Why it matters: CBA has developed a system similar to that of Stripe to manage payments.
Powerboard is ready to be launched in September, nine months after it was announced.
CBA will keep control of payments data, used to assess credit risk for lending.
Commonwealth Bank will launch a new payments service known as Powerboard next month, as it steps up its competitive response to US fintechs Stripe and Block, and protects its grip on retail transaction data from Silicon Valley disruptors.
CBA, which is used by one in four Australian businesses, expects low-margin payment services to drive corporate deposits and loans, where profits are larger.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
