iSentric enhances IOU Pay Platform for digital payment services

Fintech firm iSentric (ASX:ICU) enjoyed a 35 per cent bounce in its share price in early trade Monday after announcing “dynamic improvements” to its core technology IOU Pay Platform.

The technology improvements are intended to capitalise on new market opportunities for its IOU Pay Platform in the digital payments and mobile banking sectors.

The company says it added value for its corporate customers by providing data mining services which are targeted to deliver increased customer satisfaction and conversion and referral rates, and boost transaction volumes.

The technology improvements to the IOU Pay Platform also include the ability to process consumer loan payments through bank account debiting, credit and debit cards, and connects with banks’ credit scoring and customer authentication functions.

“Further product design and development to process Buy Now Pay Later (BNPL) instalment payments and to secure large volumes of purchase transactions between merchants and consumers is underway,” said iSentric.

BNPL is an expanding sector in Australia which has led the way with this consumer innovation.

Malaysian banks (and others) use IOU Pay Platform

Among the company’s customers for its digital payments services are large domestic and international banks in Malaysia, and large corporate organisations such as utilities and telcos in Malaysia and Indonesia.

The IOU Pay Platform will be enhanced to allow bank and industry customers to package and promote product offerings for specific customer groups based on their purchase history.

The data-driven project is tailored for big brand merchant distribution networks and their customers, and uses existing company and third-party transaction, payment and credit data.

This improvement is designed to increase customer engagement and increase recurring transaction volumes.

IOU Pay Platform processes more than 17 million online payments and consumer interactions every month, producing a recurring revenue flow for the company.

Air Asia, AXA and Sun Life Financial, Heineken and Courts are some of the brand names linked to the IOU Pay Platform.