Waave partners with Merco

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. 

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.