GoCardless launches free online course ‘PayTo University’ to support introduction of Au`stralia’s new payment system

New resource coincides with and supports the rollout of PayTo, a new, national account-to-account payment network set to replace Direct Debit 

GoCardless, a global leader in direct bank payment solutions, has today announced the launch of PayTo University; a free online course designed to assist businesses of all sizes get up to speed with the Australia’s latest payment infrastructure, PayTo, which the New Payments Platform Australia (NPPA) launches today. 

PayTo is an instant account-to-account payment method that will replace Australia’s traditional Direct Debits in approximately three to five years, and is being welcomed by the payments industry as a game-changer for its smarter, safer and faster transactions. 

GoCardless’ new course, PayTo University, is made up of bite-size modules that allow learners to conveniently complete each chapter at their own pace. It combines video segments from key experts, information-rich content and interactive test modules to help users grasp the basics of PayTo and how it can enrich their business in the near future. 

According to Luke Fossett Director of Australia and New Zealand Sales at GoCardless, PayTo has been incorporated into GoCardless’ product roadmap since 2020 and the Australian team has actively been working with merchants over the past year to understand their needs and use cases. 

“We found that when we initially started pitching the benefits of PayTo to our customers, most of them had never heard of it before. Once we walked through the benefits, it was a no-brainer – but we realised most of our customers and prospects would require a simple, informative way of learning how PayTo can benefit their business specifically – and that would likely be true for the broader business landscape. 

“We believe most merchants will require more time, preparation and knowledge to be ready to switch across from the current technology in the coming months-to-years. Many of them require more support and a holistic, platform-driven approach to their payments setup. We hope that the launch of PayTo University, alongside hands-on assistance from the GoCardless ANZ team, will help to make this process as seamless as possible,” he said. 

“Of course, there’s no one-size-fits-all approach to payment infrastructure and for anyone seeking individual support to find out how PayTo might impact their business day-to-day, our team is always on-call to help.”

“The NPPA has done an excellent job of working with payment providers to introduce PayTo. However, it’s now up to us to drive education and awareness amongst merchants everywhere, and their customers. There’s still a lot of work ahead.” 

Interested parties can access PayTo Uni free of charge here. 

Once integrated across the Australian personal finance and banking space, PayTo will be able to potentially eliminate credit card fees, while reducing fraud and preventing failed payments in real-time while giving payees greater control with all PayTo mandates approved or modified directly from their banking app. 

The conventional Direct Debit system will eventually be replaced by this new network in the next three to five years. 

Like PayID, PayTo allows merchants and businesses to initiate real-time, verified payments from their customer’s bank accounts- except the customer now has full control over billing by authorising payments from within their banking app or online account. 

Unlike other payment methods, such as cards or BPAY, PayTo agreements are designed to be cost-effective and flexible. The system will also enhance the user experience of payments, which have traditionally been manual and prone to human error. 

The network’s rich data capability can also benefit accounting processes, which will lead to less headaches and administrative downtime for business owners. 

For more information about PayTo Uni, visit: https://gocardless.com/en-au/g/payto-university/

For more information about PayTo, see: https://payto.com.au/ 


About GoCardless 

GoCardless is a global leader in direct bank payment solutions, making it easy to collect both recurring and one-off payments directly from customers’ bank accounts through direct debit and open banking. The GoCardless global payments network and technology platform take the pain out of getting paid for 70,000 businesses worldwide, from multinational corporations to small businesses. Each year GoCardless processes over US$30 billion of payments across more than 30 countries. GoCardless is headquartered in the UK, with additional offices in Australia, France, Germany and the United States. For more information, please visit www.gocardless.com and follow us on Twitter @GoCardless.

Superapp Bano partners with Currencycloud to simplify finance for Australia’s Gen Z

Currencycloud, the experts in simplifying business in a multi-currency world, has been chosen by Bano, the new Australia-based financial superapp aimed at making finances easier for Millennials and GenZ internationals, to launch its FX Converter to make remittance easier and less costly for its users and their families.

The newly-launched FX Converter is integral to Bano’s goal of simplifying finances for Millennials and GenZers and their friends and family, wherever they are. Its all-inclusive financial superapp gives people the ability to split bills with friends, make requests for payments, use a physical or digital Bano Visa card, use an overdraft feature and take advantage of the new stock trading function. In line with Bano’s customer-first approach, the superapp offers its users bonuses such as cashback, rewards, and promotions. For example, when a person makes a payment with their Bano VISA card, they receive up to 1.8% cashback, a fee most banks keep.

By partnering with Currencycloud and integrating its APIs directly into its financial superapp, Bano has access to Currencycloud’s low FX rates, providing its users with some of the lowest FX rates in Australia, and the lowest AUD to USD conversion rates in the country. The low rate means Bano can offer Australians the lowest cost for US Stock Trading through its investment product. The easy-to-set-up superapp is ideal for travellers visiting from abroad, with users able to access more than 35 currencies which they can easily send and receive within the app in real-time, commission-free. They can convert any of these currencies instantly into Australian Dollars or vice versa.

Says Randall Maccan, Head of Financial Markets and Treasury at Bano: “Bano is committed to simplifying financial management for Australia’s GenZ and Millennials. Enlarging the breadth of our superapp services with products like the FX Converter is a key part of this mission. Our partnership with Currencycloud has meant we can create a product that will provide a much-needed service for our customers, especially international students in Australia.

Says Rohit Narang, Managing Director of APAC  at Currencycloud: “Bano wants to create an easier financial life for Australians and the internationals living there. Like Bano, we are committed to making finance accessible to everyone. The FX Converter helps people instantly access funds without high fees, and we are delighted to be part of this solution.”


Notes to editors

Contact:

Currencycloud: Matt Rowntree: matt.rowntree@currencycloud.com (EMEA) / Fiona Kwen: fiona.kwen@currencycloud.com (APAC)

Bano: Brandon Foo: brandon.foo@banosuperapp.com

Bano website: www.banosuperapp.com/en

Currencycloud website: www.currencycloud.com


About Bano

Bano is a leading Fintech company based in Australia that aims to simplify finances for the Gen Z and Millennial audience. Today, Bano’s features include split bills, requests, FX conversion, and multi-currency accounts. With every update, Bano strives to bring out new services that the audience may want or need. Bano is a company for our customers, as Bano continuously finds ways to help them save money by giving away cash-backs and not charging hidden fees.


About Currencycloud

Banks, Fintechs and businesses everywhere can make bigger, better, bolder leaps with Currencycloud, a Visa solution.

Currencycloud gives businesses the capability to move money across borders, and transact globally in multiple currencies, fast. Experts at what they do, their technology makes it easy for clients to embrace digital wallets, and to embed finance into the core of their business – no matter what industry they’re in.

Since 2012, Currencycloud has processed more than $100bn to over 180 countries, working with banks, financial institutions and Fintechs around the world, including Starling Bank, Revolut, Penta and Lunar. Based in London with offices in New York, Amsterdam, Cardiff, and Singapore, Currencycloud works with partners including Visa, Dwolla, GPS and Mambu to deliver simple, clear cross-border infrastructure solutions for clients. They are regulated in the UK, Canada, US, the EU and Australia.

Nano announces major B2B expansion plan to bring fast, digital mortgages to all

  • Mortgage approval in minutes on track to become industry standard
  • More top banks to move to this new service standard using Nano’s digital loan origination platform
  • Nano aims to drive fastest ‘time to yes’ across the world in global expansion

Australia’s first true end-to-end digital home loan lender, Nano, has announced the launch of its Nano Lending Solutions business, set to power lenders across Australia, and around the globe in a major B2B expansion drive.

While Nano’s own digital consumer lending business continues to grow rapidly, the increasing demand from other lenders to match the speedy, paperless application and digital decisioning to improve their own offering and customer experience, is now core to Nano’s strategic direction.

“The technology platform we have built is scalable, cost effective, and radically improves a lender’s ‘time to yes’, and with this, the customer experience,” said Andrew Walker, Co-Founder and Chief Executive of Nano.

“The new battleground in lending is “time to yes” and Nano Lending Solutions is the global benchmark. Rapid, seamless and near instantaneous decisioning is moving from being a differentiator, to a baseline capability. Approvals in minutes, not days or even weeks, will quickly become the expectation of both customers and brokers.”

“The Nano Lending Solutions platform is not just a digital application, which is a handed to a loan officer or credit underwriter to review. The platforms proprietary algorithms drive digital approval as well – meaning we can unconditionally approve loans without any manual intervention, creating the world’s fastest time to yes,” he added.

Nano’s B2B operation, Nano Lending Solutions, licences its lending origination platform to other banks and large non-banks, enabling them to provide their customers with faster loan approvals, and a step change in customer experience.

“Our technology is available to lenders who want to accelerate their digital innovation and not be left behind, as the market shifts to a new service standard,” Mr Walker said.

 Nano’s unique technology platform automates the whole loan application and decision-making process, streamlining the property finance market with the aim of eliminating all the stress and anxiety borrowers generally experience while waiting for a loan approval.

AMP Bank relationship accelerates innovation

Earlier this month AMP Bank announced a major platform relationship with Nano, enabling it to begin offering a digital mortgage to customers in the third quarter of 2022.

Following AMP Bank, Nano is also working with another Australian bank to deliver new customer and broker experiences that leverage its advanced technology by the end of this calendar year. Details of this partnership will be announced closer to launch date.

“Not only were we first to market with our technology in providing customers with a loan decision in under 10 minutes, unlike our competitors including the major banks, there is no paperwork required.”

“This has put us materially ahead of the market and has been a key pillar of our rapid growth,” said Mr Walker.

Global B2B expansion now in focus

Global expansion is also now firmly on the horizon in Nano’s B2B growth plans.

Mr Walker explained: “If you look at the United Kingdom, Canada or the US, the problems with the lending industry are the same as in Australia. Old traditional banks have a significant market share and power. Consumers are fed up with their archaic, confusing, slow processes. Some have improved incrementally, but true innovation in lending origination is still lacking. In-bound enquiries from players in these markets has accelerated our international plans.

“The UK, for instance, is reporting that buyers are snapping up properties twice as quickly as in 2019, so there is increasing pressure there on lenders to work quickly,” he said.

“Our technology platform will speed up loan approvals for the whole financial system and create the next generation of market leaders, leaving those who only compete with low rates, vulnerable during this inflationary market” Mr Walker concluded.


Media enquiries:

Louise Priddle

Honner

+61 458 751 023

louise@honner.com.au


About Nano Digital Home Loans 

Nano is an Australia-based financial technology company that provides rapid and seamless digital lending solutions. Its main B2B business, Nano Lending Solutions, licences a technology platform that enables financial institutions to offer a fast, paperless, digital decisioning solution that cuts processing costs and significantly improves the customer experience.

Nano’s B2C business, Nano digital home loans is 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. It holds an Australian Credit Licence (ACL) 511406.

Nano is deeply committed to continuous, digital-first innovation that enables its clients, whether business or individuals, to make smart money moves. For further information please see: www.nano.com.au

Lensell: You could be leaving money on the table if you didn’t optimise

You could be leaving money on the table..

In this article, the 4th in the in the “OpinionaTech” leadership series by the LENSELL team, a novel hypothesis is launched that may be challenging for many investors and investment managers.

The article shows that regular optimisation of the asset allocation in an investment portfolio produces better returns long term compared with the ‘regular rebalancing to the original weights’ approach. Even more interestingly, in some cases (like the test one) the regular rebalancing to original weights could be overtaken by a “buy and hold” approach. 

That proves that blanket investment strategies do not work – to get better returns, investment managers need to consider individual portfolio compositions and how those can be optimised for investors’ benefit.

Further research is in progress, but you can read the article and check the preliminary results.

Read the full article here.


 

In this article we float a hypothesis that challenges the status quo and the traditional portfolio rebalancing approach. That is, we hypothesise that regular optimisation of the asset allocation in a portfolio produces better results than regular rebalancing of the same portfolio to its original asset allocation. Moreover, we hypothesise that regular optimisation of the asset allocation also produces better results than a “buy and hold” approach.

Investment managers explain portfolio rebalancing as “the process of realigning the weightings of a portfolio of assets. Rebalancing involves periodically buying or selling assets in a portfolio to maintain an original or desired level of asset allocation or risk” [2]. We argue that this approach may produce less efficient results than regular portfolio optimisation.

Arguably, the declared goal of rebalancing to the original asset allocation is to minimise the risk for a given level of expected return [3]. However, this approach is not suitable for the investor in an accumulation phase, whose goal is to get a return as high as possible for an acceptable level of risk (depending on their personal risk tolerance level).

This article analyses the two hypotheses above and shows some very interesting results:

  • for the test portfolio considered, regular optimisation of asset allocation to an Optimal Portfolio position produces better results overall than a ‘buy and hold’ approach, and
  • for the test portfolio used, the ‘buy and hold’ approach produces slightly better results than regular rebalancing to the original weights.

Let’s see how we got to those results.

For this study,

  • To avoid selection bias, we picked 5 ETFs from the ‘Top 20 ASX trades in May 2022 from Sharesight users’ [1], that have a share price history of more than 6 years. We shortlisted VAS, VGS, VTS, NDQ and IVV.
  • We considered a test portfolio valued $100000 at 31/05/2016, where each ETF was equally weighted, i.e. 20% ($20000) each.
  • We made the following working assumptions: a $10 transaction cost applies for each buy/sell transaction required at optimisation / rebalancing time; a min 1% and a max 99% weighting constraints applied on optimal portfolio calculation.

We studied the following 3 scenarios:

Scenario 1 – starting with 1/06/2016 and every 6 months until 1/06/2022, we optimised the asset allocation to the Optimal Portfolio* position. This was performed using the Diversiview application.

Scenario 2 – starting with 1/06/2016 and every 6 months until 1/06/2022, the portfolio was rebalanced to the original asset allocation (i.e. 20% weight for each ETF).

Scenario 3 – starting with 1/06/2016 and until 1/06/2022, no change was made to the original portfolio.

*Optimal Portfolio (OP) is that portfolio position (combination of weights) that minimises the total portfolio risk and maximises the total portfolio return at the same time.

For all three scenarios, the performance was tracked over the 6 years in terms of: total portfolio value, average portfolio return and portfolio volatility.

Figure 1 and Table 1 below show the total portfolio value in each of the 3 scenarios, and some interesting observations can be made:

a) By 1/06/2022 the test portfolio ended up with a total value of $214,130.63 in Scenario 1 (regular optimisation to the Optimal Portfolio position), approx. $27795 more than in Scenario 2 (regular rebalancing to the original asset allocations) where the total portfolio value at 1/06/2022 was $186,334.65.

b) In Scenario 3 (no change to the initial portfolio) the portfolio value at 1/06/2022 was slightly higher than the amount in Scenario 2 (rebalancing to the original asset allocations) by approx. $2000.

Also, portfolio values were almost equal for Scenario 2 and Scenario 3 during the 6 years, which makes them difficult to differentiate on the graph. A slightly higher difference can be noticed after the March 2020 market crash.

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Figure 1 Graph of total portfolio value in each of the 3 scenarios

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Table 1 Total portfolio value in each of the 3 scenarios, at 6 months intervals.

The first finding, a), can be explained if we consider that the Optimal Portfolio position is that asset allocations that maximise the expected portfolio return and minimise the portfolio risk (volatility) at the same time. That means that the total expected return of the portfolio will be higher for that allocation that for any other allocation.

For example, Figure 2 below shows the portfolio position in Scenario 2 (rebalancing to equal weights) on the left, and the portfolio position in Scenario 3 (optimal portfolio) on the right – as at 1/12/2021. As it can be noticed, at that date the expected return in Scenario 3 was more than 7% higher than in Scenario 2, at the expense of an increase in the expected volatility of around 4%.

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Figure 2 Test portfolio’s risk-return position in equal weights scenario (green dot, left) compared with the optimal portfolio scenario (red star, right) as at 1/12/2021

Note: As one might notice, in the optimisation solution (Fig2, right), some ETFs were allocated 1%. That is because we assumed min 1% and max 99% for weighting constraints (see beginning of the article). If other constraints were used, a solution that observes those constraints would have been calculated.

The second finding, b), can be explained if we look at the correlations between individual investments in the portfolio. Four (4) of the 5 ETFs are strongly correlated (see Figure 3), which means that their market prices would have moved up and down pretty much at the same time during the 6 years studied, therefore resulting only in small deviations from the original asset allocations. The largest contribution to deviations from original allocations were likely brought by the pairs of ETFs less correlated, i.e. VTS-VAS and VAS-IVV.

Due to this, the difference in value between portfolio in Scenario 3 (no change) and Scenario 2 (regular rebalancing to original weights) were caused by the transaction fees charged in Scenario 2 at each rebalancing date.

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Figure 2 Correlations between the 5 ETFs in the test portfolio. Higher values indicate stronger correlations.

The two findings above are sustained by the average return and volatility results (see Figure 3), where Scenario 1 looks the best and Scenarios 2 and 3 have very similar results.

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Figure 3 Average return and volatility for the test portfolio in the 3 scenarios

As it can be noticed in Figure 3, in all scenarios the annualised volatility was higher than the geometric (compounded) average return, with the lowest difference in Scenario 1.

Conclusion & further work:

Our first hypothesis, that ‘regular optimisation of the asset allocation in a portfolio produce better results than regular rebalancing of the same portfolio to its original asset allocation’, was confirmed in the case of the test portfolio.

Our second hypothesis, that ‘regular optimisation of the asset allocation also produces better results than a “buy and hold” approach’, was also confirmed.


One could legitimately argue that these results cannot justify a generalised conclusion due to the inherent limitations of the test portfolio at hand.

We believe that the results supporting the first hypothesis in this case were quite strong, therefore we will continue the research to see whether a more generic conclusion can be reached. We will consider more scenarios, including but not limited to:

  • larger portfolios, consisting of mixed investments (stocks, ETFs, bonds etc)
  • more diversified portfolios
  • longer time duration
  • different weighting constraints for optimisation
  • different starting weights for the test portfolios
  • different frequency for optimisation and rebalancing
  • compare a Minimum Risk Portfolio approach instead of the Optimal Portfolio approach, for retired or conservative investors.

If you wish to be informed when the results of the further research are published, please subscribe to our newsletter. Alternatively, give Diversiview’s portfolio optimisation feature a try and see how it can apply to your portfolio.


For any questions please contact the LENSELL team at info@lensell.online.


Check out the previous articles in this series:

 

Episode 1 – To risk or not to risk – a conflict of (investing) emotions.

Episode 2 – What’s driving investors, mind or emotions?

Episode 3 – Is high level portfolio diversification enough?

 

Contact the team with any questions at: info@lensell.online or hello@diversiview.online.

Subscribe to LENSELL’s newsletter to stay in touch and receive future articles and updates.

Bendigo and Adelaide Bank Enhances its Lending Ecosystem

The Challenge

Bendigo and Adelaide Bank partnered with Sandstone Technology to transform and streamline their loan processing systems and processes. With legacy lending systems and a growing broker channel, Bendigo and Adelaide Bank’s Third Party Banking Division identified the need to transform and remediate its loan processing systems. The bank needed to find a solution which would support the growth of its lending business, better serve its mortgage origination partners, and improve the customer experience.

The Solution

Bendigo and Adelaide Bank wanted to implement a one-platform, one-process approach to processing loans that would cover all of its Third Party origination channels and limit the exposure to existing legacy systems. Together with Sandstone Technology, the Bank has achieved quicker loan processing through Sandstone’s Loan Origination platform (LendFast) which is integrated with the bank’s lending ecosystem.

Wanting to eradicate manual loan processing tasks for both the Bank and its brokers, Bendigo and Adelaide Bank worked with Sandstone to identify where processes could be automated as much as possible. This included implementing eligibility rules and lending criteria filters within Sandstone’s LendFast platform which drove efficiencies in processing times.

Bendigo and Adelaide Bank together with Sandstone sought a way to further simplify the broker experience to allow a more automated capability to submit loan increases and product conversions in addition to new business. Simultaneously, brokers receive more value-adding information from the Bank via enhanced back-channel messages in real-time at the point of submission. The result is fewer touchpoints, a significant reduction in rework, and an improved experience for brokers, which aligns to some of the critical success factors within the current transformation program.

The results

The collaboration between Bendigo and Adelaide Bank and Sandstone Technology has helped facilitate some long awaited and significant enhancements within the Bank’s Third-Party division. It has achieved a one-way approach to the way the Third Party division assesses and processes loan applications and enhances the experience for its broker channel, partners, and customers.

  • Indicative approvals have doubled since we implemented indicative decisions
  • Manual review of auto declined applications is at 10% compared with 100% pre implementation
  • Variation applications are up 27% compared with the same period in 2021

Darren Kasehagen, General Manager of Third-Party Banking at Bendigo and Adelaide Bank said the collaboration with Sandstone Technology has been a successful one for the Bank.

“We strive every day to be a better bank, not just for our valued customers – but also for our brokers,” Mr Kasehagen said.

“With legacy lending systems and a growing broker channel, we identified the need to transform our loan processing systems to better support the growth of the Bank’s lending business, better serve our broker channel, and improve the overall customer experience.

“It’s simple for us – we are trying to make it as easy as possible for our customers and our brokers to work with us, and this digital transformation is making that job a lot easier.

“Our collaboration with Sandstone Technology has helped us streamline our loan applications, improve turn-around times, and increase our loan approvals.

“It’s also enhanced and improved the partner experience, reduced operational risk and costs, and ensured an 80% reduction in reviewing declined applications,” advised Mr Kasehagen.

Sandstone Technology’s Poli Konstantinidis, Executive GM, Origination AI & ML echoed Mr Kasehagen’s comments.

Mr Konstantinidis commented, “Lending today is not just the end-to-end journey from origination to settlement. It now requires the appropriate balance of an engaging user experience across all channels, with speed to value and responsible lending for the bank. This subsequently enables the bank to differentiate itself from its competitors”.


Read the case study here https://bit.ly/3niyZsD


About Sandstone Technology

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


For all media enquiries contact:

Jennifer Harris
Head of Marketing & Business Intelligence
Mobile: +61 412 508 035
jennifer.harris@sandstone.com.au

Global competitor: US expansion to provide Adelaide finance tech firm Link4 with a $28m boost

An Adelaide-based financial technology company is set for global success, with a US expansion expected to provide it with $28m in revenue within the next three years and drive local jobs.

Link4 is expanding its services to the United States with the support of an export grant through the Government of South Australia.

The Lot Fourteen-based company specialises in e-invoicing, which allows invoices to be exchanged through electronic documents.

The system is automated and simplifies the invoicing process while eliminating the need for a paper trail. Demand for e-invoicing services has surged in recent years, with businesses like Link4 set to reap the revenue benefits.

Since launching in 2016, Link4 now services more than 4000 businesses across Australia and overseas. The company is hoping to become a pioneer within the American financial-tech market and provide businesses with greater security and protection from scams.

“We are a leading e-invoicing provider in Australia, New Zealand and Singapore, we actually do have a good global reputation already,” says Link4 chief executive officer Robin Sands.

“Going into the North American market shows that we will be one of the competitive players on the world stage.” E-invoicing is a new concept in the US, but the government’s grant will allow Link4’s technology to be available in the US by 2023. “They’re supporting us because it provides that future jobs opportunity, which is important for the young ones entering the workforce in SA,” says Sands.

Link4’s growth will also benefit the community back home. “Our head office is based in Adelaide so any increase in business will be felt locally – in jobs and spending,” says Sands.

While global development is exciting, Sands says it is important that Link4 stick to its roots by continuing to support small businesses. “E-invoicing is being adopted by more and more countries every year, and in every country, there’s a lot of small businesses, and often these ones are ignored,” says Sands.

“More than 95 per cent of businesses are small businesses. So, they have to be addressed.” Financial technology is also more affordable than traditional invoicing methods.

“On average (it) costs $30 to process a normal invoice, $27 to process a PDF and $10 to process an e-invoice,” says Sands. “We’ve created a way where (businesses) can sign up online within two minutes and be active with invoicing.”

 

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

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

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