finPOWER and Zepto Collaborate to Introduce PayID Support for Lenders

Published 5 months ago

Financial technology company, finPOWER, has declared the introduction of PayID for customers of its Connect software and platform. This development is possible due to the partnership with account-to-account (A2A) payments leader, Zepto.

A Step Towards the Future with PayID

The integration of PayID is in line with finPOWER’s dedication to delivering cutting-edge, real-time innovations. Serving a diverse customer base of over 400, including Consumer Lenders, Private Lenders, Banks, Mutuals, BNPL providers, Retailers, Short term Lenders, Car and asset loan providers, this is a significant move.

Zepto’s direct connection to Australia’s real-time payments infrastructure, the New Payments Platform, powers PayID. This move is seen as a crucial stride towards the future implementation of PayTo.

A Successful Partnership

Lee Slattery, General Manager at finPOWER, emphasized that choosing Zepto as the payments provider for the new integration aligned perfectly with their successful four-year relationship. He mentioned that Zepto’s real-time payments platform is a market leader with an in-depth understanding of A2A payments, making them the ideal partner for launching PayID.

Leveraging Zepto’s Payment Capabilities

finPOWER Connect employs several of Zepto’s payment features such as Direct Debit, real-time payouts via the New Payment Platform (NPP), PayID, and soon, PayTo. These payment methods offer a range of benefits to loan companies including faster loan repayments, streamlined loan disbursements, reduced administrative costs, and an improved customer experience through real-time A2A payments and automation.

A Shared Vision for Innovation

Tanya Martin, Head of Partnerships at Zepto, expressed her enthusiasm for the partnership and launch of PayID. She stated that the collaboration with finPOWER reflects their shared vision of driving innovation in the fintech sector.

A Time of Growth for finPOWER

The introduction of PayID comes at a time when finPOWER’s customer base is expanding. The company has recently experienced significant growth in finPOWER Connect in the car and asset finance industry and Private Lending industry. This growth is due to new players entering the market.

The competitive landscape and the need for more productivity are driving more new Lenders to choose finPOWER Connect for their Loan management. They are seeking to speed up customer experience and increase their return on investment. The partnership between finPOWER and Zepto is poised to grow and strengthen, with real-time benefits for their customers.