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Payment experts launch alternative payment platform: Waave

An alternative payment method called Waave has launched been launched aimed at helping consumers make secure payments directly from their bank accounts.

The company’s flagship product – Pay by Bank – is said to be the first B2B and B2C payment platform to use open banking in Australia.

The service takes a 28-cent transaction fee and offers instant authorisation, faster funds settlement and no dishonour charges or chargebacks.

Founded by payment experts and entrepreneurs Ben Zyl, Mark Connolly and Peter Traianou, the service is backed by a $ 4.7 million seed round funding from multiple industry leaders.

Co-founder of Waave, Ben Zyl, said today’s payment industry is “archaic, clunky and outdated”.

“Businesses shouldn’t be paying exorbitant fees to receive payments, and customers should have full control and visibility over their money.

“We’re here to drive change by bringing back the connection between consumers and businesses.”

Paul Greenberg, an investor in Waave and founder of the National Online Retailers Association (Nora), described Waave as a “champion for merchants” at a time of economic cost crunches.

“Getting rid of those high-cost, underused payment solutions is simple and cathartic and Waave enables this by cutting out the middlemen.”

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