Having launched in 1997, BPAY is something of a dinosaur in the payments space, a sector that is currently seeing unprecedented levels of disruption. When John Banfield joined the business in 2014, the company was facing its very own Kodak moment and he was given the remit to transform it.
With a background including more than 20 years working with American Express, Banfield knew the payments space. Now he needed to innovate it.
The customer-facing experience of the brand has been reinvigorated including the introduction of an all-new payment platform which features Osko by BPAY. Osko allows users to pay or be paid between financial institutions in under a minute with the ability to make payments via pay IDs linked to phone numbers or even ABNs. More than 50 institutions including Australia’s four major banks will roll out Osko to their customers in the coming months.
Under Banfield’s leadership, BPAY has developed two businesses which are yet to launch in the Australian market leveraging machine learning and property tech. A commitment to human-centred design birthed BPAY Batch Maker, an integration for accountancy software Quickbooks that helps businesses to enter batch payments streamlining accounting processes. Additionally, Banfield has partnered with Boston Consulting Group to identify and build new products with two such ventures recently entering the beta phase.