Banked acquires Waave to expand Pay by Bank in Australia

Banked, a prominent Pay by Bank provider, has announced the acquisition of Australian payment technology company Waave, marking a significant expansion into the Australian real-time payments market.

This acquisition positions Banked to lead the Pay by Bank market in Australia and involves a strategic partnership with Chemist Warehouse, one of the country's largest retailers. The partnership aims to deliver a comprehensive Pay by Bank experience to Australian consumers.

The acquisition follows Banked's recent entry into the Australian market through a partnership with NAB to advance Pay by Bank solutions and promote the adoption of account-to-account payments among Australian merchants.

The acquisition is part of Banked's broader strategy to establish a global Pay by Bank network, building on the growing worldwide demand for account-to-account payment solutions. The initiative mirrors the recent developments where large corporations like Walmart have embraced Pay by Bank solutions in the United States.

Through collaboration with leading banks and merchants, Banked intends to craft a robust Pay by Bank solution for Australian businesses and consumers. Chemist Warehouse, already collaborating with Waave, plans to launch a secure and efficient Pay by Bank solution across its operations in early 2025.

Jack Gance, Founder and CEO of Chemist Warehouse, stated, "We're excited to see Waave join forces with Banked and we're thrilled to be at the forefront of this payments revolution. For a business like ours, where cost and consumer choice is important, the ability to reduce transaction fees with a secure, real-time payment option is game-changing. I believe it is an important responsibility to our customers to ensure that the best user experience is developed for this new technology and we look forward to working with Banked as they continue to expand this innovative product in the Australian market."

The integration of Waave's technology plays a crucial role in ensuring Banked's Pay by Bank solution excels in Australia. Brad Goodall, CEO of Banked, expressed, "Acquiring Waave is a major step forward in our mission to expand our global payments network. Australia is a key market for us, and Waave's technology and market presence align perfectly with our vision. By acquiring Waave's Pay by Bank solution and integrating its product's strengths with our own best-in-class product, we'll gain access to the great brands already benefiting from their innovative payment technology. We're excited to welcome Waave to the Banked group and continue driving the adoption of real-time payment solutions across Australia and beyond."

According to Ben Zyl, CEO and Co-founder of Waave, "This is a milestone moment for Pay by Bank in Australia. We share Banked's commitment to bring payments out of the dark ages and create a globally accessible payments network that is good for everybody. We are immensely proud of what our team has built and look forward to becoming an expanded team alongside Banked to lead payments innovation in this country."

This acquisition is seen as a strategic move to maintain a competitive edge in the global payment solution space, coinciding with a worldwide shift towards real-time payments as evidenced by developments in the US and Europe.