Commonwealth Bank of Australia (CBA) has launched PowerBoard, a new payments orchestration platform that allows merchants to manage all of their payments through a single interface. PowerBoard integrates with a variety of payment methods, including credit cards, debit cards, buy now pay later (BNPL) options, and digital wallets. It also offers fraud protection and other security features.

"Running an online business can be extremely time-consuming," said Mike Vacy-Lyle, Group Executive Business Banking at CBA. "Offering customers different payment methods and integrations traditionally requires merchants to complete multiple, complex website integrations, costing time and money."

PowerBoard simplifies the process of accepting payments by providing a single point of entry for merchants. Merchants can easily switch between payment methods and track their transactions in real time. PowerBoard also offers a variety of features to help merchants protect themselves from fraud, such as 3D Secure and tokenization.

"PowerBoard is a significant step for CBA as we look beyond traditional banking products and services to solve pain points for our customers and provide better, integrated solutions," said Vacy-Lyle. "This is about helping our business customers create better experiences for their own customers."

PowerBoard is available to CBA's business customers now. The bank plans to roll out the platform to more customers in the coming months.

How PowerBoard Works

PowerBoard works by connecting merchants to a variety of payment providers, including credit card processors, BNPL providers, and digital wallet providers. Merchants can then choose the payment methods they want to offer their customers.

When a customer makes a purchase, PowerBoard routes the payment through the appropriate provider. PowerBoard also collects and stores data about the transaction, such as the amount of the purchase, the type of payment method used, and the customer's IP address. This data can be used by merchants to track their sales and identify potential fraud.

PowerBoard also offers a variety of fraud protection features, such as 3D Secure and tokenization. 3D Secure is an additional layer of security that requires customers to enter a one-time password when making a purchase online. Tokenization replaces sensitive customer data, such as credit card numbers, with unique tokens. This helps to protect customer data from fraud.

Benefits of PowerBoard for merchants

PowerBoard offers a number of benefits for merchants, including:

• Simplicity - PowerBoard simplifies the process of accepting payments by providing a single point of entry for merchants.
• Flexibility - Merchants can choose the payment methods they want to offer their customers.
• Security - PowerBoard offers a variety of fraud protection features to help merchants protect themselves from fraud.
• Analytics - PowerBoard collects and stores data about transactions, which can be used by merchants to track their sales and identify potential fraud.

PowerBoard is a new payments orchestration platform that can help merchants manage all of their payments through a single interface. PowerBoard offers a variety of benefits for merchants, including simplicity, flexibility, security, and analytics. If you are a merchant looking for a way to simplify the process of accepting payments, PowerBoard is a good option to consider.

About Growpay

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