Payment Technologies
PayIDs
NPP - New Payment Platform
The New Payments Platform (NPP) in Australia is a cutting-edge, real-time payment system that revolutionises the way financial transactions occur. Launched in 2018, it allows individuals and businesses to transfer funds instantly, 24/7, 365 days a year, making payments swift and convenient. Unique to the NPP is the use of PayIDs, which allow users to link their phone numbers or email addresses to their bank accounts, simplifying the payment process. Additionally, it facilitates detailed payment descriptions and enhancing transparency. The NPP represents a significant leap in the Australian financial landscape, promoting innovation, competition, and offering a seamless, real-time payment experience to meet the evolving needs of a digital economy. At Argenic we are continuing our development in this channel to provide real-time custom experiences that can overlay the traditional rail that is offered by NPP.
Essential Transfer Systems
Direct Entry
The Australian Direct Entry Payment Solution is a robust, secure, and efficient system for facilitating direct bank-to-bank transactions in Australia. It enables the seamless transfer of funds between financial institutions and is widely used for purposes such as payroll processing, bill payments, and business-to-business transactions. With stringent security measures, including encryption and authentication protocols, it ensures the safety of financial transactions. This solution streamlines payment processing, reducing delays and improving the overall efficiency of financial operations for businesses and individuals alike. The Australian Direct Entry Payment Solution plays a pivotal role in the country's financial infrastructure, supporting the smooth flow of funds and promoting economic growth.
Repeat Payments
Direct Debit
Argenic provides an automated, real-time enduring consent framework that allows for efficient management of digital Direct Debit Request Service Agreements, reducing the risk of unauthorised payments. With the fastest direct debit settlement available in the market, this innovative technology streamlines payment processes, improves business efficiency, and provides a secure and seamless payment experience for customers.
Reduced Risk Payments
PayTo
NPP PayTo is a feature within Australia's New Payments Platform (NPP) that simplifies fund transfers and bill payments. It allows users to make real-time payments by using a PayID, such as a mobile phone number or email address, instead of relying on traditional banking details. This streamlined process enhances the speed and convenience of financial transactions, whether it's settling a bill, splitting expenses, or transferring money to friends and family. NPP PayTo eliminates the need to remember and input lengthy account numbers and BSB codes, making payments more accessible and user-friendly, thus aligning with the NPP's mission to modernise and enhance the efficiency of payment systems in Australia. As further use cases are developed Argenic will make custom solutions that fit the market while disrupting current payment ways making reconciliation and customer ease paramount to delivering solutions.
Coming Soon
Merchant Acquiring
Merchant acquiring refers to the process by which businesses accept electronic payments from customers. In the context of card payments, it can be categorized into two primary modes: Card Present and Non-Card Present. Card Present: In this mode, transactions occur when the customer is physically present at the point of sale, swiping, or inserting their credit, debit card or presentment of a Mobile Phone. It is typical in physical retail stores, providing immediate authorisation and reducing fraud risks. Non-Card Present: In contrast, Non-Card Present transactions occur in remote or online settings, where the cardholder is not physically present. This category includes e-commerce and phone-based transactions. Merchants must rely on card-not-present (CNP) protocols, with security measures such as CVV codes and 3D Secure to mitigate fraud risks. These transactions offer convenience but require rigorous fraud prevention measures to ensure safe and secure payments.
Coming Soon
BPAY
BPAY is a widely-used electronic bill payment system in Australia. With over two decades of existence, it simplifies the process of paying bills for consumers and businesses. BPAY enables individuals to conveniently pay various bills, from utility services to credit card payments, via their bank's online or mobile platforms. It offers a secure and efficient method for managing financial transactions, eliminating the need for writing checks or sending physical payments. BPAY has become an integral part of the Australian banking landscape, offering a user-friendly and reliable way to settle bills, ensuring timely payments while reducing the administrative burden on billers and payers alike.
Coming Soon
Cross Border
Cross-border payments facilitate international trade and financial transactions, allowing businesses and individuals to transfer funds across national borders. These transactions can involve currency conversion and often entail higher fees and longer processing times than domestic payments. The complexity arises from the involvement of multiple financial institutions, each with its own regulations and standards. At Argenic we can assist with your needs while looking into the future of varied international payment technologies. At Argenic we continue to invest and research these challenges and innovations, such as blockchain technology and digital wallets, these have emerged to streamline cross-border payments all of which are still in mostly experimental stages.
