New fintech payment system set to save merchants millions

Sydney-based fintech DataMesh Group has launched its new payment system which allows cost-effective automatic routing via eftpos’ Australian Debit system.

The independent processing network, which is also known as The Company, debuted the new software platform which it is hoped will save merchants up to AU$500m a year in fees, when completely implemented across Australia.

An estimated 70% of all card payments in Australia are via debit, hence the significant annual savings.

The least cost routing (LCR) technology produces the cheapest debit card routing options for customers. The payments is “uniquely flagged” as a debit card payment, and automatically sent via eftpos to the lowest cost debit network, thus cutting fees for merchants.

DataMesh, which was founded in 2014, focusses on updating and improving “outdated backbone payment systems”. The fintech is known for developing solutions that streamline current payment processes for merchants by developing state-of-the-art, integrated software.

The DataMesh software can operate via multiple payment devices such as cards, mobile phones or smart watches, and it can discriminate between credit card and debit transactions. The Company is one of the first fintechs to have invented an automated LCR system on a chip and pin payment.

The DataMesh software can also be installed on current hardware, which means merchants can use their existing equipment and simply need to upload it to their machines.

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Source: New fintech payment system set to save merchants millions | Digital Payments | Fintech Magazine