Leading institutional payment orchestration platform, Paydock and Australia’s leading bank, Commonwealth Bank (CBA) have rolled out Powerboard, a new payment offering, providing merchants with more flexibility and choice over payment options available to customers.
The partnership between Paydock and CBA is the first of its kind in the global banking industry, allowing a major bank to deliver a dynamic payment experience to customers through a single API integration, without having to overhaul the current infrastructure. Following extensive trials, Powerboard has been developed in record time and is now available to eligible CBA business customers across Australia.
Paydock CEO and co-founder, Rob Lincolne said, “Our partnership with CommBank 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.”
PowerBoard enables CBA to provide merchants with single access to an unlimited number of payment methods and providers, while making these services simpler, smoother and more reliable. Through a simple interface, merchants can easily add on other integrations, such as enhanced security tools to detect and prevent fraud, to customise the payments experience.
CBA general manager of merchant solutions, Karen Last added, “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 choice to customers and manage their payments ecosystems, without all the costly integrations.”