The independent processing network, which is also known as The Company, debuted the new software platform which it is hoped will save merchants up to USD 500 million a year in fees, when completely implemented across Australia. An estimated 70% of all card payments in Australia are via debit, hence the significant annual savings.
DataMesh, which was founded in 2014, focusses on updating “outdated backbone payment systems”. The fintech is known for developing solutions that streamline current payment processes for merchants by developing integrated software.
The DataMesh software can operate via multiple payment devices such as cards, mobile phones or smart watches, and it can discriminate between credit card and debit transactions.
The DataMesh software can also be installed on current hardware, which means merchants can use their existing equipment and simply need to upload it to their machines.
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