Cirralto to bolster its payments capabilities following BPSP agreement with Visa and Fiserv
Australian fintech Cirralto will enjoy boosted payment capabilities after securing a Business Payments Solution Providers (BPSP) agreement with Visa and Fiserv.
This partnership will allow Cirralto to provide an increase of up to 40% in payment margins for businesses who use its integrated payment platform Spenda.
Cirralto Managing Director Adrian Floate said the agreement puts Cirralto in a prime position to build its market share in the digital payments sector.
“This is a significant milestone victory for the company to be recognised and endorsed as a creator of innovative software and in our ability to compete with other global payment players and financial institutions,” Mr Floate said.
“The BPSP agreement gives Cirralto additional controls in the formation, processing, settlement and reconciliation of payment transactions.
“Today’s announcement positions the Spenda ecosystem as an agile platform capable of adapting to different industries and business to business (B2B) payments use cases.”
The benefits of the BPSP agreement for businesses include:
- An intent to pay framework allowing customers to set up a scheduled payment plan with suppliers to settle debt.
- Enhanced customer reconciliation automation.
- Streamlined services across both EFTPOS and payments.
- Businesses can pay their suppliers with their Visa or Mastercard, even if they don’t accept credit cards.
- Reduced onboarding times by up to 50%.
- Increased efficiency with business payments, including batch payments.
- Access to capital/finance on more favourable terms.
- Improved bank statement notation control.
Mr Flaote said the BPSP agreement would enhance how Spenda creates a streamlined payment service for businesses, providing operational efficiencies and improving trading relationships.
“With the BPSP agreement, we can provide Spenda customers with enhanced integrated eInvoicing, ePayment and financing services that will bring liquidity and cash flow optimisation,” Floate said.
“They will have more innovative ways to trade at reduced fees.”
