Group Executive Business Banking, Mike Vacy-Lyle said CBA’s deep understanding of its business customers as well as its payments expertise means it is uniquely positioned as a bank to offer PowerBoard.
“Running an online business can be extremely time-consuming. Offering customers different payment methods and integrations traditionally requires merchants to complete multiple, complex website integrations, costing time and money. The benefit of PowerBoard for merchants is the simplicity and ease with which they can now access these services. It means they can keep up with market changes and future-proof their business while achieving technology efficiencies.”
The PowerBoard portal provides a simple interface to switch on features, monitor real-time transactions, and configure the experience they want to deliver to their customers; meeting the unique needs of each business. PowerBoard is set to integrate with five categories of payment methods: traditional card payments; digital wallets including Apple Pay and Google Pay; Buy Now Pay Later alternative payment methods; domestic payment methods such as eftpos and PayTo; and digital gift cards.
In addition to payment methods, PowerBoard will simplify other technology integrations, such as enhanced security tools that support merchants to detect and prevent fraud. Additional connected services will be added in future releases, such as logistics and multi-currency. In some cases, an agreement will be required between the merchant and the provider of the third party connected service.
“PowerBoard is a significant step for CBA as we look beyond traditional banking products and services to solve pain points for our customers and provide better, integrated solutions. This is about helping our business customers create better experiences for their own customers. We are incredibly excited to be the first bank to offer such a service, and are looking forward to building out the offering in the coming months,” said Mr Vacy-Lyle.
CEO of Paydock, Rob Lincolne said: “The introduction of PowerBoard by Australia’s largest bank is a new day for businesses across the nation. Businesses and sellers in Australia-wide can finally enjoy easy access to preferred payment and fraud tools while aligning customer preferences and payment experiences. Removing cost, complexity and risk from endless integrations, Powerboard’s single API and platform increases security, simplifies back office and reduces service availability risks. Partnering with CBA was a natural and compelling choice for Paydock, aligning with our vision to offer the greatest benefit to as many merchants as possible in today’s fast moving, many-vendored fintech market. The time is right to see orchestration as the new market default.”
Western Sydney-based Sydney Zoo turned to PowerBoard to deliver a seamless and world-class online experience for their community.