Paydock, the institutional payment orchestration platform, has joined forces with the Australian bank, Commonwealth Bank, to launch ‘PowerBoard’, a new payments offering that gives merchants in the region flexibility and choice over the payment options they provide to customers.
The partnership with Paydock enables Commonwealth 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 is now available to eligible Commonwealth Bank business customers across Australia.
PowerBoard enables Commonwealth Bank to provide merchants with access to an unlimited number of payment methods and providers while making these services simpler, smoother and more reliable for them.
Through a simple interface, merchants can easily add on other integrations, such as enhanced security tools to detect and prevent fraud, to customise the payment experience they want to deliver to customers.
As peak sales season fast approaches and with Australians spending $63.8billion online, in 2022 alone, merchants are looking for new ways to drive checkouts, increase spend and ensure robust uptime.
PowerBoard also makes it easier for Commonwealth Bank to 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.
Offering more choices to consumers
Demand for payment orchestration platforms has surged due to the value they offer for major financial institutions and merchants and the 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.
Rob Lincolne, CEO and co-founder of Paydock, explained: “Our partnership with Commonwealth Bank sets a global precedent for financial institutions. 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.”
Paydock processes millions of payments a month for businesses across all industries. The payment orchestration platform recently closed a £25million Series A funding round with Silverstripe Investment Management Limited in the UK, to scale its software-as-a-service payments orchestration services globally.
Karen Last, general manager of merchant solutions at Commonwealth Bank, also discussed the new for the new payments offering: “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. PowerBoard makes it significantly easier for Australian merchants to offer choices to customers and manage their payments ecosystems, without all the costly integrations.