Aussie Fintech Makes Switching Payment Platforms Easier
Fintech technology for managing backend payments is becoming increasingly popular among global banks, with more and more taking advantage of cutting-edge technology to streamline their payment processing.
Innovations such as DataMesh Group's Unify system are allowing banks to handle payments quickly and securely, switch between different payment platforms in a flash, and view customer data analytics with onshore security.
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 being made possible through a AUD30 million Series A funding round, oversubscribed due to major investments from NAB Ventures and 1835i, the investment arm of ANZ.
Andrew Irvine, an executive for business and private banking at NAB Group, said Unify is a “game changer” because of its ability to securely and quickly process payments, as well as its onshore customer data analytics capabilities.
"This investment is an overwhelming endorsement of the strength of our business model and unique payments solution. We’ve raised this capital despite global economic headwinds, which is a testament to the quality, confidence, and strength of our business proposition," said Mark Nagy, chief executive officer at 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 financial transaction switching, card-present and card-not-present transactions and tokenized payments.
"Any bank can now plug into a fully customizable, all-encompassing platform without extensive internal investment in infrastructure, enabling them to meet and exceed the requirements of their merchants’ solutions. For merchants that want to exceed their customer expectations, DataMesh can provide a seamless technical payment layer without the merchant’s need to change their bank or acquirer," Nagy added.
Unify is also scalable and replicable enough to meet any level of demand; it currently performs at over 1,100 transactions per second while supporting approximately 500,000 point-of-sale systems. Additionally, the system can be connected directly with various payment types, alternative forms of payment, and card types.
"DataMesh is the perfect fit for Deutsche Bank’s Merchant Solutions APAC initiative. The payment orchestration layer enables us to offer a comprehensive payment solution for our clients, who demand a global one-stop shop for their payment acceptance in various countries and regions," added Oliver von Quadt, Deutsche Bank’s head of merchant Solutions in APAC.
Image credit: iStockphoto/alfexe
