PowerBoard is a significant step for CBA as they look beyond traditional banking
The role of a bank in ecommerce in Australia is changing, with the launch of CBA’s new platform PowerBoard. With this solution, selected merchants will be able to “plug in” to the platform once and deploy their ecommerce offering, gaining access to a range of payment methods which can be seamlessly switched on for their customers – all through a single platform.
To date, payments orchestration has generally only been accessible to larger business with in-house technology teams. PowerBoard will provide merchants of many sizes with payments acquiring, multi gateway capability, a menu of payment options, and an innovation roadmap that will future-proof their business and deliver technology efficiencies.
To deliver this Australian banking first, CBA has partnered with fintech and payments orchestration platform Paydock, combining global best technology with bank-grade standards to give merchants peace of mind and meet enhanced security, fraud, data, and cyber standards.
Group Executive Business Banking, Mike Vacy-Lyle said CBA’s deep understanding of its business customers as well as its payments expertise means it is uniquely positioned as a bank to offer PowerBoard.
“Running an online business can be extremely time-consuming. Offering customers different payment methods and integrations traditionally requires merchants to complete multiple, complex website integrations, costing time and money. The benefit of PowerBoard for merchants is the simplicity and ease with which they can now access these services. It means they can keep up with market changes and future-proof their business while achieving technology efficiencies.”
The PowerBoard portal provides a simple interface to switch on features, monitor real-time transactions, and configure the experience they want to deliver to their customers, meeting the unique needs of each business. PowerBoard is set to integrate with five categories of payment methods: traditional card payments; digital wallets including Apple Pay and Google Pay; Buy Now Pay Later alternative payment methods; domestic payment methods such as eftpos and PayTo; and digital gift cards.
In addition to payment methods, PowerBoard will simplify other technology integrations, such as enhanced security tools that support merchants to detect and prevent fraud. Additional connected services will be added in future releases, such as logistics and multi-currency. In some cases, an agreement will be required between the merchant and the provider of the third party connected service.
“PowerBoard is a significant step for CBA as we look beyond traditional banking products and services to solve pain points for our customers and provide better, integrated solutions. This is about helping our business customers create better experiences for their own customers. We are incredibly excited to be the first bank to offer such a service and are looking forward to building out the offering in the coming months,” said Vacy-Lyle.
CEO of Paydock, Rob Lincolne said: “The introduction of PowerBoard by Australia’s largest bank is a new day for businesses across the nation. Businesses and sellers in Australia-wide can finally enjoy easy access to preferred payment and fraud tools while aligning customer preferences and payment experiences. Removing cost, complexity, and risk from endless integrations, Powerboard’s single API and platform increases security, simplifies back office and reduces service availability risks. Partnering with CBA was a natural and compelling choice for Paydock, aligning with our vision to offer the greatest benefit to as many merchants as possible in today’s fast moving, many-vendored fintech market. The time is right to see orchestration as the new market default.”
Western Sydney-based Sydney Zoo turned to PowerBoard to deliver a seamless and world-class online experience for their community.
Sydney Zoo IT Manager, Ronan Alonzo said:“With simple and collaborative planning and execution, we’ve been able to integrate PowerBoard online. PowerBoard will further enable Sydney Zoo to go to market very quickly with more options for our guests, turn new features on and off as we need, and it will allow us to quickly take advantage of new innovations as they become available. It’s helped us significantly reduce costs and time we’d previously needed to integrate each aspect and inclusion of multiple payment methods individually. Most importantly, it’s providing a smoother and more secure online experience for our community. It’s never been easier to book your next Sydney Zoo visit, and we’re excited to keep innovating for those who visit our world-class zoo.”
Following an initial release to a limited selection of business customers, PowerBoard will be rolled out more widely from mid-2023.