New to AML/CTF? Discover a clear, cost‑effective pathway to AUSTRAC compliance with Starter Programs Read more
Your transactional banking and payments arrangements can be one of the top five costs of doing business.
Our specialist banking and payments advisory team at Grant Thornton provide our clients with the country’s leading advisory specialists. We have more than 25 years of being at the forefront of technology transformation, supplier arrangements, treasury operations, payments acquiring models, regulatory change and the establishment of industry forums and innovation in Australia/New Zealand and APAC.
As Australia transitions to instant payments, we can support you by conducting a comprehensive stocktake of your current payment systems and technology, helping you assess associated costs, and planning for a successful migration. Our methodology focuses on understanding the economics and managing the risks, particularly with the sunsetting of cheques and direct debits and credits announced by the Federal Government, ensuring effective change management throughout the process.
We work with clients on all aspects of their CX/UX, front- and back-office policies, processes and technologies, from a simple review of current supply chain, journeys and agreements, right through to benchmarking services, technology transformation and re-negotiations with banks and payments facilitators. We aim to achieve more than 25 per cent cost savings for our clients.
Our clients have ranged from the leading publicly-listed corporates – spanning retail, telecommunications, insurance, roads infrastructure, and general merchandise – to the largest university, to mid-tier fashion and retail groups, national QSR chains, government services and not-for-profits.
We are the leading boutique transactional banking and payments advisory team in Australia. We bring our authentic experience, strong banking connections, deep expertise and honed skillset to develop a strong retail, banking and technology strategy for our clients.
Transactional banking: with a growing focus on working capital, banking costs and inefficient cash management processes, finance teams are looking for less-complex, more streamlined and more efficient control over their banking arrangements. Hidden and unnecessary pricing and fees, and poor accounts structuring can be easily resolved and even eliminated through our focused lens. We work with clients to review and to restructure, and if needed, to tender, their banking arrangements. Our deep experience and methodology means that we do the heavy lifting for you.
Merchant payments: the payments provider you engage with will have a long-lasting impact on your customer experience and therefore sales. Payment types and their differing experience design can either be a major customer promoter or detractor for any merchant. We help clients to develop and shape their payment acceptances strategies, as well as help clients understand how these strategies impact and elevate the user experience (UX). We undertake a stock-take of your costs, renegotiate pricing, modernise your contracts, review your fraud and chargebacks, help select the payment types and surcharging options, and understand the fast-changing payments landscape. We help clients navigate the regulatory landscape when it comes to your merchant agreements, including risk management and licensing. We evaluate new platforms and develop market entry strategies for new/global payment providers.
Payments acceptance costs are escalating as cash usage continues to decline with contactless, tap-and-go, technology. Recent pricing changes to wholesale rates and least cost routing protocols provides businesses with substantial cost savings.
But most businesses do not fully understand or negotiate these costs as the components are complex and contracts are unclear. Navigating new payment methodologies and the advent of Voice and payment gateways – PayPal, Amazon Pay, Adyen, World Pay, Apple Pay, Google Pay, AfterPay and other buy now pay later offerings – are key for retailers and merchants tackling disruption and managing costs
AFSL / Regulatory Licensing: For pre-paid/stored value facilities, insurance claims etc, requiring AFSL licenses we assist in applications, reviews and development of proofs required, compliance and risk requirements and reviews.
Cards issuance: with a growing focus on digital and convenience, how you issue your payment options to your customers is a key part of enhancing their shopping or banking experience. We work with banks, fintechs/neobanks and financial services clients on the complete range of options: from credit and debit, to prepaid and gift cards programs, as well as new payments types (QR, NFC/contactless, card on file, digital wallets etc.), regulatory and licensing requirements (AFSL, AUSTRAC, ACL, BIN Sponsors etc.), technology platforms, loyalty programs and distribution strategies.
Fintech and Neobanks: when the very nature of operating and engaging with your customers is all digital, an innovative and smooth approach to an integrated, frictionless cart and payments is a must. We work with fintech and neobank organisations to ensure they are not only meeting their unique and complex regulatory, funding and legislative obligations, but also on the development and implementation of their strategy, products roadmap and client experience – or CX – strategies. We assist with market entry propositions, AFSL licensing applications and BIN sponsorship arrangements. Our team has been closely involved with the establishment of the largest fintech hub in Australia – Stone & Chalk, and provide buy/sell assessment and guidance to investors and venture funds in relation to fintechs and new technologies.
Technology reviews: we have hands-on experience in evaluating and launching new payments types and platforms that eliminate the common pain-points for merchants and banks. We provide guidance and assessment of new technologies and ensure that processes are efficient, lower fraud and chargebacks occurrences, and increase customer sales through frictionless invisible payments methods. We work with all banks, payment networks and international schemes to ensure rules and processes are compliant and meet regulatory standards. We provide digital transformation services that span the selection and migration of legacy banking and payments platforms to more agile, API-driven technologies.
Partner & National Head of Management Consulting
We'll be in touch shortly.
In the meantime, if you have any questions, please don't hesitate to contact us via communications@au.gt.com.
Subscribe now to be kept up-to-date with timely and relevant insights, unique to the nature of your business, your areas of interest and the industry in which you operate.