Waave partners with Merco

Wednesday 1 November 2023 13:19 CET | News

Australia-based Waave has partnered with Merco to provide continuity to POLi-affected merchants by introducing an Open Banking alternative. 

Considering that Merco assumed ownership of POLi in October 2023, Waave decided to collaborate with the company to offer its Pay by Bank fee-free debit option as a checkout alternative. Through this, Australian merchants can leverage their existing POLi integration and substitute the payment method for Pay by Bank, thus eliminating the need to integrate with an alternative service.

Australia-based Waave has partnered with Merco to provide continuity to POLi-affected merchants by introducing an Open Banking alternative.

Waave developed an Open Banking-powered payment method that aims to reduce payment costs for merchants, while it is accepted by all Australian banks, and provides increased security through the company’s Consumer Data Right accreditation. The solution requires no third party and no entering or sharing of card details.

As of 30 September 2023, POLi, a real-time online debit payment method, closed its operations in Australia, with the decision aligning with the company’s Post26 Strategy which included simplifying its products and service portfolio and ensuring that its business is more financially sustainable. The company announced that the New Zealand operations will continue to be supported via Merco, its local distributor. 

Waave – Merco partnership capabilities

With the agreement, merchants who already have POLi integrated into their systems and want to leverage Waave’s solution will have to change their current logo. Consumers who previously used POLi at participating merchants can automatically access Pay by Bank, ensuring continuity of service. According to officials, by collaborating with Merco, Waave aims to guarantee a simplified transition for merchants. Even if the company uses the POLi integration and the debit premise, Waave also leverages Open Banking, offering consumers increased security under ACCC’s Consumer Data Right.

The company aims to ensure merchants can meet their debit option requirements without facing challenges, while also providing their customers with a simplified and safe payment experience. Representatives from Merco stated that the partnership allows their company to provide merchants in Australia with a simple method to offer their customers an alternative to POLi. 

More information about Waave

As one of the first B2B and B2C payment platforms to leverage Open Banking in Australia and an intermediary of the ACCC’s Consumer Data Right, Waave’s main objective is to improve the payment landscape. Its product Pay by Bank is a secure alternative payment method to traditional cards, enabling customers to pay instantly and directly via their bank. Moreover, Pay by Bank provides merchants with instant authorisation, accelerated funds settlement, and no dishonour charges or chargebacks.

Recently, Waave announced the launch of Wendi, a tool that allows customers to view all their subscription expenses. The company intended to develop a solution that provides users with full control and visibility over their funds. By using Open Banking capabilities, Wendi collects subscription information directly from a user’s bank account, allowing them to view all their expenses in one place. The solution does not require customers to download an application, offering an easy sign-up process that does not involve ID checks. 

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Keywords: payment methods, Open Banking, real-time payments, digital payments, online banking e-payment
Categories: Banking & Fintech
Companies: POLi, Waave
Countries: Australia
This article is part of category

Banking & Fintech




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