Change Financial goes live with first NZ client on its Vertexon PaaS Platform

ASX-listed Change Financial has announced that the first New Zealand client on its Vertexon Payments as a Service (PaaS) Platform is now live and they have also secured another New Zealand credit union as a processing and issuing client.

Change CEO and Managing Director, Alastair Wilkie said, “Change’s transformation from an on-premise solution to a PaaS offering began in 2021 and has been a hugely rewarding journey.

“From the proof-of-concept stage, through design and build, implementation, partnership with Mastercard, certification, Principal Issuing license, business development and client contracts, to the integration with Finzsoft and finally, the launch, the team has worked tirelessly and collaboratively to make this a reality in the last two years. This is a tremendous feat, and I am so proud of what we have accomplished.

“In further validation of our strategy, we are also pleased to have secured another New Zealand credit union, NZCU Auckland, who we look forward to working with as we onboard them to the Vertexon PaaS platform.”

Change has achieved another major milestone as part of the launch of its Vertexon PaaS offering to the Oceania market. Following onboarding, Change is now live with the first client cards in New Zealand and has commenced processing transactions.

Change will continue working with the New Zealand clients to launch the remaining card programs over the coming months and expects to complete the transition of all existing cards in early FY24 producing an anticipated increase in contracted revenues over this period.

The launch of the first New Zealand client has also triggered the US$1.0m (A$1.5m1) incentive payment from Mastercard (announced on 31 March 2022).

Change has signed a new PaaS contract with Credit Union Auckland (NZCU Auckland) to provide direct issuing, processing and card management solutions via its Vertexon PaaS Platform (Contract).

The Contract contains upfront implementation fees as well as ongoing volume and transaction-based fees. NZCU Auckland has approximately 4,000 active cards in market that will be transitioned across to the Vertexon PaaS Platform. These cards are in addition to the more than 35,000 previously announced cards being transitioned from First Credit Union2, Nelson Building Society and Police Credit Union. Revenues from the Contract will contribute to Change’s PaaS revenues in FY24 with pricing similar (on a per card / transaction basis) to the existing New Zealand client contracts.

Change will begin onboarding NZCU Auckland this quarter (Q4 FY23) with launch anticipated in H1 FY24. NZCU Auckland will utilise Finzsoft Solutions Limited (Finzsoft) as their banking platform provider. As such, the development work has already been completed through the Change and Finzsoft integration. The addition of another financial institution is further recognition of the strong partnership and combined value offering of Change and Finzsoft.