Product News


Basiq: Open for payments

Our Collect API is here to enable Smart Payments, businesses can now securely access powerful data insights and execute payments via a single platform. The addition of financial data to payments will provide essential information about a consumer’s financial situation, opening doors to a whole new world of solutions to make finance easier.

We recently did a write up on the use of direct debit in Australia, the often overlooked downside of payment failures and their effect on customer churn and operational costs. Read the whole piece here, but in a nutshell, there is no need to fear as ‘Smart Payments’ are here to provide a more reliable alternative. 

Collect Payments with Basiq | One platform, one integration

We want to help fintechs bring their products and services to market quickly and efficiently and help them thrive by minimising the risk of payment failure. 

Our solution is simple;

Combining data and payment services in a single platform to create the ‘Smart Payment’. 

Until now, accessing financial data and executing payments has meant the use of two different providers, two separate integrations and two consent management flows, resulting in a poor customer experience and a barrier to developing innovative payment solutions.

Basiq’s introduction of Smart Payments allows for a streamlined collection of funds, avoids many of the hassles associated with processing ‘dumb’ direct debits, and opens a myriad of possibilities for innovation.

What can the Collect API do?

Collect enables: 

  • One-off and recurring payments in real-time via direct debit based engagement and hosted consent;
  • Accelerated time to market by saving hours of development and operational costs with our drop-in UI control that facilitates the payment setup;
  • Reduced manual input errors with automated capture of account details;
  • Enhanced KYC processes to reduce the risk of fraudulent activity with verification of account ownership; 
  • Decreased number of errors that contribute to failed payments, with Pre-fund checks before executing payments;
  • Collection of debit authority and management of data sharing from one convenient place;
  • Know when funds have left a user’s account, allowing you to track the reconciliation of funds.

Collect demo

See Collect in action below, via our demo application below. We showcase:

  • Capturing consent to share data in addition to collecting consent to execute payments from a nominated account
  • Establishing a recurring payment within the application

Data has always been our bread and butter and we are constantly adding new sources to help fintechs continue to innovate and improve their user experience. Smart Payments with Basiq allows you to extend and innovate the capabilities of your solution, in the convenience of one platform, with one integration.

Additional Resources

Check out our developer hub for more detailed guides on our Smart Payments products and our API docs if you want to have a play!

If you want to chat, feel free to get in touch with the team to enable payments for your solution.