Alongside’s Reinventure’s existing investments, Assembly Payments has now received additional funding from Westpac, who will work with them to integrate the bank’s merchant terminals with customers’ point of sale (POS) software, ultimately removing the need for transaction amounts to be entered into the retailer’s system twice.

At the moment, restaurants and cafes must manually enter each transaction into the banking terminal to complete a sale. While a small task in isolation, it can cost up to $100 per week for a staff member at a typical cafe with 1000 to 1500 daily transactions. By integrating the merchant terminal with the POS software, this wasted time is eradicated.

Assembly Payments also has plans to expand into the global market, where similar issues between merchant terminals and POS software also exists.

“Westpac does around $120 billion a year in payments,” co-founder of Assembly Payments, Simon Lee said. “If we can do this sort of deal with five other global banks like Westpac, we can have $500 billion of flows, and that would be a major opportunity for Assembly.

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