Introducing the World’s First Open Banking Real-Time Payments Platform

Introducing the World’s First Open Banking Real-Time Payments Platform

In a world first, Byron Bay-based Australian fintech Split Payments has leveraged the advent of Open Banking to radically improve direct debit and payments technology, making a big splash in the global fintech scene.

With Australia’s real-time payments scheme – New Payments Platform (NPP) – now in market, and the Consumer Data Right Bill recently having been ratified in parliament to pave the way for Open Banking, Split has reimagined direct-entry banking to deliver Real-Time Direct Debit ™, Intelligent Clearance ™, and Consent Management ™ solutions.

This ground-breaking innovation delivers the quickest, most cost-effective, and secure global bank transfer capability, which dramatically reduces dishonours and improves clearance times.

Since launching in January 2018, Split has processed more than 14 million transactions and secured partnerships with major Australian corporations such as Australia Post, Kounta, and MoneyMe.

Headquartered in Byron Bay, with a second office in Auckland, Split currently employs 16 people, and is expanding rapidly, with plans to open a third office in Melbourne and hire 17 more employees by the end of 2019.

Split received the ‘FinTech Innovation in Payments’ recognition at the Australian FinTech Awards in Sydney and were named a ‘Top 20 Global FinTech to Watch’ at Money20/20 in Las Vegas, USA.

The Australian payments ecosystem is set for significant change in 2020, as Open Banking is released in stages, and real-time payments continues to grow. Split is collaborating with several industry associations and tier 1 financial institutions to ensure that the Australian fintech sector is leading the way with global innovation in payments.