• Australian payment technology innovator DataMesh Group has solidified its relationship with international finance giant Deutsche Bank
  • DataMesh aims to enable smoother payments across the rapidly expanding ecommerce sector in key APAC markets
  • The partnership with Deutsche Bank includes the bank taking a strategic stake in the Australian scale-up

 

Special Report: Homegrown payment technology firm DataMesh Group has solidified its partnership with Deutsche Bank to smooth the global corporation’s ecommerce business across rapidly expanding Asian markets.

The latest deal with Deutsche Bank, which includes the global corporation taking a strategic stake in DataMesh, allows the bank’s clients to centrally manage their payments across currency borders and different jurisdictions.

The  agreement has been inked as Deutsche Bank launches its Merchant Solutions service for ecommerce in the key Asian markets of Australia, India, Indonesia and South Korea, strengthening a collaboration signed in May.

Merchant Solutions specifically leverages the payment orchestration layer of DataMesh’s tech. This means Deutsche Bank clients have a global payment acceptance platform and can access a diverse range of local payment methods across borders, without the need for additional investment in hardware or other systems.

 

Trillion-dollar market

Ecommerce revenues in Asia are projected to reach a total of US$1.97 trillion this year, and that figure is expected to grow at an annual rate of 9.8 per cent to hit US$3.15 trillion by 2029, according to Statista.

While the market is eye-poppingly huge, it’s also thrown many challenges in the way of retailers operating across countries.

Different jurisdictions have varying payment methods, card issuers and currencies, to name just three of the hurdles in the way of receiving payments in a timely manner.

Meanwhile online merchants also want to deliver a good user experience that will keep customers loyal to them.

 

Global ecommerce solution

DataMesh Group CEO Mark Nagy said the company offered unique solutions that helped banks, merchants and acquirers save time and money on cross-border transactions, while building customer loyalty.

In the ecommerce world, an acquirer is a financial institution that acts as an intermediary between merchants, card payment networks (such as Visa and Mastercard), and the cardholder’s bank or issuer.

“We have a suite of payment and data solutions on a cloud-native stack, enhanced by AI and we are globally compliant, which delivers cost savings and advanced features unattainable with older payment systems,” Nagy said.

“Our technology allows banks and processors to deliver a seamless experience to their merchants, without them having to replace their existing systems.”

Nagy said DataMesh enabled both card and cardless payments, as well as settlement and reconciliation, terminal management and unified data analytics.

“Our solutions support all payment types, they are hardware and acquirer agnostic, and globally certified, so compliance is taken care of as well,” he said.

“We are also PCI (Payment Card Industry) compliant, so users can rest assured that their customers’ data is secure.

“In addition, our customisable payment solutions can be implemented in a matter of weeks, compared to the 18 months-plus it would take to introduce an entirely new system.”

Nagy added that DataMesh’s technology also assists merchants get a much better understanding of customer behaviour, allowing them to predict purchasing patterns, improve retention and increase basket size.

Deutsche Bank’s Rachel Whelan, head of corporate cash management for Asia Pacific and the Middle East and Africa and global head of payments and transactional FX product management said:

“Our newly launched Merchant Solutions capabilities significantly broaden our cash management offering for clients across Asia Pacific.

“Being able to offer a one-stop shop for our clients’ payments needs is a true differentiator for us in the market, and we look forward to growing this business in Asia in the years to come.”

Deutsche Bank plans to continue to roll out Merchant Solutions across Asia, with Thailand, Vietnam, Philippines, Singapore, Malaysia and Hong Kong listed as priority markets.

The bank will focus on offering key local payment methods and helping clients connect with global payment acceptance platforms, which is facilitated by DataMesh’s solutions.

 

Big-name client list

The scale-up started in 2018 with clients including OTR (On The Run) convenience store company and its parent Peregrine Group, which have an annual turnover of approximately $3 billion.

DataMesh’s tech also enables crypto payments at OTR outlets.

Building on this early success, DataMesh secured the contract to deliver solutions for other large organisations such as National Australia Bank (NAB), Visa and one of Australia’s largest fuel suppliers, Viva Energy.

 

This article was developed in collaboration with DataMesh Group, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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