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Payreq has all the right connections

August 12, 2019

Australian digital invoicing business Payreq has the attention of a sparkling array of investors who must know something.

Former Chair of BPAY and a range of other payments industry bodies, now director of Credit Corp, veteran of commercial banking, payments and data networking, Leslie Martin, has joined former Strategy Head of Commonwealth Bank and now Financial Services senior academic, Professor Rod Maddock, on the register of Payreq.

“While options exist to settle payments in seconds these days, the process of communicating how much to pay and what for, receiving, reconciling and authorising, still takes days and weeks as these operations are still paper based” says Jason Millett, who is also an investor in Payreq. Millett knows this space. He has run digital transformation programs for a number of Australian and New Zealand Banks for many years and more recently has directorships and investments in a range of financial services and tech companies.

“The challenge of reducing the friction in the end-to-end invoice delivery and receipt process is a network play.’’ commented Sandy Beard, a professional venture capital advisor who identified the value of the Payreq proposition in 2017 and provided seed capital. “You need a go-to-market that progressively attracts enough participants on each side of the deal to generate efficiencies. Payreq has a deliberate strategy to provide technical connections so Billers can leverage existing digital channels like BPAY View and MYOB and Xero Connect in Australia, epost in Canada, and other networks emerging locally and globally. Billers connect to Payreq once, but Payers can then choose their own end-point, or even multiple delivery end-points to suit their own needs. And pay their bills faster than otherwise.”

Payreq was founded in Sydney by former Boston Consulting Group, NSW Government, BPAY Mambo and Commonwealth Bank IT guru, Andrew Stein. He recently recruited former GM of BPAY and GM of Commonwealth Bank Transaction Services, Brian White, as CEO.

Stein is also a member the Australian Digital Business Council which has recently had success advising government on the Australia/New Zealand eInvoicing initiative, supporting business and government digital invoice receipt and delivery. The program was jointly endorsed by Prime Ministers Scott Morrison and Jacinta Adern in February and is set to launch late 2019. Payreq was the first entity to test the Access Point functionality that will allow businesses to exchange digital eInvoices using an ABN or NZBN as an address and support faster bill payment by government agencies.

For more information contact support@payreq.com


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