Award winning cloud banking platform Mambu and global payments as a service (PaaS) provider Change Financial (Change), today announced a partnership to deliver market leading digital banking and payment capabilities in Australia and New Zealand.
The partnership will see Change’s Vertexon PaaS platform, which enables banks and fintechs to deliver physical and digital card payments and processing, added to Mambu’s application programming interface (API)-driven cloud banking platform. With today’s customers expecting on-demand access to multiple digital payments and modern banking experiences, Mambu and Change will leverage an ecosystem approach, working together to deliver fast-to-market SaaS solutions to Australian and New Zealand financial institutions. The partnership will allow seamless integration of adding prepaid, debit and credit card and processing capabilities as well as digital card payments like Apple Pay, Google Pay and Samsung Pay to Mambu’s platform. Change’s solutions include Buy Now Pay Later features for cards and transaction processing for all major schemes, including Mastercard, Visa, Amex, JCB and UnionPay.
Mambu Managing Director Asia Pacific, Myles Bertrand said, “Mambu’s partnership with Change strengthens our digital payments capabilities, whilst enabling Change to connect its customers to our market leading cloud-native core banking solution.
Change’s product roadmap and focus on the provision of seamless digital payments is a powerful addition to Mambu’s composable cloud banking foundation. We see a great deal of synergy in this partnership, and we’re excited about the opportunities it will bring to our customers.”
Change Chief Product Officer, Vinnie D’Alessandro, said, “The strategic partnership with Mambu supports our growth objectives for the Australian and New Zealand markets. Our card payments and processing technologies are essential for a modern digital banking experience, and our combined solutions with Mambu’s composable banking platform will deliver innovative payment and digital banking solutions to our end customers.”
Mambu General Manager Australia and New Zealand, Paul Apolony, added “Change is a leading provider in the global payments space, like Mambu they’re committed to digital transformation using SaaS solutions and a customer-centric approach. We believe our combined functionalities will enable customers of both organisations to shift to a high-velocity operating model with minimal effort.”
Mambu will also be working with Change to make their payment emulation and testing solution, PaySim, available to clients. PaySim allows financial institutions to simulate and test the full payment lifecycle of their systems including load and stress testing as well as ATM, POS and card scheme simulation.
“We look forward to leveraging the synergies this partnership brings to deliver agile and fast to market results for our customers,” Mr Apolony concluded.
Mambu is the cloud banking platform where modern financial experiences are built. Launched in 2011 Mambu fast-tracks the design and build of nearly any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more. Our unique composable approach means that independent components, systems, and connectors can be assembled in any configuration to meet business needs and end user demands. Mambu has 800 employees that support 200 customers in over 65 countries – including N26, BancoEstado, OakNorth, Raiffeisen Bank, ABN AMRO, Bank Islam and Orange Bank.
Learn more about Mambu at www.mambu.com
Change Financial (Change) is an experienced global fintech, listed on the Australian Securities Exchange (ASX) providing tailored payment solutions, card issuing and testing to banks and fintechs. Partnering with over 147 clients across 41 countries Change delivers simple, flexible, and fast-to-market payment solutions.
Managing and processing over 16 million credit, debit, and prepaid cards worldwide, Change also provides the default standard for payments testing for many Australian companies, including Australia’s domestic card payment service eftpos.
Learn more about Change at www.changefinancial.com
Change Financial was features in Fintech Australia’s Five Fintech on Friday along with Kanopi, FirstAML, MyLenda, and Radium Capital
Change Financial (ASX:CCA) partners with fintechs and banks, to provide tailored payment, card issuing, and testing solutions. The global fintech has over 146 clients across 41 countries, managing and processing over 16 million credit, debit, and prepaid cards, delivering flexible and fast-to-market payment solutions. Change’s Vertexon provides leading digital and physical card solutions for banks and fintechs. Vertexon makes it simple for clients to launch full featured digital payment experiences to their end consumers fast.
Five of the top ten global payment companies trust Change’s PaySim for payment simulation and testing solution, helping them meet the reliability and performance expectations.
https://www.fintechaustralia.org.au/five-fintechs-on-friday-february-4-2022/
After onboarding multiple new clients to its global platform, Change Financial (ASX: CCA) is set to convert its recent product launches into new sales opportunities via Stockhead
Fintech payments leader Change Financial confirmed achievement of key platform milestones and new sales in an exciting quarter update this morning.
Among a number of operational highlights, CEO Alastair Wilkie flagged the successful launch of the company’s Vertexon platform, with additional products under development and a strong pipeline of new work opportunities – both in Australia and globally heading into 2022.
“We continued to grow our sales pipeline and see these opportunities progress through the sales funnel. During the quarter, we converted a significant number of opportunities into contracted revenue which will be realised in future quarters,” Wilkie said.
Importantly, Change commenced onboarding its first payments-as-a-service (PaaS) client in the lucrative US market during the quarter and is now pursuing multiple new clients leads across the US, Australasia and Latin America.
Accompanying that strong momentum, Wilkie and the CCA executive team have a clear strategic vision and key performance metrics to drive further growth in the year ahead.
Business highlights
Across the company’s operational objectives, CCA achieved a priority target in Q4 with the successful launch of Vertexon – a modern digital solution for banking clients to unify back-end process for prepaid, debit and credit cards.
During the December quarter, Change launched the Vertexon SaaS platform on Amazon Web Services (AWS) in Sydney, to service banks and fintechs in the Oceania region.
Delivered on schedule and on budget, the platform is highly scalable with the functionality for rapid global rollouts in response to client demand.
Along with that in-market launch, CCA also completed the beta phase of testing on the new Application Programming Interface (API) for PaySim – its SaaS-based automated payment testing solution that allows banks and fintechs to accelerate their development and product release cycles, the company said.
“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,” CCA said.
As a measure of its product market-fit, PaySim is already in use by five of the top 10 digital payments companies globally, and marks a particularly exciting growth channel for Change.
Client momentum
In line with those key successes in product development, CCA was also able to convert its momentum into a number of new client wins.
Among them was the addition of a new fintech Mastercard prepaid card program in the US, which will deliver a minimum contract value of US$700,000 (~$1.0m) over an initial three-year term.
Client on-boarding is “well-progressed” and is expected to go live in the March quarter 2022, CCA said.
In addition, the company has secured US$1.3m (~$1.8m) of sales across its new product platform, with “US$1.1 million of Vertexon projects and US$200,000 of PaySim projects for existing clients”.
“Change expects further significant client wins to close in the third and fourth quarters of FY22 as opportunities progress through the sales funnel,” the company said.
The net outcome is that investors can look forward to a steady pipeline of growth for new revenue and cash-flow channels, as CCA continues to build its client base.
Importantly, around 55% of CCA’s revenue has been generated from recurring revenue streams.
Contracted ARR increased to US$4.7m, led by the successful onboarding of Change’s new PaaS client in the US market.
And as evidence of its strong momentum, Change highlighted that its sales pipeline grew by a net-24 opportunities in the December quarter to 158, while 23 new client opportunities were won and closed out.
“There was a significant increase in customer invoicing in Q2, particularly in December, which is expected to drive cash collections in Q3,” Change said.
With a scalable platform that services more than 16 million payment cards and 147 clients in 41 countries, CCA continues to carve out a profitable niche in the multi-billion dollar global payments market.
And following a transformative period in the second half of 2021, the company is set for a big year of growth in 2022.
https://stockhead.com.au/tech/change-financial-continues-to-drive-growth/
Change Financial (ASX:CCA) CEO Alastair Wilkie joined as host of ASX company leaders to share their highlights for 2021 via Stockhead.
It’s been another year of lockdown and supply challenges for all companies dealing with the COVID-19 variants as they pop up. But with challenges, comes opportunities to learn and grow. So as the end of the year approaches, we took the chance to tap our client list and ask CEOs of ASX-listed small caps – from sand miners to cannabis growers to fintechs – what they learnt in 2021, their highlights, and what they hope for in 2022.
Today, we ask: What was your company highlight for 2021?
Alastair explained “We had three really important events”
- Completing our core card management and processing platform in the US and launching it that into market;
- Following that, we made a strategic and transformative acquisition that expanded our US operations into a global payments solutions business. This, in turn, sped up our three-year strategic roadmap by 18 months; and
- We launched our customer ready integrated payments as a service solution “Vertexon.” This was an exceptional performance by the team to achieve that within a year
To hear the experiences from Alastair and the rest of the leader, check out the full article https://stockhead.com.au/news/ceos-look-back-and-share-their-company-highlights-from-2021-2/
Showcasing the features and future development of our Payments as a Service Platform, Change is proud to launch the Vertexon Roadmap.
Senior Vice President of Payment Solutions, Nick Beach, celebrated the release of the roadmap to Change’s website. “Our Product and Technology teams have been investing a huge amount of effort into our product roadmap for Vertexon. Now we can clearly show our broad feature set as well as our current future development plans. I’m excited to share the Vertexon Roadmap on our new website for our Payments as a Service offerings for Oceania, Southeast Asia, LATAM and North America. “
Chief Product Officer, Vinnie D’Alessandro, explains the importance of Change publishing its product roadmaps. “With the release of the Vertexon Roadmap, we now have complete transparency around the Change product strategy. Vertexon offers a wide range of card issuing and transaction processing capability and it can be difficult to articulate just how many features we can offer our clients. The Vertexon Roadmap gives us an elegant method of representing the power of our Payments as a Service platform and our upcoming features.
The roadmaps will be regularly updated as features are released, and new items are added to the development pipeline.
The Vertexon Roadmap is available on the Change website, along side our PaySim Roadmap for the payment testing solutions.
The deal with a US-based fintech company today was a major milestone for Change Financial, as it embarks on an expansion strategy in the US.
Just two weeks after signing a partnership deal with Axiom Bank, Change Financial (Change)(ASX:CCA) is already about to onboard a new client to its payments platform.
Change has just won a contract with a US-based fintech, which is set to become the first card program to be launched under Change’s partnership with Axiom Bank.
The client will transition to Change’s platform and leverage its Program Management service offering – a technology that enables clients to focus on value-added activities within their areas of expertise.
Along with processing, card and program management, Change’s payments platform also provides mobile apps, giving customers digital control of their cards.
The contract signed today will generate a minimum of US$0.7 million (A$1 million) in revenue for Change over an initial three-year term following launch, which is anticipated in Q3 FY22.
Revenue from the program will primarily be generated through interchange, transaction fees, cardholder fees, and program management services – with minimum fee commitments adding to Change’s annual recurring revenue.
Although still unknown at this stage, the company expects to earn more than the minimum US$0.7 million over the term of the contract.
Change CEO, Alastair Wilkie, said the signing was an important milestone as it executes on the strategy to grow in the US.
“We are thrilled to be adding a new client on the Change platform in the US, where we are starting to see increased traction with our product and service offerings,” Wilkie said.
“Supporting a benefits card program is confirmation of the versatility of our platform and also leverages our long-standing expertise in card program management and compliance.”
Expansion into the US
The three-year partnership signed with Axiom Bank in late September was a key step towards expanding Change’s reach in the US.
And as today’s deal showed, it’s a key relationship when onboarding fintechs in the country.
Change aims to onboard potential fintech clients with Axiom as the issuing bank, leveraging its Mastercard registered processor and payments platform, Vertexon.
Wilkie has said the US is a key focus of his FY22 strategy, as the company executes on its growth strategy.
Change’s top line revenue surged from US$300,000 in FY20 to US$8.4 million ($11.3 million) in FY21 – a year described by management as being “transformational”.
The company expects its sales pipeline to grow even further in FY22, as it focuses on global business development strategies.
CCA’s payments technology provides the critical infrastructure that connects existing licensed banks with modern API-driven brands, such as fintechs.
The platform currently manages and processes more than 16 million virtual, credit, debit and prepaid cards worldwide, serving 136 clients in 36 countries.
| ShareCafe hosts Change Financial CEO, Alastair Wilkie. Change is redefining the possibilities of payments and card issuing by providing innovative infrastructure and tools for building customizable payment solutions. |
The launch of payments platform Vertexton is a critical milestone as Change Financial looks to grow not only in Oceania, but also in crucial markets like the US.
Global fintech, Change Financial (ASX:CCA), is set to further accelerate its recurring revenue base after launching its payments platform, Vertexon.
Vertexon is Change’s new Payments as a Service (PaaS) 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 (BNPL).
The Vertexon SaaS platform is today being launched on Amazon Web Services (AWS) in Sydney, to service banks and fintechs across the Oceania region.
In addition to SaaS, Vertexon offers full support for digital and physical card issuing, and is currently supporting over 16 million cards across the US, Latin America, Southeast Asia and Oceania.
“This market leading technology simplifies the payments experience, helping to lower the barriers of entry for new payment products,” commented Change CEO, Alastair Wilkie.
“It delivers a fast-to-market solution that gets digital and physical cards into consumers’ hands.
“Vertexon will be a key driver as we grow our annual recurring revenue.”
Vertexon SaaS offering
Vertexon is accelerating growth and scalability for banks and fintech clients around the world by providing card and payments solutions.
Through the unifying of cards, payments and processing technologies, the platform effectively delivers a modern digital solution for prepaid, debit and credit cards.
It supports transactions processing by major card schemes including Mastercard and VISA, CB, UnionPay and AMEX.
It also supports core banking interfaces and loyalty programmes, integrated by APIs.
With the launch of Vertexon, Phase 2 of the platform project has now been delivered on schedule and within budget.
BDO Unibank, the largest bank in the Philippines, recently upgraded its card platform to the latest version of Vertexon, which includes new BNPL features.
The BDO’s Credit Card Systems team said the new version added expanded features and carried over bespoke business functions that could potentially give the bank market leadership.
The multi-tenancy design of the platform is indeed highly scalable, with future growth expected in multiple geographic markets.
The platform’s seamless integration also enables it to be easily implemented in any location worldwide in just a matter of days.
Change chief product officer, Vinnie D’Alessandro, said: “We started the build phase of our SaaS platform in April this year, and to have launched our customer ready platform on schedule and within budget has been a huge achievement for our business and clients.”
D’Alessandro added that the cloud architecture can be deployed into new regions in days, showcasing Change’s extensive payments and technical expertise.
The company is now working with existing and new Vertexon clients to establish their PaaS solutions, as Change grows its sales pipeline further into FY22.
CCA is a global fintech company with a technology that provides the critical infrastructure that connects existing licensed banks with modern API-driven brands, such as other fintechs.
Its platform currently manages and processes more than 16 million virtual, credit, debit and prepaid cards worldwide, serving 136 clients in 36 countries.
This article was developed in collaboration with Change Financial, a Stockhead advertiser at the time of publishing.
The partnership agreement with US-based Axiom Bank establishes a solid foundation for future growth and upcoming programs for Change Financial in the region.
Global fintech Change Financial (ASX:CCA) has announced a partnership with Axiom, one of the fastest growing community banks in the US.
The three-year partnership is a key step towards expanding Change’s reach in the US, and will be a key relationship when onboarding fintechs in the region.
Change aims to onboard potential clients with Axiom as the issuing bank, leveraging Change’s Mastercard registered processor and payments platform, Vertexon.
CCA’s platform currently manages and processes more than 16 million virtual, credit, debit and prepaid cards worldwide, serving 136 clients in 36 countries.
“Unlocking growth in the US is a key focus of our FY22 strategy, we’re thrilled to announce a strong partnership with Axiom Bank so early in the financial year,” says CCA CEO, Alastair Wilkie.
Partnership underpins Change’s global growth strategy
Headquartered in Florida, Axiom Bank provides a wide range of financial products and services.
These services include retail banking, money market and CD accounts, as well as commercial banking, treasury management services and commercial loans for both real estate and business purposes.
CCA’s payments technology provides the critical infrastructure that connects existing licensed banks with modern API-driven brands, such as fintech platforms.
Under the partnership agreement, Change’s payments platform, Vertexon, will allow onboarded clients to access feature rich products and functionality such as physical and virtual cards, access to ATM networks and Buy Now Pay Later payment options.
The two companies are now working together to onboard potential clients in the US, with the first client expected in the December 2021 quarter.
Axiom Bank’s executive vice president of Banking-as-a-Service, Ron Strand-Sorrell, said: “We are thrilled to be partnering with Change Financial, and are excited about the opportunities that leveraging their innovative payment solutions bring.”
CCA expects that clients in the US will contribute to driving growth in its recurring revenue.
The partnership also highlights CCA’s ability to deliver on its FY22 growth strategy, by engaging with banks and fintechs to drive future growth.
“We’re committed to strengthening and growing the core business and believe the partnership with Axiom effectively highlights how Change delivers tailored and innovative payment solutions to banks and fintechs around the world,” said Wilkie.
Change is currently undergoing a rapid growth trajectory, with top line revenue surging from US$300,000 in FY20 to US$8.4 million ($11.3 million) in FY21 – in a year described by management as being “transformational”.
In FY22, Change expects its sales pipeline to grow as it focuses on global business development strategies.
One of the strategies includes the rollout of its Phase 2 Customer Ready Platform, which will allow it to offer a next-generation integrated payment processing and card management solutions platform.
https://stockhead.com.au/tech/change-financial-partners-with-us-based-axiom-bank/
The company has successfully executed on Phase One of its growth strategy.
ASX fintech Change Financial (ASX:CCA) is laying the framework for long-term growth in the multi trillion dollar global payments market.
The company provided a market update for investors this morning, confirming it’s completed Phase One – product integration – of a three-phase strategy set out by CEO Alistair Wilkie and the CCA executive team.
The company will now focus on Phase Two — building out the Customer Ready Platform for its combined product offering, scheduled for delivery later this year.
While CCA’s short-term operations and revenue channels won’t be affected by the updated rollout, the moves are part of a broader strategy to accelerate growth and capture more of what is now a global market opportunity.
Phase One
The initial phase of the strategy was focused on CCA’s technology suite, which required the integration of tech products following last year’s acquisition of Wirecard’s Australian and New Zealand assets.
In its technology update this morning, Change said it has established a cloud network and installed the new payments management platform.
The system has been developed with an API gateway that provides automated links between the payments management platform with CCA’s certified processing platform and mobile apps – all of which operates with encrypted software and advanced security settings.
The completion of Phase One “gives Change a platform to demonstrate its new capability to customers, and accelerates the sales and business development cycle”, CCA said.
In addition, the company “is already in discussions with a number of banks about bringing their technology into the cloud and onto Change’s BaaS Platform”.
BNPL disruptor
A feature of CCA’s advanced technology suite is that it’s now positioned to offer a BNPL service that’s materially differentiated from other players in the market.
Traditional BNPL providers still require direct connections to the POS (point of sale) systems operated by merchants.
However, CCA’s InstallPay platform capability allows payments to be split directly to customer debit, prepaid and credit cards.
The key advantage of the platform is that banks and FinTechs can offer BNPL services, as opposed to partnering with a third-party providers and keep their customer relationships.
“It allows them to offer BNPL under their own brand, putting them back in power of the customer relationship therefore increasing engagement with their end customers,” CCA said.
The company said its unique tech advantage in the marketplace has the capacity to be “hugely disruptive to incumbent BNPL players”.
It lowers barriers to entry and provides market access to any bank or fintech that offers prepaid, debit or credit cards.
Effectively, InstallPay gives merchant clients a customisable interface around fees charged and the number of instalments.
“The functionality is live in all markets globally, and Change has a number of large clients in Latin America and Asia using the product, including one of south-east Asia’s largest banks,” CCA said.
Looking ahead
With its multi-phase growth strategy on track and a disruptive BNPL platform live in the market, Change has also engaged a global payments advisory team to assist in identifying key opportunities in the rapidly growing global payments market.
The company has conducted an initial market assessment and “concluded the global need for its Platform solution”.
Research from McKinsey shows payments services generated revenue of almost $US2 trillion last year.
In that context, Change is now moving towards Phase 2 and 3 of its strategy to drive growth across its global client base, where it already serves 125 customers in 36 countries.
Phase 2 — the Customer Ready Platform – is due for completion in the second half of this year Phase 3 – Advanced Platform Features – scheduled for delivery by 2022.
“Combining the two platforms (certified processing platform and payments management platform) together and leveraging both the company’s existing technology and the recently acquired will accelerate Change’s product development by approximately 24 months,” CCA said.
https://stockhead.com.au/tech/change-financial-accelerates-strategic-growth-pathway-with-hugely-disruptive-bnpl-platform/