(G) Founder and (R) CEO of Parpera Daniel Cannizzaro and CEO of Railspay Ben Smith
Money management platform Parpera is set to launch Australia’s first Bank as a Service (BaaS) product with the release of its new app and to offer deposits through a partnership with Railspay.
Parpera, which means ‘fair wallet’ in Latin, will provide Australian self-employed workers with invoicing, treasury and tax reporting tools, as well as access to bank accounts and business debit cards through the neobank Volt and Mastercard.
It partnered with the open banking API and a BaaS Railsbank platform, marketed locally as Railspay, to access Railspay’s built-in finance functionality in Australia before going global.
The app, slated for release in the coming weeks, could beat competing financial management apps like Money by Afterpay – slated to launch in November – in the market.
Parpera Founder and CEO Daniel Canizzaro said that although the app has been available in app stores since August, “anyone with an ABN can sign up on the waiting list” to access the services. banking when they become available.
“We have started onboarding our family, friends and investors who will soon be on the waiting list in the coming weeks,” Canizzaro said. iTnews
He added that the application was designed by Parpera’s internal team on Amazon Web Services Amplify Flutter with âa main .NET backendâ.
Canizzaro said Parpera will be “the first digital proposition for businesses”, focusing on common issues related to managing growth and business “in today’s digital economy”.
âParpera focuses specifically on business owners. What we like to say is that we are a very transparent proposition that helps people create, manage and grow their businesses in today’s digital economy.
“Some of the other applications on the market traditionally or historically in Australia, [have] been primarily consumer-oriented. We will be the first digital proposition for businesses
Railspay launched into the Australian market in March through its own BaaS partnership with digital bank Volt.
Railspay Managing Director Ben Smith explained that the company enables “Parpera to connect with the capabilities of financial products they need to deliver the solution they seek to deliver.”
âSo the banking products with which we activate Parpera are provided by Volt Bank and Parpera accesses them through Railsbank technology,â he said.
âThe ability to store money or create accounts for money, to send money, to receive money are all capabilities provided to [Parpera] via the underlying Railsbank accounts with Volt Bank.