Change Financial partners with Simply Zibra on AI payments
Change Financial Limited will provide Mastercard card issuing to Simply Zibra, an AI-driven digital wallet that helps consumers get the most out of their money.
Using AI, the system optimises every payment made via the Change issued Mastercard by analysing the transaction in real-time and selecting the card that will benefit the consumer the most.
These benefits can include lower foreign exchange fees and interest, frequent flyer miles, cashback opportunities and rewards points, depending on the preferences and goals of the user.
Tony Sheehan, Chief Executive Officer of Change Financial, says the partnership aims to offer unprecedented benefits for consumers by allowing them to automatically receive third-party savings that they may not otherwise be aware of.
"We are proud to power Simply Zibra's innovative technology with our card-issuing capabilities. Their commitment to supporting financial optimisation through AI-driven personalisation is a breakthrough for Australian consumers," says Mr Sheehan.
"Our card issuing capabilities have helped bring this innovation to market, and it will facilitate the use of this technology for online and in-person payments, with consumers able to reap the rewards in a matter of seconds."
The platform links a consumer's accounts, including debit cards, credit cards and savings accounts, to ensure that the AI process can work efficiently by drawing on spending habits and information from a broader range of sources.
Simply Zibra upholds data security by partnering with licensed entities to store financial data safely. The company says it does not hold a customer's funds and has 'read-only' access to information.
Trina Ray Choudhury, Chief Executive Officer of Simply Zibra, says by connecting a user's existing suite of cards and accounts to automate payments, they can deliver greater financial outcomes for consumers through harnessing the benefits of AI.
"We are delighted to join forces with Change Financial," says Mrs Ray Choudhury.
"Together, we're able to bring a pioneering payments tool to market that redefines how consumers manage and use their finances. This venture brings us one step closer to our goal of enhancing the financial lives of Australians."
"Consumers are often missing hundreds of dollars in potential savings, and by using AI, our technology works in the background, automatically applying relevant savings or even earning hidden rewards without the consumer having to spend hours sorting through information," says Ms Ray Choudhury.
This product and service will be available to the market towards the end of 2023.
Change Financial (Change) is an experienced global fintech listed on the Australian Securities Exchange (ASX), providing tailored payment solutions, card issuing and testing to banks and fintech. Partnering with 150+ clients across 40+ countries, Change is designed to deliver simple, flexible, and fast-to-market payment solutions.
Change manages and processes over 27 million credit, debit, and prepaid cards worldwide.
Complementing Change, Simply Zibra is an AI-driven digital wallet that simplifies and enhances personal finance. With a focus on automating and optimising payments, Simply Zibra empowers Australians to get the most out of their money and better manage their finances.