• Accountedfor.com.au delivers a complete business accountant service – in the palm of your hand.
• Change Financial and Fintech Actuator partnered with Mastercard in August 2024 to launch an incubator program to support innovation – turning bold ideas into reality.

Brisbane-based global fintech, Change Financial, has today announced the next participant in their Prepaid Incubator program – Accountedfor, a platform redefining how professional services firms engage with clients and deliver integrated financial solutions.

Accountedfor is a modern financial services platform that empowers accounting and advisory firms to deliver streamlined, real-time financial services to their clients. With an emphasis on automation, transparency, and user experience, Accountedfor is pioneering the next generation of account practice management – including integrated spend control via prepaid card solutions.

David Thornton, Co-Founder of Accountedfor said “We’re excited to be part of the Incubator program and work closely with Change Financial and Fintech Actuator. This partnership provides us with an opportunity to integrate prepaid card capabilities into our platform and deliver greater value and innovation to our clients.”

Tim Boucaut, CEO, Fintech Actuator commented: “Accountedfor brings a fresh perspective to the professional services space, and their vision aligns perfectly with our goal of supporting emerging FinTech’s. We’re thrilled to partner with them to help bring their solution to market.”

In this alliance, Change Financial will issue Mastercard prepaid cards, with Fintech Actuator managing the program, aiding FinTechs with comprehensive guidance from onboarding to design and execution.  

The incubator program, which launched last year, saw Change Financial and Mastercard create an environment that empowers emerging FinTechs to innovate by running 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. 

Each program runs for a period of six to nine months, providing continuous support and guidance to the participating FinTechs. 

“This innovative incubator program was crafted with a vision to accelerate the growth and innovation of Australian FinTechs, ensuring they have the necessary tools and support to navigate through the initial stages of development and market testing. This latest partnership with Accountedfor is this vision in action” said Tony Sheehan, Chief Executive Officer of Change Financial.  

• Change has signed a new flagship PaaS client in New Zealand – Unity Credit Union 

• Over 20,000 Unity Credit Union debit cards will be issued on Change’s Vertexon Platform 

• Change has now signed six New Zealand financial institutions, including the two largest credit unions in New Zealand, representing over 65,000 account holders  

Change Financial Limited (Change), a leading ASX listed (CCA) Australian payments fintech, has signed a new Payments as a Service (PaaS) contract with Unity Credit Union (Unity), one of the largest credit unions in New Zealand, to provide direct issuing, processing and card management solutions via its Vertexon platform. 

Change has commenced the onboarding process, with Unity expecting to have approximately 20,000 debit cards, in circulation by December.   

Change Financial CEO, Tony Sheehan said, “It’s great to see a large and well-respected credit union like Unity choose Change Financial in New Zealand for fast, reliable, and seamless consumer card solutions. We have made significant investment in our platform and like our other financial institution clients in New Zealand, Unity is making the switch to Change to take advantage of advanced features and services that allow them to deliver superior payments experiences to their customers.  

“We now have a significant presence in the New Zealand market with our platform servicing the two largest credit unions.” 

“With our Vertexon platform fully operational, it is highly encouraging to secure another significant client as we build scale and momentum.” Mr Sheehan said. 

Unity will use Change partner Finzsoft Solutions Limited (Finzsoft) as their core banking platform provider, so given these synergies the development work for the onboarding process has already substantially been completed, creating immediate efficiencies for all parties. The addition of another credit union to Change’s suite of customers throughout the New Zealand market is further recognition of the strong partnership and combined value offering of Change and Finzsoft.  

Unity Credit Union CFO and acting CEO, Bruce Morrin said, “Change’s product and service offering will enable us to improve the payments experience for our customers. From being able to offer enhanced features such as Apple Pay and Google Pay, to having superior controls that reduce fraud and other operational costs, we can provide modern card features that rival the major banks, a significant and unique value proposition for non-bank financial institutions like us.” 

Change has now secured the two largest credit unions in NZ as Vertexon PaaS clients in addition to several other NZ financial institutions and fintechs. Once the migration with Unity is complete, it will take the total number of account holders serviced via the Vertexon platform within New Zealand to over 65,000. 

Mr Sheehan added, “Change Financial is continuing to expand its presence within the New Zealand market, which comes at a time when it is still quite difficult for smaller to medium sized New Zealand businesses to access consumer card programs, beyond those offered by major banks. By addressing this gap in the market, we will continue to build our presence whilst also improving the payments experience for consumers.” 

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!

Brisbane’s global fintech, Change Financial, unveiled Doing Good Rewards as the debut participant in their ambitious Prepaid Incubator program.

Doing Good Rewards is the world’s first loyalty program to automatically combine shopping discounts and charity giving in the same transaction. Their fresh approach has drawn attention for its powerful social impact and novel application of Mastercard prepaid cards, contributing to merchant onboarding and enhancing business visibility in the Australian market.

“Being chosen as the first participant in this remarkable program marks a pivotal moment for Doing Good Rewards. It validates our innovative approach in blending commerce with charity, and we are thrilled to work alongside esteemed partners like Change Financial, Fintech Actuator, and Mastercard,” said Brad Langdon, Chief Executive Officer of Doing Good Rewards.

“Brad and the team put forward a compelling value proposition and we’re excited that our first incubator participant has such positive social impact goals,” added Tim Boucaut, Managing Director, Fintech Actuator.

In this alliance, Change Financial will issue Mastercard prepaid cards, with Fintech Actuator managing the program, aiding fintechs with comprehensive guidance from onboarding to design and execution.

Mastercard will support the participants with access to industry experience, technology, and connections to help validate their program. Change Financial and Mastercard aim to create an environment that allows emerging fintechs to experiment, innovate, and prosper by offering them a platform to test their prepaid card solutions in the real world.

“This collaboration helps remove many of the barriers for local fintechs to enable card issuing programs, it’s designed to be accessible whilst allowing partners to test, learn and scale,” said Dan Martin, Vice President and Head of Digital Partnerships, Australia at Mastercard.

Each program will run for a period of six to nine months, providing continuous support and guidance to the participating fintechs.

“This innovative incubator program has been crafted with a vision to accelerate the growth and innovation of Australian fintechs, ensuring they have the necessary tools and support to navigate through the initial stages of development and market testing,” said Tony Sheehan, Chief Executive Officer of Change Financial.

To find out more about or apply to be part of the Incubator Program, head to https://www.fintechactuator.com/

Change Financial, along with Mastercard and Fintech Actuator launched their Australian first Prepaid Incubator Program at Fintech Australia’s Intersekt Festival in Melbourne.

A panel session, Creating Change and Mastering the Art of Issuing with Fintech Actuator was hosted by Simone Thompson from Thoughtworks. The panel saw Ashima Chaudhar, Mastercard VP Head of Development, Vinnie D’Alessandro Change Financial Chief Product Officer and Tim Boucaut from Fintech Actuator explain the value of the program.

You can view the panel session here.

To find out more about or apply to be part of the Incubator Program, head to https://www.fintechactuator.com/

• 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

Having just returned from my first international vacation since COVID, I’m sharing my views on the changing cashless payments in Japan.

It’s my sixth trip to the Land of the Rising Sun since 2004 and it’s been interesting to see how the country and society has developed over those years. 

• I used to feel like the tallest person on the Tokyo Metro, but the younger generation are growing taller
• I still marvel at the infrastructure and technology, especially their highspeed Shinkansen railway and innovative car scene
• Their ability to intertwine other cultures and yet remain quintessentially Japanese, is amazing to witness

Despite the advanced nature of their society, Japan curiously lags in digital payments.

The Japanese Ministry of Economy, Trade and Industry (METI) released a plan in 2018 called the “Cashless Vision,” which outlines measures to increase the use of digital payments in the country. The goal of the plan is to increase cashless transactions to 40% by 2025 in an effort to move Japan towards becoming a cashless society. Yet Australia was already sitting at less 63% cashless transactions back in 2019. It’s a strange situation.

So, on my travels through Japan’s major metropolises, regional cities and small towns, I made note of my payment experiences. Maybe COVID had accelerated cashless options, like it had in Australia.

Cash is king

I did not find one venue, store, vending machine or hotel where I couldn’t pay in cash. At one of the large US coffee chains stores, they refused to take any card payment, cash only!

There was not a day where didn’t get cash out of my wallet or fish through my pockets for loose change. Compared to Australia, where many venues are cashless, it’s a jarring experience. 

Card payments abound – but it’s inconsistent

Card payments (my weapon of choice was Mastercard plastic) were widely available, with swipe and insert the preferred method.

Most transactions were auto approved but some required signatures, which I haven’t used in Australia for more than a year. I don’t remember using my PIN but signed at least 5 receipts. Thankfully I had no rejected card payments over during my travels.

EMV and NFC – sort of, sometimes

The EMV symbol was visible at most point of sales, however it often wasn’t working or not offered as an option. I’d usually be ushered to insert the card, or they’d simply say it wasn’t available. 

I tried to use my Mastercard via Apple Pay and shocked some retail assistants when it worked. I’d show them my card on the phone, just to confirm it was a legitimate card payment. Suffice to say, they aren’t big on digital pays.  The Japanese love their signage at POS but there were very few that had the Apple Pay, Google Pay or Samsung Pay logos.

Alternative payments – IC a future here.

I started to use my transport card PASMO card for some payments. PASMO is one of the many regional options for IC (integrated circuit) cards, which are RFID based cards that dominate the transport payment space. The acceptance levels were high, especially in vending machines and retail chains. 

Whereas Australian public transport is moving towards open loop card payments, Japan’s existing transport payment infrastructure could help drive cashless payments in the medium term.

There were a variety of other payment options too, but again no dominate method had the consistency of acceptance quite like cash.

Cash and coins still required

Unfortunately, those wanting a completely cashless experience in Japan, you’ll be waiting a while.

You could navigate a path without using cash, but it’s just easier to have a couple of 1000s and a fistful of coins to ensure you can always transact.