Integrated Payment Technologies Limited (ASX:IP1) CEO, Robin Beauchamp. discusses the company's payment solutions, integration with accounting software and regulatory tailwinds.
Jessica Amir: Hi. I'm Jessica Amir for the Finance News Network. Joining me now from Integrated Payment Technologies, or fintech provider InPayTech, is CEO Robin Beauchamp. Hi, Robin. Welcome back.
Robin Beauchamp: Hi, Jessica. It's good to be back.
Jessica Amir: Thanks for coming.
First up, just give us a recap. How is the business going?
Robin Beauchamp: Very well. ClickSuper has been going from strength to strength. We had expected a bit of a flat period after the introduction of SuperStream, but I'm pleased to say that a number of our channel partners are showing above average growth.
On the real software development side, the new product side is PayVu. That's a product that's really set to change the way that things are done in the payments market. That product has been in its first release for some time. We've got a new release that's just come out and there's another one coming very soon.
Jessica Amir: Now to your products in more detail. Tell us what ClickSuper actually is and just give us an update on its progress.
Robin Beauchamp: ClickSuper is a superannuation clearing house. That means that it processes money and data from employers and payroll providers to superannuation funds. One of the big changes coming through is the salaries and wages area of the market in this year is single touch payroll.
Our big effort this year has been to build our single touch payroll interface and processing. We'd hope to have it released by Christmas, however the Australian Taxation Office has only just released their security guidelines. That happened on 9 January and we've needed to delay the release of the product to make sure that our developments meet those requirements.
Jessica Amir: Now just give us an update on PayVu. I believe you got some pretty exciting developments in this space?
Robin Beauchamp: We have indeed. The first release of PayVu was targeted to SMEs, but we've started to talk to bookkeepers and found that they have a real need for this product. Subsequently, we've targeted the product now in the bookkeeper market. We've added full automation for payments. And in the next release, we've got full communication between the bookkeeper and the business owner.
Jessica Amir: Robin, still on accounting software, just give us an update on how you're integrating with the likes of Xero, MYOB, and QuickBooks.
Robin Beauchamp: The integration with those products is proceeding at a pace. The introduction of two factor authentication into the Xero interface caused a few moments of delay as we brought that in and automated that.
However, the product will be showcased at the forthcoming Accounting Business Expo in Sydney in March, when the full suite of connectivity and automation will be on display.
Jessica Amir: And Robin, can you give us an update on how finances are tracking.
Robin Beauchamp: Very well. As you know, we've been focusing on development over the last six months and I'm happy to say that even without the extra income we'll be earning from those products, we have enough money in cash to keep us going for the next 18 months while we complete our development plans.
Jessica Amir: Lastly, what can investors expect of the coming months, and just remind us what your long term goal is.
Robin Beauchamp: For ClickSuper, full integration for the payroll area of the market. That means that everything that we do in ClickSuper will be manages automatically.
For PayVu, we see more modules being added and more functionality being added. So we're talking about capturing invoice information via a smartphone. We're talking about better scheduling, more intelligent processing of payments for a bookkeeper.
Jessica Amir: Very exciting times, indeed. As always Robin Beauchamp, it's been a pleasure.
Robin Beauchamp: Thank you, Jessica.