and index services. Kraken is trusted by over 8 million traders and institutions around the world and offers professional, round-the-clock online support.

APLYiD

APLYiD‘s new Digital Verification Of Identity (VOI) product uses ARNECC’s identity document requirements as the parameters for ID verification. APLYiD VOI is completed on a mobile device in under 3 minutes making the process seamless for customers throughout the home loan process and can capture documents like: driver’s licence, passport, medicare card, and name change certificate to assist in meeting regulatory requirements for lenders.

APLYiD’s leading biometric and document tampering technology can give you the confidence to know that the person making the application is who they say they are and their documents have not been falsified – while also accessing government data and other trusted sources to give the most complete, secure ID document verification in the world.

For a demonstration please get in touch with the team via www.aplyid.com

Azupay

Azupay are specialists in real-time payments and the first to offer an Australian made consumer-to-business payment solution using the New Payments Platform (NPP) and PayID. We provide a fast, efficient and cost-effective way for Australians to pay and get paid in real-time, 24/7, 365 days a year. With Azupay, we make sure your payments are faster, safer and smarter. Website: https://azupay.com.au/

oneZero

oneZero develops multi-asset class enterprise trading technology for retail brokers, institutional brokers, banks and liquidity providers. We offer a liquidity neutral solution for trading technology, distribution and analytics. Our technology handles $100B+ ADV, 6M+ transactions/day, and billions of quotes/day.

oneZero was founded in 2009 by Andrew Ralich and Jesse Johnson. Headquartered in Boston, Massachusetts, we have 120+ global employees delivering superior results for 200+ customers. We have development and operations centers in Asia, Australia, Europe, North America and the United Kingdom. oneZero is backed by a top-tier growth private equity firm, Lovell Minnick Partners.

InDebted

InDebted is changing the world of consumer debt recovery for good.

We’re a global digital debt collection solution with the world’s most intelligent, customer centric collections platform. Using data science and digital communication, InDebted has built a scalable product that delivers tailored messaging and personalised support to produce exceptional customer experiences and optimal recoveries. We are focused on the financial health and wellbeing of customers, taking an empathetic and understanding approach to supporting their debt free journey.

InDebted was founded in Australia in 2016 by our CEO/Founder, Josh Foreman. Fast forward to today, and InDebted has completed three funding rounds totalling $50 million AUD, we’ve grown to a team of over 250 people living and working in 11 countries around the world, and we’re operational in five markets (with many more to come soon).

Check out our previous issues here

Upcoming Events
  1. Intersekt 2022

    September 7 - September 8
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