Australian fintech Azupay launched its ‘AzupayID’ service in May this year when the NSW Government commenced offering it as a payment option for licence registrations through the Department of Planning, National Parks, Ministry of Health, Liquor and Gaming, with further plans to offer it for Roads and Maritime Services (Transport for NSW).
AzupayID works by creating a unique, single-use PayID at the time of payment, which automatically includes merchant information such as the amount and a description. Whether manually entering the PayID or scanning a QR Code, the payment is made using funds directly from the customer’s account, without the need to input additional information for real-time reconciliation.
Azupay has continued to evolve and broaden its NPP enabled market offering, developing “AzupayOut” for more complex real-time disbursements. Like AzupayID, this service leverages the speed and data capabilities of the NPP via the development and application of APIs.
CEO of Azupay John Murphy said businesses access AzupayOut via simple APIs that allow them to make instant payments to a PayID or BSB/Account Number via the NPP with real-time settlement notification.
“We think AzupayOut has the potential to deliver workflow automation, unparalleled reconciliation capabilities and cash-flow benefits for businesses looking for more efficient ways to make payments to suppliers, payroll, or any other regular payments.”
“The type of organisations interested in our services include government agencies, utilities, big billers, retailers and a range of other businesses looking to optimise their payment processes, reconciliation and cash collection capabilities.
“These organisations are drawn to the security, speed and reconciliation benefits, as well as the low cost and ease of implementation which is done through easy-to-use APIs, widgets and pre-built code samples that only take days to enable,” he said.
Azupay has also developed Azupay Labs, which aims to work with organisations seeking access to the benefits of the NPP. Through the ‘lab’, third parties can access technical expertise and simplified API connectivity to the NPP, as well as risk and compliance enablement, system architecture, integration, and full-stack development.