Open announced as Australia’s 7th fastest growing company in AFR Fast 100

Award-winning InsurTech, Open, has been announced as Australia’s 7th fastest growing company in the prestigious AFR Fast 100 List for 2021.

To be eligible for entry into the Fast 100, a business must have started trading on or before 1 July 2016, and have had turnover greater than $500,000 in 2016-17. Entrants must provide three full years of revenue data, and are ranked according to the compound annual growth rate achieved over that period.

Open achieved a CAGR of 170% over FY19 to FY21, and is the only InsurTech company recognised in the AFR Fast 100 this year.

“We started Open in 2016 to change how consumers purchase and experience insurance – providing them with simpler and more powerful options,” says Jonathan Buck, Co-founder and Joint Chief Executive at Open. “More than 85,000 customers have purchased car, home or travel insurance with Open, and have experienced the difference.”

Open’s consumer brand, Huddle, offers innovative and flexible products including Pay As You Drive car insurance, and can be bought directly from huddle.com.au, or via Open’s partners, such as Telstra Plus, Plenti and WeMoney.

Additionally, Open provides white-labelled insurance, partnering with leading brands such as Medibank/ahm and On by EnergyAustralia. Open’s partners are able to simply embed insurance into their app or website via APIs, providing a market-leading insurance experience for their customers, and generating new revenue streams in the process.

“Embedded insurance allows brands to offer insurance policies when and where it makes sense to customers. What makes Open’s offering unique is our ability to digitally manage the entire insurance experience from quote to claim,” says Jason Wilby, Co-founder and Joint Chief Executive at Open. “It means our partners can offer an insurance product knowing that their customers are taken care of, saving them money, time and stress.”

Featuring in the AFR Fast 100 is one of many recognitions Open has achieved this year. In October, Open won Excellence in InsurTech at the FinTech Australia Finnie Awards. Following this, Open ranked in FinTech Global’s InsurTech 100. Huddle was also named one of Australia’s best car insurance policies of 2021 by Mozo.

“We’re on a mission to provide the fastest insurance, at the best price, for the world. Being named one of Australia’s fastest-growing companies is great validation that we’re building insurance products and services both consumers and brands want to see,” says Wilby.

Earlier this year, Open raised AUD$31 million in a Series B  round to fund their expansion to New Zealand and the UK, bringing their total capital raised to AUD$53 million. In the past 6 months alone, the company has more than doubled their team, welcoming 43 new people in their Sunshine Coast, Sydney, Auckland, Queenstown and London hubs.


About Open

Open is on a mission to offer the fastest insurance, at the best price, for the world. Businesses of all sizes embed Open’s car and home insurance into their digital experiences.

Our flagship products are available under the Huddle brand, and also as a bespoke white-label solution. We work with many large brands and leading tech companies such as Telstra Plus, Plenti, ahm, and On by EnergyAustralia.

Open operates across Australia and New Zealand today and soon will expand to the UK and Europe. We are proud to count Airtree Ventures (AU), Movac (NZ), Latitude (UK), Hollard Insurance (AU), Seven West Media (AU) and Five V (AU) amongst our investors. Open products are underwritten by Hollard Insurance in Australia and Tower in New Zealand.


We believe in using business as a force for good and are a certified B Corporation.

For more information visit beopen.com or contact media@beopen.com

Sandstone Technology – De-risking lending: how to move and scale while staying compliant

It’s a precarious time for lenders. Up against increasing demand for a painless customer journey, feeling the pressure to compete and grow, they’re also balancing risk appetite and constant regulatory shifts. Today, many banks and financial institutions recognise that automated digital lending solutions are essential to de-risk at scale, but there are sizeable obstacles to overcome before they get there.

The speed and frequency of change in financial services regulation has been overwhelming. Barely a day goes by without new rules on debt-to-income ratio or new controls to address the level of lending and risk in the market. We’ve even seen reviews of some processes we thought were bedded down, such as calculation of loan-to-value ratio (LVR).

Compliance and customer: a double threat

Not all organisations have the people and infrastructure in place to easily support compliance. Maintaining a compliance program in a state of regulatory flux is a significant commitment, often sidelining other technology initiatives like core upgrades, infrastructure upgrades or front-end enhancements. Putting these digital banking solutions on the backburner may limit a bank’s ability to stay agile, relevant and to support their growth objectives. It’s an even harder pill to swallow given compliance is a preventative measure, with little to no return on investment.

At the same time, consumer expectations are higher than ever. Home loan customers are aware of the many choices open to them, including an array of digital offerings. To acquire and retain customers, banks are re-prioritising the digitisation of loan origination systems in the hope of delivering an exceptional customer experience. Chatbots, pre-emptive marketing, self-serve onboarding and online applications are all high on the agenda.

Factor in a property market gone crazy

For lenders, these rising consumer expectations are happening in the context of a hyper-accelerated property market post COVID. While some smaller, more nimble financial institutions with good workflows have improved their time from submission to approval, for many, approval times have been unacceptably long. Consumer demand is often not being matched, and often that is down to lenders relying on manual processes and labour-intensive verification.

In the past, when loan approval response times threatened a bank’s business, they would clear the backlog by offering incentives to existing staff or hiring more employees. They would throw bodies at the problem, to at least give the appearance of greater efficiency.

But today, employees are already stretched to capacity. And there’s a real hiring challenge. COVID border closures mean organisations haven’t had the flex in resources that migrant or interstate workers bring.

Can you automate that?

An automated loan origination solution can give a faster time to yes, a lower cost-to-serve and a better return on investment. Lenders can shorten approval times by automating some or all parts of the process. That might include adopting Intelligent Document Processing (IDP) technology, which also improves a financial institution’s ability to meet regulatory compliance quickly and easily, while simplifying the loan origination process for customers and staff.

Talking to banks and other organisations, the longest part of the loan approval process is verifying data from documents provided by applicants. As a result, there’s now a lot of focus on automating that aspect; in future there’s no reason why we couldn’t eliminate the need for document verification completely if data comes from a trusted source.

Better for the employee and customer

With the constraints on hiring, a better cost-to-serve today means doing more with existing resources. Being able to automate assessment at least to a certain point is transformative for processing large volumes.

An application with low LVR, clean credit history, high income and low existing liabilities can be considered a good deal and pass through without needing a credit assessor to check. The automated system will then match the data and confirm its veracity. Ultimately though, this is dependent on each bank and how much auto verification they are willing to accept. If it is within an organisation’s risk appetite, it not only saves that assessment time and cost, but staff can be re-directed onto higher-value tasks, including focusing on deals that need more attention – deals that are more on the line.

Automation of loan origination processes also address the customer expectation for a seamless experience – especially for existing bank customers.

If a borrower has already provided their records and information, lenders shouldn’t be asking them to input that information again. They should already know where the customer works and how much they’re paid for instance, given they have the customer’s bank statements and more.

As a result, many financial institutions are exploring how this aspect of the process can be improved, how that information can be pre-populated, and how they can save customers the pain of re-supplying their information, as a matter of priority.

Read the full article at  https://www.sandstone.com.au/en-au/article/de-risking-lending-how-to-scale


About Sandstone Technology

Before “fintech” was a thing, our founders were dreaming up new ways to transform banking, simplifying the customer journey and the employee experience.

More than 25 years later Sandstone Technology is still leading the charge, innovating and evolving as the industry evolves. Our high client retention rate is our proudest achievement with 35+ financial institutions across Australia, New Zealand, Asia and the United Kingdom placing their trust in our solutions. From digital banking and digital onboarding to origination and AI-based data analysis, with cloud-based or on-premise deployment, we create flexible, robust, end-to-end solutions using a multi-channel approach that gets our clients to market faster.


For all media enquiries, please contact:

EMILY BAILEY
Marketing Manager | Australia & New Zealand
Mobile: +61 431 868 272
Emily.Bailey@sandstone.com.au

Frollo and Beyond Bank partner to deliver Open Banking customer experience

Beyond Bank Australia will use Frollo’s CDR Gateway to collect and use Open Banking data 

Australian Open Banking provider Frollo will partner with customer-owned bank, Beyond Bank, to use Open Banking to deliver better customer outcomes. The bank will use Frollo’s CDR Gateway to improve multi-banking and lending.

The announcement follows Beyond Bank’s accreditation as one of the first customer-owned data recipients in September this year, and is an extension of the existing relationship between the two organisations. The relationship kicked off mid-2021 with the announcement that Beyond Bank would use Frollo’s Personal Finance Management (PFM) platform to launch a white label financial wellbeing app alongside its main banking app.

The bank’s financial wellbeing app, which will provide customers with a full view of their finances is currently being piloted and is expected to launch in early 2022.

The choice to partner with Frollo for Open Banking was a logical one, explains Wayne Matters, Deputy Chief Executive Officer at Beyond Bank: “It’s still early days for Open Banking. As the leading Australian Open Banking platform, Frollo offers us an end-to-end solution for most current uses and the confidence they will have any future uses covered.

“We’ve worked closely with the Frollo team on our financial wellbeing app and we’re excited to continue working with them and use Open Banking data to unlock more value for our customers,” Mr. Matters said.

Frollo founder and CEO Gareth Gumbley  agrees,  “As a purpose driven fintech, it’s great to work with a customer-owned bank like Beyond Bank that has similar values and is always looking to deliver better customer outcomes. We believe that CDR will be a big driver of consumer value and we’re excited to work together on unlocking this value through financial wellbeing and responsible lending.”

Link: https://frollo.com.au/blog/frollo-beyond-bank-open-banking/ 


About Frollo

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

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

Trusted by clients like ANZ, Volt, REA Group, P&N Bank, bcu and Bank of Queensland, Frollo is an Australian market leader in Open Banking.


For media enquiries
Piet van den Boer
Frollo
0468 375783
piet@frollo.us 

More big wins for local eInvoicing Access Point Provider, Link4

Aussie led Access Point provider, Link4 has landed more government contracts following an increase in eInvoicing adoption among Government Agencies in recent months.

“It’s great to see so many new Government Departments adopt eInvoicing.” says CEO Robin Sands. “EInvoicing is not just a tick-box exercise, the sooner we build the network, the sooner the economy will see advantages such as increased business efficiency, digital security and cash-flow benefits.”

The latest government agencies to join the Peppol eInvoicing network through Link4 include NOPSEMA, Regional Investment Corporation (RIC), Commonwealth Director of Public Prosecutions (CDPP) and the Office of the Commonwealth Ombudsman. “All departments were keen to be part of the Peppol eInvoicing network to help support the growth of the Australian economy following a rough 18 months with the pandemic”, says Sands.

In May 2021, the ATO announced $15.3 million towards the promotion of eInvoicing, and the introduction of an eInvoicing mandate meant that the government sector was going to lead the way in transforming digital payment processes among Australian businesses.

Suppliers that have contracts with the Government under $1 million are able to receive payment within 5 days if connected to the Peppol eInvoicing network. Not only are payment times greatly improved through the adoption of e-invoicing, but businesses can improve their overall business efficiency and invoice security.

More than 40 Australian Government agencies are now live with e-invoicing. The up to date list can be found on the ATO website.


 About Link4 

Link4 is an award winning, Peppol certified Access Point that provides seamless e-invoicing services throughout Australia, New Zealand, Singapore and the UK.  Counted amongst Link4’s government clients (such as The Treasury, DISER, AOFM and APRA) are BOC Australia, the BGW Group, and thousands of Australian businesses that use Xero, MYOB or QuickBooks as their accounting system.

AUSSIE CRYPTO EXCHANGE ANNOUNCES BATHURST PARTNERSHIPS

Australian digital assets exchange Swyftx has today announced two major motorsports sponsorships at Bathurst amid growing interest in crypto among race fans and drivers.

The country’s top rated cryptocurrency exchange is partnering this weekend’s Supercars Repco Bathurst 1000. It is also joining forces at Bathurst with rising star, Jordan Cox, who has become a viral sensation for his boldness on the track.  

Swyftx chief marketing officer, Chris Vanek, said Australian motorsport was now a focus for the company, with racing attracting significant national and international coverage. 

Vanek said: “We have a lot of motorsport fans and race drivers using our platform, so it was an easy decision to deepen our commitment to the sport. Australia’s crypto adoption is rapidly growing, with a quarter of the population already having traded.”

Swyftx is the country’s top-rated exchange and second largest by trade volume, with more than 470,000 customers across the ANZ region. 

As part of its Repco Bathurst 1000 partnership, Swyftx is sponsoring signage at iconic locations around the Mount Panorama circuit, including Brock’s Skyline and pit entry. It has also taken sponsorship of Jordan Cox’s car at the TCR Bathurst 400. 

It marks another significant investment into Australian motorsport by Swyftx. In July the exchange supported the WD-40 Townsville SuperSprint event.

Vanek, said: “We jumped at the chance to be a part of Bathurst with both Supercars and Jordan because it’s such an iconic event in the Australian motor racing calendar and watched by millions in Australia and around the world.

“This partnership brings together the most exciting driver on the Bathurst track, with the country’s most popular exchange so we’re delighted to be joining forces.”


Image of Jordan Cox’s Swyftx car available here


Contact Swyftx Media Manager,

Tom Matthews
tom.matthews@swyftx.com.au
(0413 938247)


NOTE TO EDITORS 

  • Swyftx is Australia’s second largest cryptocurrency exchange by trade volume, with more than 470,000 customers across ANZ.
  • Swyftx is a multi-award winning exchange. In 2021, it was named High Growth Business of the Year and won the Excellence in Crypto Award at this year’s Finnies.

TrueLayer announces the appointment today of Jodi Ross to the position of Regulatory Lead in Australia.

In this role, Jodi will co-ordinate the regulatory engagement and compliance activities of TrueLayer in Australia with respect to the Consumer Data Right (CDR) and other obligations.

Jodi is a highly qualified lawyer with 20 years of experience in government and commercial practice.  Most recently she held the position of Assistant Secretary – CDR Regulatory Frameworks in Commonwealth Treasury. Before that she contributed to the establishment of the Consumer Data Right, including the development of the CDR rules, at the Australian Competition and Consumer Commission (ACCC).

Speaking about her decision to join TrueLayer, Jodi said: “Having spent the past 3+ years working on the development of the regulatory framework for the Consumer Data Right within government, I’m excited to join TrueLayer and contribute to the commercial rollout of CDR-enabled services to benefit Australian consumers and businesses.”

TrueLayer is bringing its global open banking expertise in data and payments into Australia to help local and international clients access CDR data in the right way.

Brenton Charnley, TrueLayer’s CEO of Australia & New Zealand, has welcomed Jodi into the role saying: “Jodi has in-depth knowledge of the CDR rules and unparalleled expertise in open banking policy and regulatory engagement. She’s a great addition to our team.”

TrueLayer, a global pioneer in open banking, was approved by the ACCC in September as an unrestricted Accredited Data Recipient under the CDR and launched its global Open Banking Platform in Australia. The TrueLayer Open Banking Platform is backed by proven, market-leading data and payments APIs that currently process more than half of all open banking traffic in the UK, Ireland and Spain.


Jennifer Harrison
Partner, Reputation Edge
Corporate PR & Communications
M: 0448 469 532

www.reputationedge.com.au

Connecting Up and Link4 join forces to enable not-for-profits to reap the benefits of eInvoicing

Not-for-profit organisations in Australia are now able to digitize their invoicing processes with special rates towards eInvoicing adoption. Australian-based Access Point provider Link4, has partnered with Connecting Up (part of the global nonprofit tech provider Techsoup), to provide ERP integration and cloud accounting subscription discounts for nonprofits to connect to the Peppol eInvoicing network.

Connecting Up provide technology donations and discounts for not-for-profits and social enterprises around the world. Pankaj Chalotre, Head of Connecting Up, says “Connecting Up is delighted to partner with Link4 and offer a best-of-breed eInvoicing solution at generously discounted rates to the Australian not-for-profit sector.” 

With the Australian Government allocating $15.3 million towards eInvoicing promotion this year, and the mandation of Peppol eInvoicing (receive capability) for Federal Government Agencies in 2022, it’s clear that eInvoicing is a priority for the Australian Government. Chris Jordan, Commissioner of Taxation at the ATO says, “The ATO is working with all levels of government, intermediaries and businesses to raise awareness of the new way to send and receive invoices and how to get on board.” 

“Link4 have been helping Not-for-profits since we began eInvoicing 5 years ago. We are thrilled to formalise our support through this new partnership and look forward to supporting many more non-profits,” noted Robin Sands, CEO of Link4. 

Not-for-profits can now benefit from increased invoicing security at an affordable price. EInvoicing improves efficiency, cash-low and is better for the environment. Charities and non-profits that are eligible will need to contact Connecting Up to apply. 


About Link4: Link4 is an award winning, Peppol certified Access Point that provides seamless eInvoicing services throughout Australia, New Zealand, Singapore and the UK. Counted amongst Link4’s clients are BOC Australia, the BGW Group, and thousands of Australian SMEs that use Xero, MYOB or QuickBooks as their accounting system. www.link4.com.au 


About Connecting Up: Connecting Up is an Australian registered charity and not for profit organisation committed to building stronger communities through technology. Since 2007, a growing list of leading tech companies have partnered with Connecting Up to support the Australian charity sector with donated and discounted IT products, online learning and specialised consulting services.

In 2018, Connecting Up joinedforces with Infoxchange and TechSoup New Zealand to create the Infoxchange Group. We share a vision of technology for social justice, and with over 180 staff across Australia and New Zealand we tackle the biggest social challenges through the smart and creative use of technology


For more details: 

Link4 Australia
connect@link4.com.au

Binance Australia and WeMoney launch initiative to boost Australian crypto education

Leading digital asset exchange, Binance Australia, has joined forces with smart money management app, WeMoney, to enhance the financial wellbeing and investment literacy of Australians through education and technical innovation. 

 On a mission to increase the knowledge and creation of long-term wealth, the two Australian businesses have partnered to provide community members the ability to conveniently track their digital asset portfolio alongside their broader personal finance accounts via the WeMoney app. The technical integration enables WeMoney members to accurately gauge their financial account balances, credit score, net worth and now, crypto portfolio all in one place, for free.  

Binance Australia and WeMoney are advocates for greater access to financial education making the partnership an exciting joint initiative. This entails crypto themed episodes on WeMoney’s We Talk Cents Podcast, fireside chats on Binance Australia’s YouTube channel and shared blog content discussing themes such as, the first steps to investing in crypto, how to create a diverse portfolio and the importance of investing. 

It is estimated about 17% of Australians are holding some form of cryptocurrency in their investment portfolio, the integration was a natural advancement for the WeMoney platform according to WeMoney CEO & founder, Dan Jovevski. 

“What we are seeing now is Australians diversifying their investments and actively adding digital assets to their portfolios. Working with Binance Australia empowers our members to access the full picture of their financial health.”

It was a no-brainer to partner with Binance Australia, part of the world’s largest cryptocurrency exchange, Jovevski says. 

“At the core of it, there are natural synergies between us. Both businesses value innovation and are aligned on the vision to help young Australians get the most out of their money,” Jovevski continues. 

Leigh Travers, CEO of Binance Australia said, “The partnership between Binance Australia and WeMoney has a core focus on providing the right education and understanding of digital assets to encourage Australians to make responsible and considered investments into the digital asset sector. We are looking forward to enabling Australians with the right platform to build sustainable wealth through incorporating digital assets into their diversified investment portfolio.”


For further information and media enquiries please contact: 

Binance Australia
Olivia Jarman
Account Manager, Hotwire Australia
olivia.jarman@hotwireglobal.com
0402 304 554 

WeMoney
Dan Jovevski
Founder & CEO
dan@we.money
0410 067 079 


About Binance Australia 

Launched in 2020, Binance Australia is a leading digital currency exchange platform that enables Australians to easily buy and trade cryptocurrencies with Australian Dollar (AUD). Binance Australia offers users deep liquidity and convenient deposit and withdrawal methods while leveraging cutting-edge technology from Binance.com’s advanced trading platform. 


About WeMoney 

WeMoney is a smart money management app that connects all your financial accounts in one place and tracks your overall financial health. 

Till Payments upsizes recent funding round with top up from Afterpay-backed Touch Ventures and strategic European investors

Payments fintech disruptor, Till Payments, has today announced a top up in excess of $15 million boost to its latest investment round, with support from strategic European investors and Touch Ventures – the Afterpay-backed venture capital firm that invests in later stage, high growth companies globally. Touch ventures injects $5 million to the top-up to support Till’s accelerated innovation agenda and its expansion into the US, the UK and New Zealand.

The two companies share a strong focus on key verticals, including retail innovation, finance and data, as well as complementary business values, targeting high-growth and scalable international opportunities.

News of the investment accompanies the appointment of the fintech’s first Chief Technology Officer, Vinay Rao. Vinay brings with him over two decades of experience in the technology sector, most recently as Head of Merchant Business at Woolworth’s payments arm – Wpay, where he was instrumental in helping Australia’s largest retailer become an omnichannel payments powerhouse. He will be based in in Sydney, where he will lead the company’s technology team of developers and engineers as they embark on a fast-tracked innovation path with the view of launching a suite of new products in the new year.

Till is investing heavily in its hiring drive to secure the best talent all around the world. The 143 strong team has grown 204% over 12 months.

Shadi Haddad, CEO at Till Payments, says the partnership will help push the company’s global ambitions further.

“We’re very excited to welcome Touch Ventures to the Till family. Our two companies share an incredibly complementary ethos and a vision for the future that is undeniably aligned,” he said.

“Till has had some big wins recently but with the support of Touch Ventures and the potential to tap into Afterpay’s ecosystem, we’re further assured that we’re adding more fuel to fire our success in international markets.” Mr. Haddad continued.

“We are excited to join the Till Payments team and be part of the growth journey. Till has grown from strength to strength and looking to scale globally which is aligned with our philosophy of backing Australian entrepreneurs to build global businesses” said Hein Vogel, CEO of Touch Ventures.

Touch Ventures’ investment follows the global fintech’s recent Series C Capital Raise, which attracted $110 million from new and existing investors based in Australia and the US.


About Till Payments 

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

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

Founded in 2012, Till’s team of 143 staff is rapidly growing and headquartered in Australia, with teams in London, Manila and across the US. Till currently serves merchants across 12 countries and over 500 cities.


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

Basiq announces strategic investment from Visa

Visa has invested in Basiq, the API platform powering some of Australia’s most innovative banks and fintechs with financial data. Visa’s strategic investment will accelerate Basiq’s ability to meet growing API demand as the Consumer Data Right (CDR) and Open Banking plays out in the Australian market.

With increasing fintech adoption, the vast majority of global consumers either use or are aware of at least one fintech service. Since 2017, Basiq has allowed consumers to securely connect their financial institutions and data to these services, giving fintech innovators immediate access to a data network spanning all major financial institutions in Australia and New Zealand.

Julian Potter, Group Country Manager, Australia, New Zealand and South Pacific, Visa, said:

“We’re excited to partner with Basiq on open data, an area where Visa sees great potential to drive innovation in financial services. Visa is known for money movement, but moving digital money is fundamentally about moving data. We’re extending our network capabilities and expertise into data movement, and our investment in Basiq is a great example of how we’re supporting the rise of the open data economy in Australia.”

The Basiq platform is currently used by over 150 fintechs to create customer-centric experiences across segments such as lending, digital banking, investment, BNPL, payments and many others. As the CDR is rolled out, Basiq will expand Open Banking’s potential by providing participants with access to data and generating actionable insights based on that information.

As Basiq moves into its next phase of growth and with the investment by Visa, two key additions have been made to the Board. Cietan Kitney, Head of Strategy, Asia Pacific at Visa joins the Board. In addition, Touch Ventures has appointed Kareem Al-Bassam to the Board. Both executives bring a wealth of Technology and Payments experience to help drive Basiq’s growth strategy domestically and  in new markets. Visa joins the Board that consists of Salesforce Ventures, Reinventure, NAB Ventures, Plaid and Touch Ventures.

The partnership will enable Visa and Basiq to work jointly on new products and services and enable Australian fintechs and financial institutions to solve customer pain points and deliver new experiences. The combination of Visa’s proven infrastructure and networks together with Basiq APIs, technology and customer relationships will help accelerate the adoption of open banking in Australia by ensuring a secure, reliable platform for innovation. Basiq will help more businesses in the payment ecosystem deliver faster, simpler and cheaper payments by combining Open Banking with payment rails.

“As the world’s leader in digital payments, Visa has the trust, scale, and network capabilities to fast-track Open Banking adoption and drive fintech innovation domestically whilst also providing a global perspective from the onset. By partnering with Visa it will help accelerate our mission of providing the building blocks of financial services to businesses of all sizes” Damir Ćuća, CEO and founder of Basiq.

Check out our write up in the AFR below:

https://www.afr.com/companies/financial-services/visa-joins-nab-westpac-salesforce-at-data-start-up-basiq-20211123-p59ba0

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