Integrated Payment Technologies (ASX:IP1) CEO, Dean Martin discusses the company's payments solutions ClickSuper and PayVu, industry tailwinds, new features and platform integration.
Rachael Jones: Hello. I'm Rachael Jones for the Finance News Network. Joining me today from Integrated Payment Technologies (InPayTech) (ASX:IP1) is CEO Dean Martin. Dean, welcome to FNN.
Dean Martin: Thanks, Rachael. Great to be here.
Rachael Jones: Now, InPayTech provides software solutions to improve the efficiency of accounting and super payments. Can you tell us more?
Dean Martin: InPayTech provide elegant payment solutions with enhanced security that enable our clients to meet and exceed the requirements of the ATO and their customers. In short, we remove manual steps and streamline payment processes. For example, our solutions facilitate auto reconciliation which saves countless hours for small business and large enterprises.
Rachael Jones: And Dean, what are the key drivers for your solutions?
Dean Martin: InPayTech have a patented process which enables us to permanently link any amount of data with any payment. The benefits of that are that InPayTech is compatible with any payment system, it can facilitate varied access control across any party in the payment, and is easily integrated into the existing security and compliance framework.
Rachael Jones: Thanks, Dean. Now let's talk about your products suite. Can you start by giving me an update on ClickSuper?
Dean Martin: ClickSuper has had a new channel partner join us every month, for the last six months. We've also enhanced ClickSuper to include STP or Single Touch Payroll. So what we can now do is facilitate SuperStream, Single Touch Payroll compliance, all with a single button push. But really what that means for our customers is that they have a single service provider and a single solution to meet the needs of customers.
Rachael Jones: And what can you tell me about PayVu?
Dean Martin: PayVu, our latest product, is designed to provide an accounts payable solution for bookkeepers and accountants. What it does is remove the need for low-value customer contact, rework and double handling. What I mean by that, typically when a bookkeeper and accountant is involved in a payment for their customers, there is a pre-approval process required. There is follow-up required to make sure those payments are made, and there is often rework where the business owner doesn't have the money or doesn't want to pay the same group of people that they'd agreed to as closely as the night before. So the transformative element of PayVu is a simple idea of swiping left for anything that I don't want to pay and swiping right for anything I do want to pay. What that means and why that is transformative is as a bookkeeper, I don’t need your pre-approval now, I just recommend what I think you need to pay. You as a business owner or financial controller can simply in the moment, decide what you will and won’t pay, and PayVu does the rest. It will send the remittance advice to the supplier, it will send the superannuation data to the funds, it will update the accounting software and it will synchronize it all in an app. So all those manual processes, all that low-value contact is removed from the process and you really let a bot or an application do that work for you.
Rachael Jones: Excellent. And Dean, what can you tell me about the market opportunity?
Dean Martin: With PayVu, with its transformative nature and the ability to really spend a minute instead of an hour for each client you're making payments for, you can now offer a complete accounts payment solution to all your clients. Where there is an application or to use the latest marketing jargon ‘a robot’, which actually does a lot of the heavy lifting for you. You simply spend one minute per client per pay run, that might be weekly, that might be monthly, whatever the right frequency or cadence for that client, and your work is done within a minute.
Rachael Jones: And finally, Dean, is there anything else you'd like to add?
Dean Martin: So what we're seeing is a paradigm shift from people thinking about security, once it's with me, it's secure to what is the end-to-end process? How do I make sure that my members’ data, my clients’ data, my employees’ data is secure in the full journey from the employer to the fund, from the business paying to the supplier? There is no need to ever export data anymore and really have it subject to identity fraud or manipulation.
So what you might be aware of last month, ASIC revealed that up to $10 million was ripped out of trading and superannuation accounts. And that's because identity fraud was perpetrated first. What we're seeing now and what we're seeing increasingly that all participants in the payment ecosystem need to be aware of, not what is just happening at one end, but what is happening at both ends. How do we improve data security end-to-end? And InPayTech are really focused on delivering those solutions.
Rachael Jones: Great, Dean Martin. Thanks for the update.
Dean Martin: Pleasure. Thanks, Rachael. Thanks for having me.