When deciding on a new card payment platform, it’s crucial to consider the technical features that will ensure a seamless, convenient and secure experience. Here are five essential features to prioritise when evaluating card payment platforms.

Payment Platform Features

Integration with Digital Wallets: 

As digital wallet platforms like Apple Pay, Google Pay, and Samsung Pay gain popularity, it’s important to choose a card payment platform that seamlessly integrates with these systems. This integration allows customers to make payments using their digital wallet, offering both convenience and enhanced security compared to traditional physical cards.

APIs for Mobile Development and Integration:

If you’re a developer or plan to incorporate the payment platform into your mobile or web-based application, look for a platform that provides robust APIs (Application Programming Interfaces). These APIs enable easy integration, allowing you to customise the payment experience and create a seamless connection within your app.

Cardholder Self-Service:

Empower cardholders with greater control and convenience by opting for a payment platform that offers self-service features:

• PIN Reset: Allow users to reset their PIN securely.
• Card Blocking: Enable cardholders to block a lost or stolen card immediately.
• Temporary Card Pausing: Let users lock their card temporarily—for those times when they need a break from card usage.

These features prove especially valuable during emergencies or when managing card security.

Security and Fraud Protection:

Prioritise a payment platform that goes the extra mile in safeguarding transactions. Key security measures include:

• 3D Secure (3DS): Implement this security protocol to protect online card transactions.
• Encrypted Data Transmission: Ensure that sensitive information remains confidential during communication.
• Secure Servers: Host transactions on secure servers to prevent unauthorised access.
• Regular Security Updates: Stay ahead of potential threats by keeping security protocols up to date.

Virtual Cards:

Another useful feature to consider is the ability to create virtual cards. Virtual cards are digital versions of physical cards that can be used for online transactions. Virtual cards have several advantages including:

• Organised Finances: Create separate virtual cards for different purposes (e.g., online shopping, family expenses).
• Loss and Theft Prevention: Virtual cards cannot be physically lost or stolen.

Discover Vertexon: Delivering Modern Card Payment Solutions

Vertexon, a Payment as a Service (PaaS) platform developed by Change Financial, stands out in delivering modern and digital payment experiences for both businesses and consumers. 

Vertexon excels in its integration with digital wallets, supporting popular options like Apple Pay, Google Pay, and Samsung Pay, allowing end users to make payments online or in-store using their mobile device.

The platform also offers APIs for businesses to seamlessly integrate Vertexon into their systems, fostering customised payment experiences for their customers.

Cardholder self-service is a notable feature of Vertexon, empowering users to manage their cards and PINs while accessing their transaction history.

Security is a top priority, with Vertexon implementing multiple layers of protection, including encryption, secure authentication, and real-time monitoring to combat fraud and unauthorised transactions.

Adding to its versatility, Vertexon supports the use of virtual cards, catering to businesses with frequent online payment needs. These cards can be easily generated and managed through the Vertexon platform.

For businesses seeking to modernise their card platform with these essential features, our sales team is ready to assist.

Explore all the features of Vertexon by checking out our comprehensive roadmap and elevate your payment experience with Vertexon today!

• Change Financial wins new client, HealthNow and together they aim to revolutionise workplace wellness in New Zealand
• HealthNow’s Employer Aid sets a new standard for workplace wellness, empowering employers in supporting employee wellness and health improvement
• Employer Aid aims to provide New Zealanders with a seamless payment experience through a one-card approach
• Employer Aid will integrate with Change Financial’s Vertexon payments platform, leveraging Change’s Mastercard issuing capability in New Zealand, ensuring a robust and reliable payment infrastructure for HealthNow’s clients

Auckland, 24 August 2023: Change Financial Limited (Change), a leading ASX-listed (CCA) Australian payments fintech, is thrilled to announce New Zealand health services pioneer, HealthNow, has chosen Change’s Vertexon platform to power their Employer Aid prepaid card program. Employer Aid is set to revolutionise how New Zealand employers support and promote the health and wellness of their employees.

Employer Aid, powered by Change’s Vertexon platform and leveraging its Mastercard issuing capability in New Zealand, is HealthNow’s solution to the growing need for proactive health solutions in the workplace. ¹ According to the 2023 Global Survey by Virgin Pulse and YouGov,
76% of workers believe their company should be doing more to support the mental health of their workforce.

The program works closely with employers to educate staff on how to use their health allowances effectively, ensuring they remain healthy and well. The one-card approach eliminates barriers, offering a smooth payment experience and acting as a constant reminder for employees to prioritise their healthcare.

Tony Sheehan, Change Financial Chief Executive Officer, said, “It’s exciting to have HealthNow as a new client and to enable them to achieve their vision of launching Employer Aid. This collaboration is a testament to our shared commitment to providing innovative financial
solutions tailored to the needs of New Zealanders.”

Steven Zinsli Founder & CEO of HealthNow highlighted the program’s innate ability to adapt to the different needs of each employee.
“Employer Aid allows employers to acknowledge the diverse health needs of their employees, recognising for example that the ideal employee benefit for a 25-year-old differs from that of a 50-year-old. “Our program provides an effective alternative to traditional health insurance, shifting the focus to
preventative healthcare. By allowing employers to select their contribution value, we ensure that Employer Aid fits seamlessly into any budget,” Mr Zinsli commented.

With Employer Aid, HealthNow is offering both a payment solution and championing a shift in how employers view and support employee health. By focusing on preventative rather than reactive healthcare, HealthNow is setting a new standard for workplace wellness in New Zealand.

New Zealanders can anticipate the launch of the Employer Aid prepaid card program towards the end of 2023, marking a significant step forward in health-focused financial solutions.

HealthNow and Change Financial are exploring expanding their partnership into the Australian and US markets in the coming months.

¹ 2023 Global Survey of workplace wellbeing priorities, by Virgin Pulse and YouGov, May 2023

• Simply Zibra is launching AI-powered virtual cards through Change Financial to empower consumers to spend in a smarter way.
• Simply Zibra seeks to drive better financial outcomes for consumers by using AI to source loyalty program benefits, low fees, cashback incentives and rewards points on everyday payments – automatically.
• Change Financial will provide Mastercard card issuing to provide the payments capability in market

Brisbane, 15 August 2023: Change Financial Limited (Change), a leading ASX-listed (CCA) Australian payments fintech, today announced it will provide Mastercard card issuing to Simply Zibra, an AI-driven digital wallet that helps consumers get the most out of their money. Using AI, the system optimises every payment made via the Change issued Mastercard through analysing the transaction in real time and selecting the card that will provide the most benefits for the consumer. These benefits can include lower foreign exchange fees and interest, frequent flyer miles, cashback opportunities and rewards points, depending on the preferences and goals of the user.

Change Financial Chief Executive Officer, Tony Sheehan, said the partnership aims to offer unprecedented benefits for consumers, by allowing them to automatically receive third party savings that they may not otherwise be aware of. “We are proud to be powering Simply Zibra’s innovative technology with our card issuing capabilities. Their commitment to supporting financial optimisation through AI-driven personalisation is a breakthrough for Australian consumers.” said Mr Sheehan. “Our card issuing capabilities have helped bring this innovation to market and it will facilitate the use of this technology for online and in-person payments, with consumers able to reap the rewards in a matter of seconds.”

The platform links all of a consumer’s accounts including debit cards, credit cards and saving accounts, to ensure that the AI process can work efficiently, by drawing on spending habits and information from a broader range of sources. Simply Zibra upholds data security by partnering with licensed entities to safely store financial data. The company does not hold a customer’s funds and has ‘read-only’ access to information.

Simply Zibra Chief Executive Officer, Trina Ray Choudhury, said by connecting a user’s existing suite of cards and accounts to automate payments, they can deliver greater financial outcomes for consumers through harnessing the benefits of AI. “We are delighted to join forces with Change Financial. Together we’re able to bring a pioneering payments tool to market that redefines how consumers manage and use their finances. This venture brings us one step closer to our goal of enhancing the financial lives of Australians.” Mrs Ray Choudhury said.

“Consumers are often missing hundreds of dollars in potential savings and by using AI, our technology works in the background, automatically applying relevant savings or even earning hidden rewards, without the consumer having to spend hours sorting through information.

This product and service will be available to the market towards the end of 2023.

• Change Financial (Change) and Fintech Actuator are partnering with Mastercard to launch an incubator program for Australian fintechs to trial prepaid card solutions.
• Under the partnership, Change will issue Mastercard prepaid cards and Fintech Actuator will act as the program manager to assist fintechs with onboarding, scope and design.

August, 1st 2023: Brisbane-based global fintech and payments as a service (PaaS) provider, Change Financial, has partnered with Mastercard and Fintech Actuator to make card programs more affordable and accessible to local fintechs and startups.

Under the program, Australian companies will be able to run small scale prepaid card solutions to test their products in market, without the cost and extensive processes involved in launching their own custom card programs.

Chief Executive Officer of Change Financial, Tony Sheehan, said the partnership was one of the first of its kind in Australia and will nurture startups by providing greater access to enabling card programs, previously unattainable.

“Australia continues to be a popular global fintech hub and we see many of these new businesses unable to complement their product offering with a card program because they don’t have the capital, expertise or understanding of the process,” Mr Sheehan said.

“This partnership with Mastercard and Fintech Actuator will significantly reduce these barriers to entry for startups creating greater opportunities for local fintechs.”

The advantage of the program is that it will offer low-cost onboarding and holistic support and guidance services throughout the establishment, testing and rollout stages.

Dan Martin, vice president and head of digital partnerships, Australia at Mastercard, said that as the fintech market in Australia continues to evolve and expand, collaboration between likeminded organisations can drive real impact in helping new entrants scale quickly.

“Speed to market, testing and increased agility are paramount in driving innovation and propelling smaller fintechs forward. Mastercard’s aim is to foster an ecosystem that allows fintech startups to thrive, contributing to the overall advancement of the Australian fintech industry. Mastercard supports fintechs with the industry experience, technology and connections that it has built across many decades,” said Martin.

Each program will run for between six and nine months and at Mastercard and Change Financials’ discretion, fintechs will have the opportunity to roll out a prepaid card program that is serviced through Change Financial and Mastercard.

Fintech Actuator’s Tim Boucaut commented “Startups and many smaller companies don’t meet the scale and volume requirements to launch a card program, and this partnership changes that. By guiding businesses through the process and providing support to test and validate an idea, we are enabling more local innovations to successfully launch in the ever-growing payments space.”

The program will commence in September 2023.

You can find more information at https://www.fintechactuator.com/

Change Financial Chief Product Office, Vinnie D’Alessandro wrote an opinion piece for Dynamic Business about how Australian fintechs can lead the way in the US payments space.

The US is a key player in the global financial system. Yet it appears to be lagging behind the global frontier when it comes to adopting modern payment solutions.

Vinnie D’Alessandro

Check out the article here https://dynamicbusiness.com/leadership-2/expert/opinion/do-aussies-have-the-key-to-unlocking-payment-potential-in-the-us.html

When it comes to choosing a new card payment platform, there are certain technical features that are essential for ensuring a smooth, convenient, and secure experience. Here are the five essential technical features to look for in a card payment platform:

Features

1. Integration with digital wallets: Digital wallet platforms like Apple Pay, Google Pay, and Samsung Pay are becoming increasingly popular, and it’s important to choose a card payment platform that can integrate with these systems. This will allow you to make payments using your digital wallet, which can be more convenient and secure than using a physical card.
2. APIs for mobile development and integration: If you’re a developer or you plan to integrate the payment platform into your own mobile or web-based application, it’s important to choose a platform that offers APIs (Application Programming Interfaces) for easy integration. This will allow you to customize the payment experience and build a seamless integration into your application.
3. Cardholder self-service: To give cardholders more control and convenience, look for a card payment platform that offers self-service features such as the ability to reset a PIN, block a lost or stolen card, or pause a card temporarily. These features can be especially useful in the event of a lost or stolen card, or if you need to take a break from using your card for a while.
4. Security and fraud protection: Finally, it’s essential to choose a card payment platform that offers robust security and fraud protection measures. This can include features like 3D Secure (3DS), which is a security protocol that helps to protect online card transactions, as well as encrypted data transmission, secure servers, and regular security updates.
5. Virtual cards: Another useful feature to look for is the ability to create virtual cards. Virtual cards are digital versions of physical cards that can be used for online transactions, and they offer a number of benefits. For example, you can create separate virtual cards for different types of purchases or for different family members, which can help to keep your finances organized and separate. Virtual cards also offer an extra layer of security, as they can’t be lost or stolen like physical cards can.

Vertexon: delivering modern card payment solutions

Vertexon is a Payment as a Service (PaaS) platform developed by Change Financial. It is designed to provide modern and digital payment experiences for businesses and consumers.

One of the key features of Vertexon is its integration with digital wallets. This allows users to store and manage their payment information in a digital wallet, such as Apple Pay, Google Pay or Samsung, and make payments online or in-store using their mobile device.

Vertexon also includes APIs (Application Programming Interfaces) that allow businesses to integrate the platform into their own systems and processes. This can enable them to create customised payment experiences for their customers.

Cardholder self-service is another feature of Vertexon. This allows cardholders to manage their own card and PIN, and check their transaction history.

Security and fraud protection are also important considerations for any payment platform. Vertexon includes multiple layers of security to protect against fraud and unauthorized transactions, including encryption, secure authentication, and real-time monitoring.

Finally, Vertexon supports the use of virtual cards. Virtual cards can be especially useful for businesses that need to make frequent online payments, as they can be easily generated and managed through the Vertexon platform.

Are you looking for these essential features to modernise your card platform, reach out to our sales team.

To see all the features of Vertexon, check out our roadmap.

Change Financial CPO, Vinnie D’Alessandro made an appearance on ausbiz with Kyle Rodda to discuss payments in the Australian, New Zealand and US markets.

https://www.ausbiz.com.au/media/the-state-of-payments-in-australia?videoId=25918&sectionId=1885

Having attended my first Customer Owned Banking Association conference (COBA) with Change Financial, I was hoping for a positive experience after such a long break between in person conferences and my expectations were far exceeded.

The Customer Owned Banking Association put on a wonderful event , one of the best I’ve attended in my career.  Aside from the professionally executed conference, panels, sessions, food, and entertainment, it was the COBA members that had the greatest impact on me.  They were open, positive, engaging, and curious.

The COBA 2022 conference panels, sessions and workshops centred around three  key themes; Smart. Strong and Sustainable.

Whilst that is  an accurate description of COBA member banks,  I took away a different set of themes from the members in attendance: Enhance,  Compete and Grow.

Enhance: Not surprisingly, COBA members were focused on their customer experience, it was central to almost every conversation I came across. There was an acceptance from members that their products and services needed to be enhanced.  COVID has been a catalyst for greater investment in remote and digital bank services and COBA2022 showcased many of these new capabilities that  banks can  deliver to their customers.

Compete: COBA members are often competing for the same customers as the big 4 and larger tier 2 banks.  Customer owned banks can’t compete with the big guys in terms of budgets, but through partners and SaaS offerings, there is an opportunity to match their services and provide a better customer value proposition. A great comment from one of our customers I spoke to was “I want to own my own destiny for card payments, but I don’t have to do it all on my own”. 

Grow: Nearly every bank I spoke to wanted to grow their customer base. In particular, focus on new, younger customers to drive a sustainable future.  Whilst murmurs of mergers and acquisitions continue, COBA members are keen to enhance their services, compete with the bigger players and ultimately grow their customer base.

The Change team was both encouraged and inspired  by the energy, enthusiasm and positivity from the COBA team and their members.  We’re looking forward to supporting the transformation journey for customer owned banks as they continue to enhance, compete, and grow to better rival the major banks in the future.

Change Financial (CCA) has announced it has been granted a Mastercard Principal Issuer licence for Prepaid and Debit cards in New Zealand.

Being a Mastercard Principal Issuer allows Change to deliver card programs to banks, credit unions, fintechs and other businesses, looking to offer digital and physical card payments to their customers.

In March 2022, Change announced an exclusive agreement to partner with Mastercard to issue prepaid and debit card products in Australia and New Zealand. 

Change CEO, Alastair Wilkie commented, “We are excited to be a Mastercard Principal Issuer in New Zealand for Prepaid and Debit cards. To be granted our licence less than 6 months after our Mastercard partnership announcement is a wonderful result for both parties.” 

Wilkie continued, “Our business has a long New Zealand heritage and it’s a proud moment for our business, especially our Auckland based team members. Our new capability will allow us to lower the barrier of entry for New Zealand banks, credit unions, fintechs and business to deliver innovative card solutions to their customers.”

Change also recently announced they would be issuing Mastercard debit cards for First Credit Union, Nelson Building Society, Police and Families Credit Union and Westforce Credit Union.

• Change is powering card capabilities in the underserviced New Zealand market, providing mutuals greater access to digital and card payment solutions.
• More than 35,000 debit cards across four programs will be issued on the Mastercard network and processed through Change’s Vertexon platform.
• The announcement comes as New Zealand’s e-commerce market is projected to grow by 38% before 2025.

Australian based global fintech and Payments as a Service (PaaS) provider, Change Financial (Change), announced it has partnered with fellow fintech solutions provider Finzsoft to sign agreements with four New Zealand mutuals to offer direct issuing, processing, and card management solutions via its Vertexon platform. This partnership makes card payment solutions more accessible to the underserviced New Zealand payments space.  

The instant issuance of digital cards and integrated cardholder API software are not widely accessible in the New Zealand market and First Credit Union, Nelson Building Society, Westforce Credit Union and Police Credit Union will leverage these technologies using Change’s Vertexon platform to improve efficiency and the overall user experience. 

This follows Change’s recent partnership announcement with Mastercard, enabling them to deliver direct issuing capabilities for their Australian and New Zealand clients. More than 35,000 debit cards will be issued on the Mastercard network and processed through Change’s Vertexon platform. 

Demand for digital and physical card payments capabilities in New Zealand is set to rise as their e-commerce market is projected to grow 38 percent between now and 2025, reaching $8.8 billion (USD), according to the March 2022 Global Payments Report. In addition to this, the report reveals buy now, pay later (BNPL) is the fastest growing online payment method and set to account for 17 percent of e-commerce transaction value by 2025.  

Change CEO and Managing Director, Alastair Wilkie said, businesses and consumers across New Zealand currently have limited access to contemporary card technologies and this partnership will expand available opportunities to advance the market overall. 

“Change is among the first to offer digital wallets and modern payment solutions in New Zealand. Our landmark partnership with Finzsoft will address a clear shortcoming in the market by expanding the availability of card solutions outside of the major bank providers,” Mr Wilkie said. 

Credit unions and traditional finance lenders are turning to alternative card providers, outside of the major banks for fast, reliable, and well-integrated exchanges. “By expanding this section of the market, businesses and consumers will have greater access to modern products and services,” Mr Wilkie remarked. 

The instant issuance of digital cards will be available for consumers at launch and Change is already investigating opportunities to add Apple Pay, Google Pay and buy now pay later (BNPL) capabilities. 

“BNPL is projected to be the fastest growing e-commerce payment platform before 2025 and by increasing consumer access to digital cards and payment solutions, we are creating equity in the market while rivalling the services offered by major banks and traditional card lenders,” Mr Wilkie concluded. 

Change will partner with Finzsoft, who will deliver core banking and mobile banking apps to the four mutuals. 

Finzsoft Chief Executive, Helen Hatchard noted, “The partnership will allow these credit unions to offer a modern digital payment experience to their members and allow them to strongly compete with major banks and fintechs. 

We are excited to be partnering with Change once again to deliver digital transactions for accounts, lending and cards.  

Change’s payments experience, product roadmap and strong New Zealand presence will create a truly modern and innovative digital experience for members,” Ms Hatchard said. 

First Credit Union General Manager, Simon Scott said, “By accessing Change’s Vertexon PaaS, Mastercard issuing and card holder API systems, we can provide modern card features that rival the major banks and fintechs.”  

Nelson Building Society CEO, Tony Cadigan said, “Change’s digital payment features, and services will enable us to develop new payment products to retain and attract new clients.”  

Westforce Credit Union General Manager, Victor Martick said, “This partnership will benefit our members by providing modern card features.” 

Police Credit Union CEO, Craig Pomare said, “Digital payments are now an essential part of the global economy, so we are excited to work with Change and Finzsoft to co-develop innovative card products for our members.”  

According to the third edition of Prime Time for Real Time 2022, published by ACI Worldwide, (NASDAQ: ACIW), in partnership with GlobalData, a leading data and analytics company, and the Centre for Economics and Business Research, Australia and New Zealand are looking to a new era of real-time payments with a renewed sense of urgency and need to modernise to stay competitive.