Netwealth use APIs to easily offer BPAY service

- By Collaborative Media & Publishing
Customers of wealth management platform Netwealth can now use their Wealth Accelerator investment accounts to pay bills using BPAY thanks to a suite of new APIs that made connecting the services simple.

BPAY Group initially launched five APIs in October 2019 to allow organisations to more easily connect to, and create new solutions using the BPAY service.

"Netwealth is a great example of organisations becoming members of the BPAY scheme that wouldn't have done it without the APIs," according to Keith Brown, General Manager, Product Scheme and Business Development for BPAY.

"A lot of the neobanks are the same: they build their banking infrastructures around APIs. They now see BPAY as an option because they can avoid the cost and complexity of integrating with old batch processing systems."

The BPAY APIs allow organisations to retrieve BPAY biller details; validate BPAY payments; generate a BPAY batch file; generate a BPAY CRN to include on an invoice; while a separate Sypht API can accurately scan printed bills.

Netwealth and ANZ respond to client demand with BPAY

Wealth management platform Netwealth, which caters to more than 80,000 account holders with more than $34 billion in assets, wanted to offer its customers the ability to pay their bills using BPAY direct from the platform.

"We were getting a lot of feedback from our clients that adding 'pay anyone' functionality was a significant enhancement to our offering," Netwealth Joint Managing Director, Matt Heine, said. "But for a lot of our clients it's still much easier and safer to use BPAY, particularly when clients are making payments to the ATO or ASIC on behalf of their SMSF, trust or personal accounts."

Joining the BPAY network required implementing batch-based systems, which historically took significant time and money, according to ANZ's head of Innovation and Partnerships, Bruno Di Mattia.

"It's more than likely a three to six-month implementation whereas now we can say 'how quickly can you build the APIs? If you can build it, you can start testing straight away'," he said.

"This is all part of our process of facilitating our clients who are looking after the financial affairs of their clients," ANZ Account Manager, Ryan Bruce, said.

The result is Netwealth investors can now use their Netwealth cash account to pay bills using BPAY, making the platform's functionality similar to an online bank account.

Netwealth uses the two BPAY APIs, that retrieve BPAY biller details and validate BPAY payments, which substantially reduce the development time required to offer the service.

"We're always looking at where we can remove friction from our processes and make it easy for our clients to do business with us. Payments, given the nature of what we do, is a very important part of that," according to Heine.

BPAY currently has 38 Payer Institution Members that stretch well beyond traditional big banks and financial institutions, including church funds, rural loan companies, and non-bank issued card providers.

Innovation is part of BPAY Group’s DNA, from APIs to launching start-ups

The API push is just one example of the way BPAY Group is helping lead innovation as the industry works its way through the pandemic and its economic ramifications.

"Innovation has been at the core of our strategy for a number of years and is part of our DNA," says Mark Williams, BPAY Group Chief Strategy Officer.

"It's core to our culture and the way we do everything. That can be as visible as the industry-wide systemic product innovation, the optimisation of our existing products, launching completely new businesses or everyday initiatives like running our hackathons, and our continually growing ideation innovation register. It’s all about the mindset we bring when thinking about a problem we can solve for someone," adds Williams.

BPAY APIs are playing a key role in that innovation. BPAY Group is now seeing 9 million BPAY Payments API calls made by more than 25 financial services companies including banks, buy now pay later providers, accounting software companies and FinTechs. More than 700 users have registered into the BPAY Group Developer Portal sandbox.

New APIs are also set to be launched in the coming months. One API will allow members to submit real time individual payment transactions rather than payments in a batch, while another will make it easier for institutions to onboard as billers.

It continues the innovation that began more than 20 years ago with the introduction of BPAY, which has put Australia on the map for country-wide bill payments solution.

Since then, BPAY Group has launched Sypht, a stand-alone company in its dynamic group of businesses. As an AI based solution unlocking the value of data, Sypht has been working in overseas markets to solve significant pain points for government bodies. 


BPAY Group's real-time payment service, Osko, remains the only overlay service built on the New Payments Platform infrastructure since its launch and is growing from strength to strength.

Institutions can apply to access the API Developer Portal at https://developer.bpaygroup.com.au/.
 

Published by BPAY Pty Ltd (ABN 69 079 137 518) email: marketing@bpay.com.au. 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.
 
 

Subscribe to the newsletter

Stay up-to-date about the changes in the dynamic payments industry, both in Australia and overseas.

Success! Thank you for subscribing.