BPAY Group Media Statement

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.