The collaboration would enable everyday people to access Blossom’s returns from fixed income investments with faster and safer ways of paying and getting paid. According to Blossom representatives cited by australianfintech.com.au, the company is looking to simplify every aspect of investing, including the customer experience of transferring and withdrawing.
By leveraging Azupay’s PayID system, Blossom’s clients will be able to transfer funds directly from their bank accounts in real-time. The goal is to save them valuable time when starting off on their savings journey.
Aside from PayID and Accounts Receivable, Azupay also provides a selection of real-time solutions that ensure end-to-end reconciliation and payment speed for both payouts and recurring payments.
Apart from saving time between transactions, PayID can also help reduce fraud and improve risk management. In July 2022, the Australian Competition and Consumer Commission released a report on scams activity for 2021, in which it highlighted the record levels of scam activity in Australia.
According to the ACCC, nearly AUD 1.8 billion (USD 1.2 billion) in losses were reported to Scamwatch, ReportCyber, 12 financial organisations and other government agencies.
According to ir.com, real-time payments might help bring the world's dependence on paper money to an end by allowing people to pay for things instantly using a digital platform. Moreover, the same source reveals that the global real-time payments market size was valued at USD 10.64 billion in 2020, and it is expected to increase at a compound annual growth rate (CAGR) of 33.0% from 2021 to 2028.
The main challenges of real-time-payment implementation for institutions include restructuring their business models, especially when it comes to banks. Building a solid RTP network capability is particularly difficult when it comes to legacy infrastructures and existing system or operational constraints.
In May 2022, Azupay partnered with Australia-based trading broker Mitrade to make deposits and withdrawal of funds faster for Australians. The partnership allowed Mitrade customers to use a system-generated unique pay ID to deposit funds, while Mitrade would use an ID as well to transfer funds instantly to their consumers' bank accounts.
In August 2021, Azupay integrated with Xero to launch a real-time payment solution for SMBs. This collaboration enabled small businesses using Xero to display a PayID on their invoices and receive payment in a few seconds.
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