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

Envestnet | Yodlee Collaborates with Intuit QuickBooks to Provide Financial Data Connections to Millions of Small Businesses

Intuit QuickBooks Will Integrate Envestnet | Yodlee’s Data Aggregation Capabilities Into Its Accounting Software, Enabling Customers to View All Their Finances in One Place

Sydney, AU – October 13, 2021 — Envestnet | Yodlee, a leading data aggregation and analytics platform for financial services, and Intuit QuickBooks, the global leading provider of financial planning and accounting software, have formed a collaboration to provide aggregated financial data and information to small businesses in multiple countries around the world, helping the financial management software company expand into new territories internationally.

The collaboration will enable Intuit QuickBooks to leverage data feeds with new financial services providers as well as increase its presence in multiple countries over the next three years.

Envestnet | Yodlee will provide Intuit QuickBooks customers with the ability to connect to their banking data. It will allow self-employed and small businesses using the financial management software to save time, reduce costs, as well as provide a complete view of their business’ finances, enabling them to make more informed business decisions.

“Through Envestnet | Yodlee’s collaboration, Intuit QuickBooks will provide its customers with a reliable and secure way to access their financial data,” said Jason O’Shaughnessy, Head of International Business at Envestnet | Yodlee. “Our collaboration with Intuit QuickBooks is another example of Envestnet | Yodlee helping to build a financial ecosystem that supports financial wellness and it enables access to digital innovation in markets across the globe.”

“Envestnet | Yodlee’s financial data network will support our ability to expand in multiple countries and provide our customers with secure and automated direct connections, which helps make their lives easier when it comes to reviewing their business’ performance and preparing for compliance. We are excited to cooperate with Envestnet | Yodlee to accelerate our mission of Powering Prosperity around the World,” said Steve Kemp, Head of Financial Institution Partnerships – Australia and Emerging Markets, at Intuit QuickBooks.

About Envestnet

Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). Envestnet is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions and intelligence to make financial wellness a reality for everyone. Nearly 108,000 advisors and more than 6,000 companies including: 17 of the 20 largest U.S. banks, 46 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs and hundreds of FinTech companies, leverage Envestnet technology and services that help drive better outcomes for enterprises, advisors and their clients.

For more information on Envestnet | Yodlee, please visit www.yodlee.com, subscribe to our blog, and follow us on Twitter (@Yodlee) and LinkedIn.

About Intuit

Intuit is a global technology platform that helps our customers and communities overcome their most important financial challenges. Serving approximately 100 million customers worldwide with TurboTaxQuickBooksMint and Credit Karma, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.

Intuit and Envestnet are separate and unaffiliated firms. This release should not be construed as a recommendation or endorsement of any particular product, service, or firm.

FinTech Voice October 07: Sponsored By Signiflow

We’re in the last quarter of 2021 and we can’t wait to get to meet in person again!

Over the last fortnight, FinTech Australia held two important events – the roundtable with Minister Hume and the Fintech Megatrends Webinar with Amazon Web Services. We were delighted to have such a high level of engagement during the roundtable and record attendance for the Webinar.

We are excited to celebrate the success of fintech on October 13 (5:45 pm – 7:00 pm AEDT)Save the date and join us at the Finnies 2021 awards night next week

Save the date for the Finnies 2021!

Celebrate the night with your FinTech peers, virtually!

 

Following on from our recent submission in response to the Consumer Data Right version 3 of the rules consultation, the Government has finalised their amendments to the Consumer Data Right Rules (version 3 of the rules).

You may have also received a separate email day before yesterday inviting you to the 2021 edition of the EY FinTech Australia Census. We hope you can join us for the special webcast with EY, FinTech Australia and Austrade to hear, for the first time, the outcomes of the EY FinTech Australia Census 2021 on Wednesday, 20 October 2021.

If you are searching for great people with digital skills, join the Digital Jobs Program in association with Vic Gov’s Digital Jobs program:to bring new skills and new talent into your business. Businesses can host candidates through a 12-week internship arrangement (partially subsidised by VicGov) after candidates receive 12 weeks of free digital skills training through the program.

Finally, we also welcome our growing member base with new members – CODAT, Fincue, Quest Finance Australia and Canvas

Regards,

Rebecca Schot-Guppy
CEO
FinTech Australia

SigniFlow is an Advanced Electronic Signature (AES) provider that offers compliant alternative to wet-ink signatures. It can be deployed as a SaaS, on-premises or integrated into third party applications. All on premise deployments benefit from unlimited signatures or document workflows, which is unheard of. Unlike simple electronic signatures, SigniFlow embeds a signer’s digital ID (email address, mobile number, IP address, browser and geolocation) into the PDF using encryption. This ensures non-repudiation in a court of law.

Integrated with Australia Post’s Digital ID for KYC, SigniFlow can verify signer identity before documents are signed. eSign with total confidence, wherever you are. There’s no need to pay what our competitors charge.

InsureTech Whitepaper

We are continuing to work closely with our Insurtech policy working group and policy partners towards completing our whitepaper.

Questions on Notice

We have submitted our responses to the Select Committee on Australia as a Technology and Financial Centre in relation to the questions we took on notice regarding cryptocurrency, de-banking and the ACCC’s proposed changes to the laws surrounding mergers & acquisitions.

A copy of our responses is available to read, here.

Digital ID

We are submitting on the Government’s latest Draft legislation release for the Australian Government Digital Identity System. We are collecting member feedback

Further information on the consultation is available here.

Consumer Data Right Rules

The Government released their CDR Rules version 3 update – available here.

👩🏻‍🎓 The demand for digital skills is growing, and the Victorian Government’s new Digital Jobs program is helping build Victoria’s digital workforce to help businesses thrive. Over the next three years, mid-career Victorians will complete a six-month program that includes 12 weeks of industry-backed training followed by 12 weeks in a paid digital job with a Victorian business. Some of the state’s top employers will host candidates, including ANZ, Carsales, Zendesk, Amazon and MYOB.
If you are searching for great people with digital skills, learn more and apply now

🗞️ NSW Going Global Export Program 2021-2022 is now open for applicants. Through this free engagement program, NSW Government will provide knowledge, expertise, and support to expand your business to the right customer in the right global markets. Enroll today! – Link here

🏦 BDO Australia is hosting their free virtual masterclass series. In three, two-hour financial education sessions, they will help you understand your business’s numbers and plan for a sustainable future. Learn more about the masterclass here

📊 A panel discussion on How Consumer Data Right (CDR) payment initiation intersects with PayTo presented by New Payments Platform (NPP) on October 12Register here and join the panel

📱 Want to know more about how technology is playing a key role in delivering leading experiences through the different phases of the design process. Join the webinar on Technology Initiatives: Design & Discover the Right Solution with Jade World12 October – Register here

💲 Hear from the leading Business and Industry leaders at the online launch event, exploring Fintech in Vietnam and learn how Australian companies can be part of the emerging fintech sector. Register for Fintech in Vietnam Event Launch on 27 Oct – 3:00 PM – 4:30 PM AEDT

💰 Save the date for the Fintech Connect webinar hosted in collaboration with the Australian Trade & Investment Commission, the Canadian Trade Commission, and the New Zealand Trade and Enterprise. A webinar featuring local and international speakers in the fintech industry. Book your slots here

📊 Join the online launch event exploring Fintech in Vietnam and learn how Australian companies can be part of the emerging fintech sector with FinTech in Vietnam Event launch on 27 October. For more information and registration, visit here

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

  • Openpay supported by Australian Trade and Investment Commission (Austrade) has now launched its BNPL and B2B payments services in the United Kingdom and the United States.
  • The National Health and Medical Research Council (NHMRC) is now receiving e-invoices from suppliers to combat fraud and improve payment times – selecting Link4 as an Access Point provider
  • BTC Markets recently ran a survey with over 1,800 participants to find out more about what the average Australian cryptocurrency investor looks like.
  • IDEMIA, globally renowned for Augmented Identity and for their innovation in payment cards now provides a member exclusive metal card offer
  • Leading commercial credit reporting agency CreditorWatch recently launched its Future of Fintech 2021 thought leadership paper, which is a comprehensive overview of the state-of-play across Australia’s vibrant fintech sector.
  • Australian founded and headquartered payments disruptor, Till Payments (Till), has closed its Series C funding round, raising $110 million in private capital for global and local expansions.
  • GetCapital, a provider of credit and payment platforms to Australian businesses, recently joined the Tech Council of Australia.

Five Fintechs On Friday – October 08, 2021

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

But first, news from the industry…

Independent Reserve becomes first Australian cryptocurrency exchange licensed in Singapore. Some major partnership deals recently with Zip’s global partnership with all-in-one payments platform Adyen and Stake partners with fintech unicorn Airwallex. New launches! 1WordFlow launching the digital edition of Scott Farrell’s Payments System and TrueLayer launches its global Open Banking Platform in Australia!

Aussie fintech disruptor Till Payments raises $110 million in Series C funding round for global and local expansion.

Lastly, we have 5 days to go for the Finnies! We are excited to celebrate the success of the industry on October 13 (5:45 pm – 7:00 pm AEDT)Save the date and join us at the Finnies 2021 awards night next week.

Below are five fintechs we shortlisted for this fortnight

 

Taulia

Headquartered in San Francisco, Taulia is the leading fintech provider of working capital management solutions who believe in building a world in which every business thrives by liberating cash trapped in the supply chain. They help companies access value tied up in their payables, receivables, and inventory. Taulia also helps companies transition from inefficient and often manual working capital management practices into technology-led, working capital optimisation strategies where every party across the supply chain has the cash they need to thrive. Over 2 million businesses use Taulia’s platform to determine when they want to pay and be paid. Taulia processes more than $500 billion each year and is trusted by the world’s largest companies including Airbus, AstraZeneca and Nissan. They recently continued their development in Asia and have a strong presence in Australia and New Zealand.

Meeco

Pioneering since 2012, Meeco unlocks the power of consent-based personal data, giving organisations the tools to empower their customers to access, control and create mutual value from their personal data. Meeco offers FinTech, RegTech, LifeTech and KidTech solutions across, banking, telecommunications, government and health. Meeco’s technology is a Privacy and Security by Design, ISO certified suite of products: a decentralised wallet (incorporating identity, verifiable credentials along with micropayments and tokens), a key management store, a secure data enclave (vault) and a credential brokerage service. Meeco’s technology is decentralised on Hedera Hashgraph and a strategic Consumer Data Right enabler.

Precinct

While some in the community are ‘digital native’ and a growing number have fully migrated to digital banking channels, there remains a majority of the population that use physical banking channels either sometimes, most of the time, or all of the time. At Precinct, the purpose is to ensure sustainable access for that segment of the community, both businesses and consumers. This purpose is increasingly needed as bank branch networks continue to reduce. They are strongly supportive of the continuing advances of digital platforms and solutions, but we feel a strong obligation to ensure that we don’t leave people behind – those people are often the most vulnerable in the community. The team is building both a physical and digital infrastructure, with services from a number of fintechs as part of our architecture, to allow businesses and consumers to continue to bank physically with their bank if that is their preference or need.

Fundsquire

Fundsquire is a global source of capital that invests in innovative businesses in Australia, the UK and Canada – working closely with the customers to offer straightforward, personalised, non-dilutive funding through R&D tax credit loansgovernment grant funding and revenue based financing. Transitioning from a startup to a scaleup, their own journey motivates them to create unique solutions that empower businesses to take control of their funding timeline for accelerated growth. Over the past year, Fundsquire has doubled its investments in category-leading businesses. This rapid growth has been enabled by strategic expansion of team and operations along with technology platform development. Fundsquire also brings its customers an expansive network of partners and perks to enable seamless funding options for businesses at all stages of growth.

Global Processing Services

Global Processing Services (GPS) is the trusted and proven go-to payments processing partner for today’s leading challenger fintechs, including Revolut and Paidy. GPS has to-date issued over 170 million cards, enabled in over 48 countries, and last year processed over 1.3 billion transactions through its platform. Joanne Dewar, CEO of GPS, commented: “Agility is key to fintech success, and the winners will be those that learn how to collaborate with the best technology providers as true partners rather than suppliers. This collaborative approach that harnesses the collective experience is one of the real secrets to success, regardless of the size of the organisation.”

 

Check out our previous issues here!

Emerging fintech LAB Group partners with Shaws to streamline digital onboarding for stockbroking clients

Sydney, Australia – Australia’s leading financial services KYC & onboarding platform provider, LAB Group, is pleased to announce that it has partnered with one of Australia’s preeminent investment and wealth management firms Shaw and Partners to enhance the organisation’s client onboarding experience. With a national presence and over $27 billion of assets under advice, Shaw and Partners is client focused and is continuously looking for ways to enhance its client and adviser experience.

Shaw and Partners has successfully deployed LAB Group’s white labelled client onboarding solution, LABform, empowering financial advisers and desk assistants to seamlessly originate domestic and international equity trading accounts for their clients. After the deployment went live, LAB Group has activated additional products to facilitate digital onboarding for clients to Shaw and Partners’ derivatives and portfolio service offerings, leveraging the platform’s multi-product electronic signing capabilities.

LAB Group’s platform has significantly streamlined the customer onboarding experience for Shaw and Partners clients, accelerating registration and enabling electronic identity verification for individuals, companies and Self-Managed Super Funds (SMSFs) across execution, general advice, sophisticated and professional investors.

Shaw and Partners advisers and their desk assistants can now minimise their administrative load and spend more time with clients by specifying brokerage schedules and other client preferences, such as reporting frequencies and methods of communication, using LAB Group’s white labelled client onboarding solution. LABform’s connectivity with a wide range of industry systems and service providers will then allow Shaw and Partners personnel to automatically establish a pre-filled digital account application for the seamless creation of the client’s cash settlement account with LAB Group’s integrated banks.

The new client onboarding solution also connects directly to Shaw and Partners’ clearing and settlement agent, FinClear. This allows FinClear to easily sequence new applications with the relevant cash settlement bank account number and add this to the clearing and settlement account record, facilitating instantaneous funding. For Shaw and Partners’ derivatives service offering, LAB Group’s product-centric platform can deliver similarly simple, fully integrated and rapid account generation.

Nick Boudrie, CEO, and co-founder of LAB Group said: “We’re proud to be part of Shaw and Partners’ growth journey and grateful for the opportunity to support its adviser and client network. Shaw and Partners is effectively leveraging multiple aspects of the LAB Group offering, deriving maximum value for the benefit of its clients and advisers. LAB Group is excited to continue to develop this relationship as we deliver further integrations and innovations which will allow Shaw and Partners to continue to lead from the front.”

Earl Evans, Shaw and Partners Co-CEO, said: “We are delighted to partner with LAB Group and adopt their market-leading technology. Integrating the LAB Application Manager and LABform with our existing platforms will empower our advisers and their teams to save significant manual labour on processing and will facilitate the origination and population of new client applications more efficiently than ever.”

About LAB Group Services Pty Ltd

LAB Group provides streamlined digital customer acquisition, identity verification, and onboarding technology, including a complete suite of regulatory and compliance functions to the financial services industry globally.

LAB Group’s digital customer acquisition and onboarding Software-as-a-Service supports a seamless, secure, and compliant customer journey with continuous improvement through compliance monitoring, advanced analytics and implementations.

LAB’s technology continuously evolves to meet the constantly changing Know Your Customer and Compliance demands of regulators.

With both an open architecture and focus on partnership integrations, LAB Group connects and continues to integrate with an increasing number of common industry systems and service providers across Stockbroking, Investment, Wealth Management and many other areas of financial services. LABform powers financial service ecosystems to automate the end-to-end onboarding process enabling customer records to be created, verified and fully operational, fast and efficiently.

Partner with LAB Group to transform your customer onboarding process and accelerate your business growth: https://labgroup.com.au/

About Shaw and Partners:

Shaw and Partners is one of Australia’s pre-eminent investment and wealth management firms. With a national presence and over $27 billion of assets under advice, Shaw and Partners offers the intimacy of a boutique investment firm, backed by the resources and scale of a major financial group, EFG International. Shaw and Partners offers tailored advice and investment solutions, financial planning and corporate advisory services.  The firm acts for and on behalf of individuals, institutions, corporates and charities. Shaw and Partners offers access to an extensive team of private client advisers, institutional sales and trading specialists, market leading research analysts and strategic corporate financiers.

TransUnion Invests in Monevo To Serve the Personal Credit Market

TransUnion, a global insights and information company, today announced its investment in UK-based fintech Monevo – a personal credit platform and API empowering lenders to deliver highly personalised credit offers to consumers via comparison websites and other third parties.

Eligibility, also known as pre-qualification, is an important part of consumer lending. Pre-approved offers, or an indication of the likelihood of being approved at the rates shown, enable consumers to shop for personalised credit products with ease, while ensuring multiple eligibility assessments do not adversely impact an individual’s credit score.

Operating primarily in the UK and US, as well as Poland and Australia, Monevo provides centralised infrastructure, with the technology, decisioning and integration to allow lenders and aggregators to work efficiently together to deliver the best possible consumer outcomes.

Greg Cox, CEO of Monevo said: “Our mission has always been to improve access to credit by providing the technology and infrastructure to power credit distribution globally. By partnering with TransUnion, which owns and operates key services and infrastructure in the credit ecosystem and serves a large global base of relevant clients, the potential of this investment for Monevo is huge. Both parties share a similar ethos for innovation and empowering consumers to make better credit decisions, and we’re extremely excited to work with the team at TransUnion to realise Monevo’s growth potential over the years ahead.”

Using granular data and predictive modelling, Monevo’s solutions enable credit providers to review and accept more applications. This helps consumers find the most suitable products, supporting financial inclusion and responsible lending. Monevo is well-established in this space in both the UK and the US, and through this commercial agreement with TransUnion can expand and improve its solutions.

“We’re pleased to make this investment and enter into a global strategic partnership with Monevo, expanding our offering to finance providers and aggregators to help them better serve their customers,” said Satrajit “Satty” Saha, CEO of TransUnion in the UK.

“Harnessing the synergies between the two businesses, we can leverage TransUnion’s data, analytic capabilities and decisioning expertise alongside Monevo’s market-leading technology platform, extensive partner distribution network and expert team.”

TransUnion’s Steve Chaouki, president of US markets and consumer interactive, added: “Monevo has driven fintech innovation in the consumer credit sector and our partnership will open up a broad range of new opportunities serving both consumers and businesses. For example, we will be able to incorporate targeted offers into our CreditView product and offer our consumer platform to Monevo’s existing customer base.”

Monevo is a subsidiary of Quint Group, which comprises a number of different businesses that serve consumer finance markets. As part of the investment, TransUnion will join Monevo’s board and provide dedicated resource to support long-term growth objectives.

For further updates visit www.monevo.com and www.transunion.co.uk

Further Information:
Camille Jackson
Brand & Communications Manager
Monevo, part of Quint Group
01625 505 464
cjackson@quint.co.uk

Notes to editors
The information in this release is intended for journalists and media professionals only. The information should not be construed as a financial promotion under the Financial Conduct Authority’s (FCA) Handbook of rules and Guidance.

About Monevo
Monevo is a B2BC Personal Credit Platform and API (application programming interface) that operates in the UK, US, Poland and Australia. Monevo provides the infrastructure, technology, decisioning and relationships to facilitate a highly complex global personal credit marketplace that is growing rapidly. Monevo powers personal credit comparison and search for some of the world’s leading financial services brands. Its API and white label solutions empower Partners to offer their customers personalised credit offers from Monevo’s integrated network of lenders and banks. Monevo is used by over 100 lenders and banks globally to distribute personal loans and credit cards.

About TransUnion
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good®. TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people in more than 30 countries. In the UK, TransUnion is a leading credit reference agency (CRA) and we offer specialist services in fraud, identity and risk management, automated decisioning and demographics. We support organisations across a wide variety of sectors including finance, retail, telecommunications, utilities, gaming, government and insurance.

FinTech Australia releases regulatory map for incoming global fintech companies

FinTech Australia has released a new tool for early-stage fintechs and global fintechs expanding into Australia, offering clear guidance on financial services licensing in Australia and which government bodies are responsible for managing them. 

View Regulatory Map


Created in partnership with law firm K&L Gates and Austrade, the regulatory map is a global first and aims to greatly ease overseas companies’ expansions into Australia and assist early-stage businesses in understanding the regulatory regime. 

For each specific license, the map details application requirements, the government agencies that need to be engaged and ongoing considerations for holding that license. 

“Companies expanding or entering the market in Australia bring with them talent and funding into our ecosystem, which benefits all fintechs. Australia’s regulation is robust and it can be a point of confusion for emerging fintechs and international fintechs. But it can create a barrier for entry for overseas fintechs. This map helps address this challenge. ” FinTech Australia CEO Rebecca Schot-Guppy said. 

“We’ve gone to great lengths to ensure this map is comprehensive, covering all special interest areas of the fintech industry. We’ve also detailed the interplay between various agencies on certain policy points.”

K&L Gates Partner Daniel Knight said: “Australia is an attractive destination for fintechs, thanks to a predictable and stable legal system. We are pleased to bring simplicity and clarity to the regulatory landscape to help fintechs from across the globe explore Australian expansion.”

Austrade Assistant General Manager Andrew Barnes said: “Investment into the Australian fintech ecosystem is an important driver of growth for the sector. This tool makes it easier for international fintechs exploring the market to learn about our regulatory system. We’re proud to support this practical initiative led by FinTech Australia.”

The regulation map is available for free on FinTech Australia’s website, building on the number of resources FinTech Australia is providing to the broader fintech community. 

Recently, FinTech Australia launched a guidance document for the fintech industry on parental leave entitlements, aiming to set a universal benchmark for the sector. 


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.

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