Finance Now, the finance company owned by SBS Bank, says it's launching an open-loop fleet payment service for businesses in partnership with Visa, Pismo and the Online Fuel Company.
An open-loop payment system allows customers to use one card or digital wallet to pay at almost any merchant or location.
Finance Now says the service will provide a digital payment platform that works anywhere Visa is accepted for fuel, maintenance, tolls and other vehicle-related expenses. Business owners will be able to choose which expense categories to enable for each vehicle or user.
"Whether you're running one work ute or managing a hundred vehicles, you deserve the same secure, easy-to-use payment experience you get with your personal payments. We're excited to begin introducing this innovation with New Zealand businesses and to make it more widely available over time," Finance Now CEO Hadyn Halls says.
The service uses Visa’s cloud-native processing, real-time data insights and security.
As of September 30, Finance Now had total lending of almost $1.126 billion, comprising almost 20% of SBS Bank's nearly $5.687 billion of gross lending.
Finance Now's lending is largely concentrated in Auckland and around the rest of the North Island. As of September 30, it had consumer vehicle lending of $743.695 million, and commercial vehicle lending of $11.213 million.
Finance Now says it'll work with fuel retailers, fleet management companies and other partners to make its new service available for businesses across New Zealand.
"This collaboration will help fleet owners implement a modern, open platform backed by our network, tokenised controls and richer data. The result is a simpler, safer way for operators to manage fuel and mobility spend, with real-time visibility and universal acceptance that scales across New Zealand and the wider region," says Ben Adams, Visa's Head of Commercial and Government Solutions for Oceania.
Pismo, a cloud-native banking and cards technology platform, will provide technology supporting Finance Now's service. The Online Fuel Company is providing the technology platform supporting the driver mobile app and fleet manager portal, plus pay-at-pump functionality for fuel stations.
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