Following the recent publication of stories relating to BPAY Group’s financial position, the company would like to issue the following statement to provide more information:
“BPAY Group’s core business, BPAY Payments and Osko, has continued to grow its revenues and be financially sound, robust and profitable in FY19/20. We have invested in BPAY Payments to continue the growth trajectory, launching APIs to open access, and making life simpler for all. The company recorded a strong profit on its core business despite a one-off impairment of an Osko product enhancement due to non-delivery by others for $4.7 million during the financial year,” said Hugh Frames, Chief Operating Officer at BPAY Group.
“BPAY Group’s strong operational profits have enabled the company to make Investments in the past 3 years to further grow BPAY’s offering to the industry and beyond, and it is these investments in new businesses that have resulted in the company making a loss at a consolidated level. These were considered and calculated strategic decisions to further add value.
“BPAY Group manages over 1.5 million transactions a day through BPAY, recently reached over 2 million payments in a day through Osko, and we have chosen to invest in innovation for the benefit of the broader industry,” said Frames.
“BPAY Group’s core business, BPAY Payments and Osko, has continued to grow its revenues and be financially sound, robust and profitable in FY19/20. We have invested in BPAY Payments to continue the growth trajectory, launching APIs to open access, and making life simpler for all. The company recorded a strong profit on its core business despite a one-off impairment of an Osko product enhancement due to non-delivery by others for $4.7 million during the financial year,” said Hugh Frames, Chief Operating Officer at BPAY Group.
“BPAY Group’s strong operational profits have enabled the company to make Investments in the past 3 years to further grow BPAY’s offering to the industry and beyond, and it is these investments in new businesses that have resulted in the company making a loss at a consolidated level. These were considered and calculated strategic decisions to further add value.
“BPAY Group manages over 1.5 million transactions a day through BPAY, recently reached over 2 million payments in a day through Osko, and we have chosen to invest in innovation for the benefit of the broader industry,” said Frames.