Aussie FinTechs embrace APIs to connect with BPAY

- By Collaborative Media & Publishing
More than 60 companies, including high-profile start-ups Deferit and Groupee, have connected to the BPAY Scheme using its API portal launched just over a year ago.

It has brought the popular payment method to a new generation of companies, which previously faced significant cost and time hurdles to connect.

"As an early stage start up with limited resources, accepting BPAY payments without the APIs would really not have been feasible for us right now," according to Groupee Co-founder David Taing.

Groupee, which allows people to pool funds for shared expenses, used the APIs to connect in March 2021.

Taing says Groupee is proving popular among friends living in a share house or who need to pay shared expenses while holidaying together. BPAY is now an option to pay shared bills such as electricity or gas.

"Groupee’s total processed payments was up 840% on February which is crazy! With the integration of BPAY, it’s really just made things so much easier because no one person has to take the risk of paying the whole bill first and requesting or chasing money later,” says Taing.

"If you think about it, housemates do more than pay bills together, so we’re excited to see our users in share houses adopting it for more and more things," he adds.

Groupee uses three separate BPAY APIs to retrieve biller information, validate payment details and export batch files, which together, make payments simple. Separate BPAY APIs can also allow organisations to generate a unique customer reference number (CRN) to put onto invoices, and accurately scan printed bills via BPAY Group owned start-up Sypht.

Groupee is not the only FinTech reaping the rewards of BPAY's Developer Portal.

Over a thousand companies using the BPAY sandbox

Deferit, a 'Bill Now, Pay Later' budgeting platform, pays bills on behalf of its customers who then pay that amount back over four instalments. It uses BPAY's API to improve payment validation.

"Someone uploads a bill to us and then essentially, we'll hit up BPAY's APIs to verify certain information on that bill to verify the right amount that needs to be paid," says Deferit Co-founder Jonty Hirsowitz.

Deferit supports all payment types listed on a bill. Its back office chooses the most efficient payment method on behalf of the customer.

"If the consumer thinks BPAY is the best channel to pay the bill, we will pay it through BPAY," he said.

Hirsowitz says the validation API also reduces potential fraud by confirming a bill is valid and the biller is approved.

"It creates more certainty for the customer and it's obviously good for our business," he adds.

Keith Brown, BPAY's General Manager Product, Scheme and Business Development, says the company's API portfolio has proved popular.

"We've had more than 60 companies from diverse industries use our current range, which is hitting close to one million calls a month," Brown says.

"Over 1,000 companies are already using our sandbox to test out their apps with our APIs… many more are interested in our new products being launched soon," adds Brown. 

ASX-listed wealth management platform Netwealth, which now caters to almost 90,000 account holders, last year used the APIs to offer its customers the ability to pay their bills using BPAY. More recently, real-time payment service Beem It added BPAY to its app.

Upcoming BPAY APIs will provide a simple way to process BPAY payments and increase functionality when onboarding and managing customers as BPAY Billers.

Published by BPAY Pty Ltd (ABN 69 079 137 518) email: The BPAY Scheme is managed by BPAY Pty Limited.  When you use BPAY payment products, the BPAY Scheme is paid fees relating to processing costs and BPAY Scheme membership.  Contact your financial institution to see if it offers BPAY payment products and to get the Product Disclosure Statement.  Any financial product advice provided by BPAY Pty Limited in relation to BPAY payment products is general advice only and has been prepared without taking into account your objectives, financial situation or needs.  Before acting on such advice, you should review the Product Disclosure Statement and consider whether BPAY payment products are appropriate for your personal circumstances.

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