AlphaCommerceHub is Australia’s first vendor management focused fintech platform, alleviating the complexity, lead time and costs associated with constantly integrating third-party vendors into existing IT infrastructure. Already being used by Australia Post’s Mail Redirection Service Online (MRSO), the AlphaCommerceHub is able to provide a single integration point across payments, fraud, identity, and loyalty solutions, making real-time transactions between a financial organisation and a large number of third-party providers possible anytime, anywhere.
There is no comparable integrated fintech solution available in Australia says Deanne Keetelaar, General Manager of Financial Services at Australia Post. “In this industry, integrating with ecommerce vendors is fragmented and time consuming,” she says. “[With AlphaCommerceHub], businesses connect to the hub with one plug-in to access the world of fintech inside the hub.”
The depth of connected service providers spans transactional, risk management and e-commerce solutions – hundreds of solutions are currently available from cutting-edge providers, covering a range of payment processing, loyalty, compliance, and security specialties. Additionally, the business intelligence tools make services such as reporting, analytics, performance monitoring and billing possible, all via a single dashboard.
For example, integrating a new vendor onto an IT platform often takes over 90 days. The AlphaCommerceHub, on the other hand, can be on-boarded and fully integrated with existing company IT infrastructure in 15 days or less.
Then, once it’s part of a company’s ecosystem, the AlphaCommerceHub is able to integrate new providers incredibly quickly – from four to eight weeks. And it lets users easily choose the features and suppliers they want to work with.
The core of the system involves translating one message format into another, so it can easily shift content from an existing legacy system. This gives banks and other large financial organisations unrivalled flexibility and the ability to integrate it with their own products. “Banks, for example, can adopt the hub themselves,” AlphaCommerceHub Chief Executive Officer David Brown said “then offer it to their own customers.”
The payment features also allow companies to switch between different providers using flexible supplier management. When one provider is down, the user can easily source the best information regarding different regions and different providers.
As a cloud-based service, the AlphaCommerceHub can tailor its aggregated information and solutions to its users’ specific needs. “Some customers have distinct recovery, backup and storage requirements so as a cloud-based service we are able to provide those services,” Brown says.
The cloud also allows users to structure accounts in specific ways. “From a security perspective, some employees of our customers need access to everything, whereas others should only be allowed access to certain information on the hub, Keetelaar share. “For example, someone in one division of Australia Post shouldn’t see everything in another division. The hub is able to give access to different layers of information.”
Case study of a successful deployment
Australia Post has more than 20 departments conducting business both online and across hundreds of physical locations and one of those services, MRSO, has been using the AlphaCommerceHub for more than eight months. MRSO has conducted more than $7 million in transactions through the hub to date.
MRSO had previously been using a range of third-party vendors for features such as encrypting passwords and third-party card payments. Brown says the service was determined to deploy new features to improve customer services.
For MRSO, centralising content onto one hub means no more double ups, keeping easy track of information and staying on top of compliance issues by centralising PTI and PSS functions. For example, says Brown, for a website to accept particular types of payment it has to be compliant with a number of rules, which can sometimes be very complex for merchants. AlphaCommerceHub manages this compliance easily.
Keetelaar believes AlphaCommerceHub has been a resounding success. “It meets all Australia Post’s needs and we believe external customers will greatly benefit from it too. It’s ideal to replace legacy systems and there is a clear need for organisations to do that. We expect another seven or eight departments to come on board over the next six months and begin running their transactions through the platform. We then envisage integrating all of our payments onto the hub.
“Encrypting card numbers, for example, was a feature we needed to get right,” she says. “With AlphaCommerceHub, we have much less complexity to deal with, which de-risks much of our online transactions. Security has also been greatly simplified. Instead of having to do due diligence across a range of third-party providers, we only have to do one.”
Keetelaar shared “Australia Post had thought about centralising all of our providers and integrating their information onto the one system before, but the AlphaCommerceHub gives us a unique opportunity to do so. Fundamentally, it allows us to put everything together in the one place.”
Key Benefits Breakout
- Ease of integration: A single integration point, easy to add remove, switch services within the hub
- Range of services available: Access to over 250 global third-party solutions on demand including global acquiring and alternative payments
e.g. AliPay, China Union Pay
- Orchestration: Mitigate risks and costs by optimising across many vendors via smart routing in real-time
- Omni-channel consolidation: Customers can integrate the reporting and billing of online and in-store payment transactions
- PCI Compliance