Paydock partners with CBA to power new e-commerce solution
By Leandra Monteiro
Paydock, the payments orchestration platform, has partnered with a major Australian banking group The Commonwealth Bank of Australia (CBA) to launch PowerBoard, a simple solution for a merchant’s technology integrations, payments, and fraud prevention needs.
Delivering a first in Australian banking, PowerBoard will make enabling and scaling online businesses much easier by streamlining connectivity to payment services via a single platform. PowerBoard will offer traditional card payments, domestic payment methods, as well as other alternative payment methods, and services such as fraud and security features will be pre-integrated.
PowerBoard adds a single, simple-to-use layer that allows merchants to ‘plug in’ once, immediately reaching a range of payment methods wrapped in these further enhancements. Online merchants are now discovering orchestration-first payment strategies, yet they also want access to further innovation such as enhanced security tools, insights, and fraud-fighting services: features that require more technological sophistication to add than they typically have at their disposal. CBA PowerBoard merchants can leapfrog competitors as their needs change and more services are added to PowerBoard. Existing merchant back-end processes are spared significant disruption and the solution removes the need for data to be passed between a multitude of third parties, creating a safer risk environment.
Commenting on the PowerBoard launch, Rob Lincolne, CEO of Paydock, said, “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. 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. We are incredibly excited to be the first bank to offer such a service, and are looking forward to building out the offering in the coming months.”
PowerBoard is presently available to select business customers of CBA and a wider roll-out is scheduled for mid-2023.
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