New fintech payment system set to save merchants millions
The independent processing network, which is also known as The Company, debuted the new software platform which it is hoped will save merchants up to AU$500m a year in fees, when completely implemented across Australia.
An estimated 70% of all card payments in Australia are via debit, hence the significant annual savings.
The least cost routing (LCR) technology produces the cheapest debit card routing options for customers. The payments is “uniquely flagged” as a debit card payment, and automatically sent via eftpos to the lowest cost debit network, thus cutting fees for merchants.
DataMesh, which was founded in 2014, focusses on updating and improving “outdated backbone payment systems”. The fintech is known for developing solutions that streamline current payment processes for merchants by developing state-of-the-art, integrated software.
The DataMesh software can operate via multiple payment devices such as cards, mobile phones or smart watches, and it can discriminate between credit card and debit transactions. The Company is one of the first fintechs to have invented an automated LCR system on a chip and pin payment.
The DataMesh software can also be installed on current hardware, which means merchants can use their existing equipment and simply need to upload it to their machines.
“The unique least cost routing capability developed by DataMesh is a massive win for Australian merchants, especially in this era of contactless payments,” explained DataMesh Group CEO, Mark Nagy.
He continued; “eftpos’ debit card network accounted for more than two billion cheque and savings transactions in 2019 worth around $130bn. DataMesh is working with eftpos and other payments industry members in the push for least cost routing, and to bring down fees for merchants in what is a very challenging environment for retailers and consumers.”
Nagy explained that implementing the software nationwide did not present any major challenges. “DataMesh LCR software is compatible with many legacy merchant terminals and most acquirers. We estimate more than half of card terminals in Australia are currently unable to fully support LCR, so our technology provides an effective solution and removes the need for acquirers to undertake costly hardware upgrades.”
He added, “DataMesh LCR software is compatible with many legacy merchant terminals and most acquirers. We estimate more than half of card terminals in Australia are currently unable to fully support LCR, so our technology provides an effective solution and removes the need for acquirers to undertake costly hardware upgrades.”
Everton FC signs Sokin as its global payment partner
Everton Football Club have signed up Sokin as their official global payments partner.
Sokin is a new global currency account provider that specialises in creating open and transparent payments platforms.
The innovative fintech which launched in 2019, has agreed to a multi-year partnership that will see Sokin’s cutting-edge platform handle the Liverpool-based football club’s global currency transactions.
Disruptive startup fintech
Sokin’s founder Vroon Modgill, a first-generation immigrant, discovered how cumbersome money exchanges were and set about creating a frictionless system that can transfer funds cheaply, swifty and easily to global destinations.
The London-based fintech has grown massively since its launch and now has offices in 10 countries. Sokin also provides a streamlined subscriber platform that opens up global access to FX transfers and payments, allowing people and businesses to transact in 38 currencies and 200 countries and territories.
Fintech partnership with Everton FC
The long-term agreement with Everton sees Sokin further boost the Blues’ growing partnership portfolio while the fintech’s collaboration with the football club strategically supports Everton's FX and payments requirements via its global platform.
The partnership will also propel Sokin into a new position as a leading global fintech provider. Modgill said of Everton FC, “This ethos is a fantastic fit for Sokin’s services. As a leading financial service provider, we exist to make global payments simple and offer a trouble-free service that our customers can trust.
“We look forward to seeing the Sokin name appear around Goodison Park – one of football’s most iconic stadiums – and embarking on this journey together. Sokin – the People’s Card, working with the People’s Club.”
Speaking about the partnership, Alan McTavish, commercial director at Everton, explained, “We are delighted to welcome Sokin on board as our newest club partner and look forward to helping them promote their leading global payments offering to millions of our fans and followers around the world.
McTavish added, “Working with such a global brand is an integral part of our commercial growth strategy. Sokin is a truly innovative, forward thinking company that puts its customers and customer experience at the centre of its operation and is a perfect fit within our exciting partnership portfolio.”