An Australian-built and developed payments technology is available – at a fraction of the sunk development costs of MAMBO – that delivers an innovative and immediate solution to the current gaps in the banking sector’s online transaction services.
The underlying Payment Adviser technology has been singled out by multinational banks, wire service and ACH payments processing firms as setting new world standards for payments innovation and efficiency. Yet the technology has raised barely an eyebrow from local banks.
“It is quite staggering to think that, even as MAMBO has tried and failed, our tried and tested technology is finding greater interest offshore, and we are preparing to export to global players in the European and US markets.
“Major licks of capital have been spent to date and ironically, some of the problems we know they were trying to solve could have already been delivered for the consortium with our existing systems – for example transmitting additional data with payments and issues around customer account portability; account access and efficiency,” said Payment Adviser global head of marketing, Brad Rosenthal.
The MAMBO (Me At My Bank Online) project even had the impetus of a public ‘innovate or perish’ challenge set before it by the Reserve Bank of Australia, when the Payment Adviser solution is alive and well functioning in sectors of the financial markets, namely superannuation.
“Our novel, inexpensive technology is currently being applied by ClickSuper for processing superannuation contributions, rollovers and other payroll deductions on behalf of service providers, large employers and superannuation funds.
It easily “bolts onto” existing superannuation industry payments infrastructure, delivers quantum efficiency gains at minimal cost or industry downtime, while delivering greatly enhanced benefits to superannuation fund members in the form of early investment of their contributions as a result of payment and operational efficiencies, “he said
Developed primarily to overcome the difficulty of transmitting additional remittance data with payments, the technology links referencing information (a 16 byte Universal Resource Identifier) to any amount of data at payment origination. The referencing information is then transported through the payment system in the free data fields of the current Australian DE system.
Payment recipients are advised of a pending payment by email. They then use the transaction referencing information to access the remittance data manually or by applying web services ahead of accounts receivable processing.
The technology integrates tightly with all existing global payments systems and workflows for domestic and cross-border transactions. It manages the remittance data-supporting uploaded in one standard (e.g. ISO 20022) or format and downloaded in the required standard or format to facilitate interoperability between trading entities.
Referencing information can be unique to each transaction and/or country specific. A fixed country specific reference can play the role of any or all of the following:
- A biller/supplier code
- An originator code
- A secure bank account identifier that can be used in conjunction with any type of domestic or international bank or bank identifier, SWIFT BIC or equivalent.
Payment Adviser was invited to showcase the service to delegates at the 37th annual Sibos trade event in Amsterdam 2010. As a result the technology is currently being evaluated by banks and other financial institutions wishing to differentiate themselves through the introduction of value add services that better meet the needs of the corporate sector.