Australasia Banks Paytech

Paydock Launches E-Commerce Platform With Australian Bank

Paydock, the payments orchestration platform, has teamed up with Australian banking group The Commonwealth Bank of Australia (CBA) to launch a one-stop platform for payments, integrations and checkout.

Called PowerBoard, the solution aims to make enabling and scaling online businesses easier by streamlining connectivity to payment services via a single platform. PowerBoard offers traditional card payments, domestic payment methods, as well as other alternative payment methods. It also offers pre-integrated services, such as fraud and security features.

PowerBoard adds a single layer that allows merchants to ‘plug in’ while avoiding significant disruption. The solution also removes the need for multiple third parties to exchange data.

CBA is white labelling the Paydock solution and has exclusive rights to distribute the product in Australia. It is currently available to select business customers of CBA. Paydock is also pursuing partnerships with banks in the UK, US, Canada, GCC, South Africa, Singapore, Hong Kong and New Zealand.

Significant step

According to Rob Lincolne, CEO of Paydock, merchants today need more support than ever.

“As fintech gathers pace across the globe, we are delighted to partner with the Commonwealth Bank of Australia as our exclusive distributor for enabling deployment of new payment, security, and insights services to support valued merchants looking for an edge online,” said Lincolne.

“Untethering payments from legacy solutions and enabling choice and flexibility alongside essential fraud and security features will lift the bottom line for many merchants and ensure they can remain focused on their own businesses, while meeting the needs of their customers in a secure, flexible way.”

Mike Vacy-Lyle, group executive, business banking at CBA, added: “PowerBoard is a significant step for CBA as we look beyond traditional banking products and services to solve pain points for our customers and provide better, integrated solutions. This is about helping our business customers create better experiences for their own customers.

Paydock’s ambition is to return billions in lost profit to its target markets while introducing best-in-class payments infrastructure.

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