FinTech Australia Spotlight Article: Verrency

Innovating in financial services is now more important than ever. Disruptive digital use cases are launched by consumer-facing fintechs everywhere and established financial institutions find it difficult to compete effectively. The global pandemic has changed consumer behaviour on a global scale, with the need to digitally differentiate now a ‘need to have’ baseline and no longer the ‘nice to have’ exception. In this week’s Member Spotlight we spoke to Jeroen van Son, Chief Commercial Officer at Verrency about their ability to help Financial Institutions innovate their payments services and infrastructures, their journey through the market, and their recent partnership with eftpos.

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Member Spotlight: Vasco Pay, Digital Payments Accelerator Program

Anyone with experience in payments (including the 47 payment companies in this community) will understand the complexity and costs involved in bringing a payment product to market.

Open Banking has revolutionised the world of payments, resulting in the rise of ‘bank in a box’ and ‘banking as a service’, which provides open access to infrastructure previously reserved for the big end of town.

However, there are still plenty of barriers and challenges – cost, access to payments technology and speed to market. Regardless, the race to create and launch the next best payment solution is on – and Vasco Pay is here to help.

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Member Spotlight: XBert

Against the unprecedented global economic crisis tools that provide financial risk alerts, data accuracy, visibility and real-time insights, like the products offered by SaaS fintech and 2020 Finnies finalist XBert, have proven essential for business owners, accountants, bookkeepers and advisors.

Since launching publicly at leading cloud accounting provider Xero’s Xerocon event in September 2019, XBert’s been making waves in Australia and overseas. Now, XBert’s secured an AusIndustry Entrepreneurs’ Programme Accelerating Commercialisation grant (“grant”) and is ready to go big on a global scale!

For this week’s Member Spotlight, we spoke with Troy Brown, co-founder and co-director of XBert about the grant process (including some helpful tips), the challenges they encountered and what’s on the horizon.  
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Member Spotlight: Assembly Payments and Patona

After starting several successful fintechs, Simon Lee, Managing Partner of Patona, and Co Founder and Board Member of Assembly Payments, has some sound wisdom when it comes to scaling a business and making meaningful connections and partnerships with financial services heavyweights. 

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Member Spotlight: Look Who’s Charging, partnering with financial institutions

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Member Spotlight: ComplyAdvantage, Trust in AML/CTF compliance

Tackling financial crime has been an issue that has repeatedly been the subject of media, government and public attention in the wake of the Banking Royal Commission, and Westpac’s  subsequent 23 million breaches of the AML/CTF Act. 

Some of the worst atrocities on Earth—terrorism, human trafficking and sexual exploitation— are funded by financial crime. Financial crime can only be eliminated when financial institutions have the data and technology necessary to flag and revoke criminals’ access to the financial system. At its core, until organizations have access to a robust and comprehensive database of external risk indicators, technology can only go so far. Significant steps have been taken on the technology side to stop financial crime where it has not been solved anywhere before – but the problem the industry faces remains a significant one for companies like ComplyAdvantage to fix.

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Member Spotlight: Medipass, a Healthtech Fintech

For this week’s Member Spotlight we spoke to Jonathan (Jon) Davey CEO of Medipass. Jon has joined Medipass from NAB where he was Executive General Manager of Digital, Innovation and Customer Experience. Medipass is an e-payments company uniquely positioned at the intersection of Fintech and Healthtech. We spoke to Jon about Medipass’ journey, the impact of COVID-19 and his future plans for the business. (more…)

Member Spotlight: Wisr, Purpose-led lending

Anyone can tell you that the first step to developing a successful fintech business is to identify a problem that needs to be fixed or fill a niche that needs to be filled. However, you need to go beyond the immediate and think about the longevity of your business. What differentiates businesses in the market, particularly in areas such as lending, is that purpose is king.
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Member Spotlight: Revolut, Lessons Learned From Their AFSL Journey

Earlier this year, Revolut finally reached its goal in obtaining an Australian Financial Services Licence (“AFSL”). This is a goal that many fintechs are working towards with the journey presenting many hidden challenges.

For this week’s Member Spotlight, we spoke to Matt Baxby, Australian CEO of Revolut about their AFSL journey, the challenges they encountered and the things they learned along the way. We’ll also delve into what’s next for Revolut and its customers.

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Member Spotlight: Square, Community payments

As many businesses can attest, access to payment rails that allow one to pivot to online sales has been essential in surviving the economic pressures presented by Covid-19. Consumers are using less cash, and businesses are resorting more and more to moving online. NAB has noted that there has been an 800% increase in the number of merchant facilities opened compared with April of last year. The Reserve Bank of Australia has noted in a March report that cash-based consumer payments have dropped to 27%, down from 69% in 2007. Cash withdrawals have also been impacted, dropping 32% in April compared to February. This has opened opportunities for digital marketplaces and businesses, products such as cryptocurrency, and the potential for digital cash (which we covered in a previous Member Spotlight), and payment providers. Square has been one such payment provider that is pivoting to help its customers as they adapt to a new way of working. 

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Peoples Choice Organisation of 2020

Finnies 2020: Outstanding Fintech Leader of the Year

Scaling Product Globally

Podcasts

Lee Hatton – Afterpay: FinTech Australia Podcast

Anthony Jones – Visa AUS/NZ

Tim Cameron – TransferWise