The collaboration would enable everyday people to access Blossom’s returns from fixed income investments with faster and safer ways of paying and getting paid. According to Blossom representatives cited by australianfintech.com.au, the company is looking to simplify every aspect of investing, including the customer experience of transferring and withdrawing.
By leveraging Azupay’s PayID system, Blossom’s clients will be able to transfer funds directly from their bank accounts in real-time. The goal is to save them valuable time when starting off on their savings journey.
Aside from PayID and Accounts Receivable, Azupay also provides a selection of real-time solutions that ensure end-to-end reconciliation and payment speed for both payouts and recurring payments.
Apart from saving time between transactions, PayID can also help reduce fraud and improve risk management. In July 2022, the Australian Competition and Consumer Commission released a report on scams activity for 2021, in which it highlighted the record levels of scam activity in Australia.
According to the ACCC, nearly AUD 1.8 billion (USD 1.2 billion) in losses were reported to Scamwatch, ReportCyber, 12 financial organisations and other government agencies.
Real-time payments and their influence on the financial landscape
According to ir.com,…
