Integrated Payment Technologies (ASX:IP1)
Integrated Payment Technologies Limited (ASX:IP1), or InPayTech, is an Australian financial technology business that has designed an innovative overlay capability with broad domestic and potentially global applications across banking, wealth management, pensions and financial services.
In 2016 InPayTech acquired the companies and patent rights of Payment Adviser Group (PAG) an Australian company which launched a proprietary service designed to radically simplify the way data and payments are issued and processed by linking transaction data to an electronic banking payment.
The process of bringing the service to market began in 2004 from concept stage, through research and development to the launch phase in late 2008.
The technology platform was first deployed in the superannuation industry with the launch of ClickSuper (www.clicksuper.com.au). ClickSuper is an e-commerce solution designed to simplify the superannuation contribution and rollover process. Leveraging the unique PAG technology, ClickSuper linked electronic payments with electronic data creating a quick, simple, pre-reconciled and validated process.
Recognising PAGs expertise and commitment to the Federal Governments progressive introduction of legislation to implement Stronger Super, the ClickSuper service was transitioned over to PAG by Cuscal in January 2013. As a result ClickSuper Pty Ltd was established and has 100% ownership of the ClickSuper service.
ClickSuper now processes superannuation contributions on behalf of more than 43,000 employers throughout Australia.
In 2014 PAG launched the Payment Adviser service which focusses on the automated payment of invoices. The service uses the PAG patented process to process payments worth many millions of dollars every month for customers ranging from a disruptor in the business lending space through to an SME service provided by one of the top four accounting firms.