New payment solution offers flexibility and choice for local retailers in collaboration with Paydock.
The Australian bank Commonwealth Bank and the institutional payment orchestration platform Paydock have partnered to introduce “PowerBoard,” a new payments solution that gives local retailers flexibility and choice over the payment methods they offer to clients.
By partnering with Paydock, Commonwealth Bank can provide its clients a dynamic payments experience with only one API integration, saving them from having to completely replace their current infrastructure. Powerboard is now accessible to qualified Commonwealth Bank business clients nationwide after intensive testing.
With the help of PowerBoard, Commonwealth Bank can give merchants access to an infinite number of payment processors and methods while also streamlining, enhancing, and securing these services for them.
Merchants may simply customize the payment experience they wish to provide to customers by adding on additional integrations, such enhanced security measures to detect and prevent fraud, using an easy-to-use interface.
With the peak sales season quickly approaching and Australians projected to spend $63.8 billion online in 2022 alone, retailers are searching for innovative strategies to boost revenue, encourage checkouts, and guarantee reliable uptime.
In order to provide merchants with more options and flexibility for serving customers, Commonwealth Bank can more easily implement the newest payment method, type, service provider, or processor thanks to PowerBoard, all while meeting bank-grade security standards.
Giving customers additional options
Because of the benefits that payment orchestration platforms provide to large financial institutions, retailers, and the global e-commerce industry, demand for these platforms has increased.
Over the past two years, Paydock has grown quickly as the market has come to appreciate the importance that payments orchestration plays in enabling merchants to set up their payment system from a single point of access.
“Our partnership with Commonwealth Bank sets a global precedent for financial institutions,” said Rob Lincolne, CEO and co-founder of Paydock. It not only demonstrates how banks can use payments orchestration to quickly and efficiently provide clients flexible payment options, but it also creates a new paradigm that enables banks to collaborate with fintech companies to increase their competitiveness and provide greater value.
Every month, Paydock handles millions of payments for companies in every sector. In order to expand its software-as-a-service payments orchestration services internationally, the payment orchestration platform recently secured a £25 million Series A fundraising round with Silverstripe Investment Management Limited in the UK.
“Consumers are becoming increasingly savvy, looking for added value in their purchases and being able to choose their preferred payment methods online, whether that’s through traditional credit card payments, local account-to-account payment schemes, digital wallets or Buy Now Pay Later,” said Karen Last, general manager of merchant solutions at Commonwealth Bank, in addition to discussing the new payments offering. Without the need for expensive connections, PowerBoard greatly simplifies the process for Australian retailers to provide their customers with options and oversee their payment ecosystems.
