The Commonwealth Bank of Australia (CBA) has launched a new a plug-in ecommerce solution for merchants called PowerBoard.
The solution will allow selected merchants to gain access to a range of payment methods that can be seamlessly switched on for their customers.
PowerBoard will offer traditional card payments, domestic payment methods and pre-integrated fraud and security features.
CBA has partnered with Paydock, a payments orchestration platform, to launch the platform.
The bank is white-labelling the Paydock solution and has exclusive rights to distribute it in Australia.
PowerBoard is presently available to select business customers of CBA and a wider roll-out is scheduled for 2023.
Mike Vacy-Lyle, group executive of business banking at CBA, said: “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.”
As well as desiring orchestration-first payment strategies, online merchants also want access to further innovation, such as enhanced security tools, insights and anti-fraud services, Paydock said.
The UK-headquartered fintech claims PowerBoard will make enabling and scaling online businesses easier by streaming connectivity to payments services via a single platform.
It also claims the solution removes the need for data to be passed between a multitude of third parties, creating a lower risk environment.
Commenting on the PowerBoard launch, Rob Lincolne, chief executive officer of Paydock, said: “Untethering payments from legacy solutions and enabling choice and flexibility alongside essential fraud and security features will lift the bottom line for many merchants and ensure they can remain focused on their own businesses, while meeting the needs of their customers in a secure, flexible way.”