iSentric upgrades IOU digital payment platform
iSentric’s IOU Pay enhancements include the platform’s ability to integrate with existing banks and corporations as well as process consumer loan payments.
Fintech and digital commerce software company iSentric (ASX: ICU) has announced enhancements to its core technology, the IOU Pay platform, which is expected to improve customer purchase and payment experiences.
The IOU Pay platform is one of Malaysia’s leading mobile banking transaction, messaging and payment processing platforms, processing more than 17 million online payment and consumer interactions each month.
iSentric services many large domestic and international banks in the country, as well as large corporations including utilities and telcos in both Malaysia and Indonesia.
Other platform customers include industry leaders such as the airline Air Asia, automotive manufacturer Mazda, Dutch brewer Heineken, insurance company AXA and Sun Life Financial, and South East Asian consumer electrical and furniture retailer Courts.
The company said the improvements were deployed in a bid to meet growing demand and new market opportunities in its digital payments and mobile banking business divisions.
Value-added enhancements
In a market update, iSentric said the platform improvements add value to the company’s existing bank and corporate customers who use the platform to connect with their consumer and small to medium enterprise (SME) customers.
Specifically, the enhancements will enable iSentric’s customers to package and promote customised product offerings based on consumer’s favourite industry sectors, most popular purchase amounts and preferred payment methods.
The new features and capabilities include the system’s ability to integrate with existing banks, industry verticals and payment gateways to credit score, authenticate and onboard customers.
The improvements also include the ability to process consumer loan payments through bank account, credit card and debit cards.
“The specific value-add comes from the mining of data to improve customer purchase and payment experiences, which is intended to deliver increased customer conversion and campaign uptake rates, retention and referral rates and increased daily transaction volumes and values,” iSentric stated.
Further development
iSentric regards the platform advancements as a key component of its strategic plans to capture further revenue growth, which entails improving consumer marketing, online purchasing and payment features, as well as expanding the company’s industry vertical customer base to cover all popular purchase and payment sectors.
The company confirmed further product design and development is underway to process Buy Now Pay Later instalment payments and secure large volumes of purchase transactions between merchants and consumers.
It said it also plans to provide data analytics and value-added digital services to big brand customers to “maximise revenues and optimise consumer experience and activity levels”.