CBA Teams Up With Payments Orchestration Fintech
(28 November 2023 - Australia) Commonwealth Bank of Australia has teamed up with payment orchestration platform Paydock to roll out 'PowerBoard', providing merchants with a single access to an unlimited number of payment methods and providers.
The partnership enables CBA to deliver a dynamic payments experience to its customers through a single API integration, without having to overhaul its current infrastructure.
Founded in Australia in 2015, Paydock recently closed a £25 million Series A funding round with Silverstripe Investment Management Limited in the UK, to scale its software-as-a-service payments orchestration services globally.
“Our partnership with CommBank sets a global precedent for financial institutions,” says Rob Lincolne, CEO and co-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.”
Following extensive trials, Powerboard is now available to eligible CBA business customers across Australia just ahead of the busy festive shopping season.
“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,” says 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."