Accelerate Australian fintech ecosystem: Basiq launches Smart Payments

Basiq has recently announced an Australian first as it launches Smart Payments, integrating access to financial data with payment services on the Basiq platform.

Basiq’s vision is to Make Finance Easy. Basiq enables this by providing an Open Finance API platform for businesses to build innovative financial solutions.

With a proven record in accessing financial data, the addition of payment services will enable both read and write services to be possible on the Basiq platform as Open Finance continues to evolve. This will help supercharge Fintechs as they accelerate the launch of new services in the market.

Having upgraded its platform earlier this year with Basiq 3.0 to provide access to Open Banking data as well as data from non-CDR sources, the platform has now grown to provide payment services. Accessing financial data (read access) and executing payments (write access) are core services that Fintechs need to successfully launch their product to market. The ability to do this using a single platform saves time & money and enables Fintechs to focus on creating value for their end users.

“We’ve been working closely with Fintechs in the market and the ability to have data and payments on the one platform is a problem that hasn’t been solved. Bringing these services together on the Basiq platform helps streamline payments, reduce fraud, and generate unique insights to deliver engaging customer experiences. It will speed up the time it takes a Fintech to build and launch their service to market, something we are really focussed on achieving” says Damir Cuca, CEO and founder of Basiq.

The underlying payment execution on the Basiq platform will be powered by Zepto, an API led payments innovator. Damir Cuca said, “Payments are a very complex area and working with Zepto to power the payment execution is a great fit. Basiq’s focus is on Smart Payments, leveraging our years of experience in working with financial data and integrating payment services with this to deliver unique value and insights.”

Chris Jewell, Zepto CEO said, “Our vision supports a global embedded payment ecosystem powered by real-time payments and informed and initiated by an open data framework. Against this backdrop our partnership with Basiq is underpinned by our mutual commitment to deliver best-in-class product offerings. It’s exciting to be partnering with Basiq in this space, and we look forward to powering their payment products and features.”

Source: FinTech Australia

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