A trio of Australian payments experts, Ben Zyl, Mark Connolly and Peter Traianou, have joined forces to introduce Waave, a seamless and secure alternative payment method to traditional cards allowing customers to pay directly via their bank.

With decades of experience behind them at organisations including PayPal, Adyen, AfterPay and NAB, the trio has the investment support of industry heavyweights including Morten Belling of Menulog and e-commerce pioneer, Paul Greenberg, closing out a seed round at $4.7 million. Chemist Warehouse founder, Jack Gance has come onboard as an advisor.

Waave, with its flagship product Pay by Bank, aims to reinvent the world of payments as the lowest cost, simple and secure way to accept and make payments in Australia. It is the first both B2B and B2C payment platform use case of Open Banking in Australia.

“We believe the payment industry is archaic and the way we pay today is clunky and outdated,” Waave co-founder, Ben Zyl said.

“People have become complacent with card dominance – businesses shouldn’t be paying exorbitant fees to receive payments, and customers should have full control and visibility over their money. We’re here to drive change by bringing back the connection between consumers and businesses.”

With the global Open Banking market believed to reach $48.13 billion by 2026, Waave is the first Australian company to use this technology to enable customers to make seamless payments directly from their bank account rather than being restricted by traditional cards.

Waave Pay by Bank takes a flat 28 cent transaction fee, making it over 80% cheaper than card payments, while providing instant authorisation, faster funds settlement and no dishonour charges or chargebacks. It works across all Australian banks, with customers guided through a one-time sign-up process enabling them to connect to their bank and make payments both online and in-store.

“Think of Waave: Pay by Bank as the new and improved direct debit for the 21st century, using the latest technology to dramatically improve the payment experience for consumers, while significantly reducing costs for businesses. It’s our flagship product allowing exceptionally low costs to the merchant, security, ease, and control back to the customer,” Waave co-founder, Mark Connolly added.

Waave integrates with an extensive partner network including Shopify Plus and other major ecommerce platforms.

“We will adapt, evolve and grow our platform ecosystem and products, but our core purpose will always come back to improving the connection between consumers and businesses,” Waave co-founder, Pete Traianou said.