PaySim is Change Financial’s new brand for its payments testing solution, launch of its API is expected to generate additional recurring revenues for the company.
Australian global fintech company, Change Financial (ASX:CCA) continues to solidify its position as a top payment solutions provider.
The company has just launched PaySim, its new payments testing solution brand that helps banks and fintechs accelerate their development and product release cycles.
PaySim can simulate over 60,000 transaction variations across multiple systems, enabling banks and fintechs to complete end-to-end testing of their payment platforms and processes from a desktop.
It also has over 42 different modules to provide coverage across multiple payment technologies and schemes.
The platform has been widely used during the pandemic to facilitate testing without the need for access to physical devices such as automatic teller machines (ATM), or point of sale (POS) terminals.
A beta phase for the PaySim API is also underway, and Change has partnered with a Big Four Australian bank to complete this client testing phase.
“We’re very proud of the successful launch of PaySim, our new testing solution brand, the result of a strategic investment of time and resources into our simulation capabilities over the last year,” said Change CEO, Alastair Wilkie.
Key features of PaySim
In the last 12 months, Change has been investing in new products, features and development, culminating in the release of PaySim.
This new platform is expected to generate new recurring revenue streams, as it will help clients gain testing capability to help scale their businesses.
PaySim can also be used to certify payment participants on schemes, switches and local networks.
In Australia for example, companies that want to join the eftpos network must use PaySim to certify their integration before connecting to the local payments network.
PaySim is also being used by over 130 banks and fintechs across more than 30 countries. Five of the top 10 digital payment companies globally use PaySim for their payments testing.
The PaySim API is currently being developed, and on track for full release prior to the end of 2021.
The API enables clients to automate load, stress and regression testing to produce comprehensive results reporting, and is the foundational component of PaySim’s Software as a Service offering.
A successful launch is expected to drive sales for existing and new clients globally, growing Change’s annual recurring revenue stream.
“API capability is the greatest enabler for fintechs and banks to accelerate product development and release timelines,” commented Change CTO, Arnold Lee.
“Our PaySim API enables our clients to simplify their testing functions through automation and integration with their testing and quality assurance toolsets.”
Lee’s development team is currently in the final stages of beta testing with clients prior to its release in Q2 FY22. Part of the testing is to extend its ISO20022 testing capabilities.
The PaySim solution has also been validated for use with schemes such as Visa, Mastercard, UnionPay, Amex, and JCB.
“PaySim will help to solidify our standing as the one of the top payment testing solutions in the world,” CEO Wilkie emphasised.
Today’s development comes after the release of the Vertexon payments platform in October.
Vertexon is Change’s latest Payments as a Service offering, which provides quick-to-market card and payments solutions to banks and fintechs around the world.
The software integrates seamlessly with the clients’ core systems, and is able to deliver both physical and digital card solutions, as well other features such as Buy Now Pay Later.
This article was developed in collaboration with Change Financial, a Stockhead advertiser at the time of publishing.