Paydock, the leading institutional payment orchestration platform, and Australia’s leading bank, Commonwealth Bank (CBA), have officially rolled out PowerBoard, an innovative payments offering that gives Australian merchants flexibility and choice over the payment options they provide to customers.
The partnership between Paydock and CBA is the first of its kind in the global banking industry, allowing a major bank to deliver a dynamic payments experience to its customers through a single API integration, without having to overhaul their current infrastructure. Following extensive trials, Powerboard has been developed in record time and is now available to eligible CBA business customers across Australia.
“Our partnership with CommBank sets a global precedent for financial institutions,” said Rob Lincolne, CEO and Founder of Paydock. “It shows not only how banks can bring flexible payment strategies to customers in record time with payments orchestration, but also it establishes a new paradigm whereby banks can become more competitive and deliver more value by working with fintech players.”
PowerBoard enables CBA to provide merchants with a single access to an unlimited number of payment methods and providers, while making these services simpler, smoother and more reliable for them in turn. Through a simple interface, merchants can easily add on other integrations, such as enhanced security tools to detect and prevent fraud, to customise the payments experience they want to deliver to customers.
As peak sales season fast approaches and with Australians spending $63.8 billion online in 2022 alone, merchants are looking for new ways to drive checkouts, increase spend and ensure robust uptime. PowerBoard makes it easier for CBA to seamlessly deploy the latest payment method, type, service provider or processor to merchants to offer greater choice and flexibility to consumers, while also achieving bank-grade security requirements.
“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 CBA. “PowerBoard makes it significantly easier for Australian merchants to offer choice to customers and manage their payments ecosystems, without all the costly integrations.
Demand for payments orchestration platforms has surged due to the value they offer for major financial institutions and merchants and continued growth in e-commerce activity around the world. Paydock has experienced rapid growth over the last two years, as the market embraces the role of payments orchestration in empowering merchants to create their payment setup from a single access point.
Today, Paydock processes millions of payments a month for businesses across all industries. The company recently closed a £25 million [AUD $48 million] Series A funding round with Silverstripe Investment Management Limited in the UK, to scale its software-as-a-service payments orchestration services globally. Founded in Australia in 2015, Paydock now has operations across Australia, the UK and the US.
