Basiq rolls out Smart Payments in Australia

Australia-based fintech Basiq has launched Smart Payments, integrating access to financial data with payment services on the Basiq platform.

The addition of payment services will enable both read and write services to be possible on the Basiq platform as Open Finance continues to develop. This will augment fintechs as they accelerate the launch of new services in the market, as per the press release.

Combining data and payments on the Basiq platform will address many challenges that fintechs face. When on-boarding a consumer for payments services, fintechs often need to conduct bank account verification to ensure it is the right owner, along with the correct bank account details (account number and BSB) to minimise errors, says Basiq. Other challenges include optimising the process of collecting two sets of consent from a consumer (one for data access and one for payments) and checking if there are sufficient funds ahead of making a payment.

Having upgraded its platform with Basiq 3.0 to provide access to Open Banking data as well as data from non-CDR sources, the platform has developed to provide payment services. Accessing financial data (read access) and executing payments (write access) are core services that fintechs need to launch their product to market. The underlying payment execution on the Basiq platform will be powered by Zepto, an API led payments innovator.

Basiq also announced that it will continue to evolve Smart Payments with Payment orchestration services to be made available later in 2022. These services provide fintechs with the ability to leverage insights from consumer’s financial data to gain context on how and when to make a payment. For example, knowing when a person’s salary has arrived in their bank account and with the consent of the consumer, automatically moving 10% of this into an investment account, or knowing not to execute a direct debit payment if there are insufficient funds.