Aussie Fintech makes switching payment platforms easier
Fintech technology to manage backend payments is becoming increasingly popular among global banks, with more and more taking advantage of cutting-edge technology to streamline payment processing.
Innovations such as DataMesh Group’s Unify system allow banks to handle payments quickly and securely, switch between different payment platforms in a flash and view customer data analytics with security onshore.
Recently, DataMesh Group launched Unify worldwide with early adopter Deutsche Bank. The German bank will bring the Australian-developed payment system to markets in India, Australia, Korea, Thailand, Indonesia and Vietnam by 2023.
The rollout is made possible through a AUD$30 million Series A funding round, oversubscribed due to major investment from NAB Ventures and 1835i, the investment arm of ANZ.
Andrew Irvine, a head of business and retail banking at NAB Group, said Unify is a “game changer” because of its ability to process payments securely and quickly, as well as its onshore customer data analytics capabilities.
“This investment is an overwhelming recognition of the strength of our business model and unique payment solution. We have raised this capital despite global economic headwinds, which is a testament to the quality, confidence and strength of our business proposition,” said Mark. Nagy, CEO of DataMesh.
DataMesh describes Unify as the “most modern and resilient switching platform ever built.” According to them, the system is PCI DSS Level 1 certified for the exchange of financial transactions, card-present and card-not-present transactions and tokenized payments.
“Any bank can now connect to a fully customizable, end-to-end platform without extensive in-house investment in infrastructure, enabling them to meet and exceed their merchants’ solution requirements. For merchants who want to exceed their customers’ expectations, DataMesh can provide a seamless technical payment layer without the merchant needing to change banks or acquirers,” Nagy added.
Unify is also scalable and replicable enough to meet any need; it currently performs over 1,100 transactions per second, while supporting approximately 500,000 points of sale. In addition, the system can be connected directly to various payment types, alternative forms of payment and card types.
“DataMesh is a perfect fit for Deutsche Bank’s Merchant Solutions APAC initiative. The payment orchestration layer enables us to provide a comprehensive payment solution for our clients, who require a global one-stop shop for their payment acceptance in different countries and regions,” added. Oliver von Quadt, Deutsche Bank’s Head of Merchant Solutions in APAC.
Image credit: iStockphoto/alfexe
