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Member news: Fast growing fintech linking big Kiwi companies

One of New Zealand’s fastest growing fintechs has latched on to a digital payment system that is benefitting some of New Zealand’s biggest companies.

Centrapay connects Kiwi businesses by creating a seamless payment system that enables companies to transact with one another quickly and easily.

They are doing this by building the most flexible enterprise payment platform in the country and forming integration partnerships with leading payment enablers to provide complementary services.

Farmlands, one of Aotearoa’s largest rural supplies providers, has linked up with Centrapay to help advance its Farmlands Card business.

The co-operative is the largest buying group of its type in New Zealand, with group turnover of more $3 billion, placing it as one of the largest businesses in New Zealand.

They are working with Centrapay to allow their organisation to streamline their payment processes for the Farmlands Card, which is accepted at more than 7000 merchant locations around the country, Centrapay chief executive Greg Beehre says.

“The Centrapay integration is helping Farmlands to be more efficient by implementing solutions such as real-time transaction monitoring, reporting and automatic invoicing into their business operation,” he says.

“This speeds up and simplifies the payment procedure for Farmlands and its merchant partners as reconciliation is automated. The payments platform is now online 24/7 and can hold the card balance, providing real-time reporting about transaction details to the business.”

“As a co-op, Farmlands has about 80,000 shareholders, with most regularly using their Farmlands Card. Integrating with Centrapay means these customers can pay with ease and confidence, knowing their Farmlands Card is more secure than ever.

The Centrapay platform enables partners to build exciting new digital payment experiences and deploy them across the existing retail payment network at scale through a single integration point.

They are also helping ePay, New Zealand’s leading gift card provider, by a commitment of reducing plastic waste and promoting sustainability.

The partnership means ePay can implement a digital gift card solution. This solution enables businesses to offer digital gift cards to customers, which can be redeemed using their mobile devices. By providing customers with a digital option, businesses can reduce the need for physical gift cards, which are often made of plastic.

Centrapay is partnering with a local health organisation to provide a low-cost digital solution to distribute support to people in need. This innovative solution uses digital tokens that can be redeemed for services and support at participating businesses.

By using digital tokens, Centrapay is able to reduce the administrative costs associated with traditional support programmes and makes it easier for people in to access support locally in their own community.

Centrapay is working with a leading bank in New Zealand to create a digital mobile payment service for all Kiwis through open banking.

This is done by enabling the secure sharing of financial data between businesses, banks and other financial institutions, open banking is creating a more connected and streamlined ecosystem that is faster, easier, and more cost-effective.

Source: Member News | Read More

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