Who owns bpay

It also allows merchants to offer an alternative payment method to customers by becoming a BPAY Biller. It is governed by a Board, comprising directors from each of the four shareholder banks and a management committee made up of member representatives.

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The walls are covered with whiteboards for the staff to brainstorm ideas. Corporate values are graffitied on the walls. It's a long way from its previous daggy digs in Rhodes, in western Sydney, and has helped attract better-quality developers.

DV, as it's known, has just helped BPAY birth two start-ups that will sit alongside its eponymous bill-paying pump. Sypht extracts unstructured data out of documents. Lodge is a platform to manage investment properties. Each was incorporated within nine months of being conceived. For the big four banks, BPAY has become a petri dish of sorts, trying new ideas in the fast-moving world of payments and fintech.

Unlike its owners, it has been able to move quickly because it is unencumbered by bureaucracy and legacy systems. Its strategy is already turning heads at other service providers to incumbent industries, including the NBN. Banfield says: "Our future might be that we become an incubation hub for ideas that go across the financial services industry. The company did what it did very well, but sticking to its knitting could become a liability, given the speed of change in the payments industry.

BPAY, created by the big four banks, was an early mover in financial technology. It allowed banks to stop credit card companies capturing the whole bill payments market, while getting simple payments out of branches and onto the phone, saving costs. Payment numbers were initially entered onto the phone keypad. After the internet arrived, BPAY moved online. Customers adopted it because it worked, and it's paid for by the biller and banks rather than the customer.

The service processes 1. Banfield, a Kiwi, was a year veteran at American Express, running the merchant services business across Japan, the Asia-Pacific region and Australia, before moving to Transaction Network Services, a network linking point-of-sale terminals with telecoms networks.

Its e-commerce gateway was sold to Mastercard, doing Banfield out of a job. When he arrived at BPAY at the end of , "there wasn't a clear strategy in place for the organisation", Banfield recalls. Caitlin from Melbourne says "I appreciate how easy and quick it is to transfer to companies with essentially a tap of a button. It is one of my preferred methods for making payments".

Mel from Perth says "I find being able to see something is paid from my bank account directly puts my mind at ease a bit better than other forms of payments. Definitely would recommend using it". Alba from NSW says "I use BPAY all the time, maybe once a fortnight and maybe once a week and I find it a very easy way of payment without having to leave home to do anything.

I really love it".