FinTech start-up builds integration engine to shore up WLTH Pay user experience and mergers activity.
Boomi, the intelligent connectivity and automation leader, has announced Australian digital lending and payments provider WLTH is using the Boomi AtomSphere Platform to create an integrated technology and data foundation to support its growth roadmap, including the launch and expansion of its finance and payments business, and future mergers and acquisitions (M&As).
With the goal to finance AU $1.2 billion worth of residential and commercial loans by the end of the 2022 financial year, Brisbane-based FinTech WLTH is doubling down on its bid to increase customer acquisition. The next phase of this roadmap is to diversify beyond lending, with increased investment into its payments services, including the launch of business products via its state-of-the-art payments platform WLTH Pay.
Dave Chapman, Chief Technology Officer (CTO) at WLTH, was appointed to stand up technology for WLTH Pay, and the key to this role was establishing a connected IT environment capable of synchronising critical business functions in the app and delivering the user experience the product promises.
“We’re looking to take the headache out of finances, and whether it’s to manage personal money or a small-to-medium business, customers need to trust their payments experience will be reliable and easy,” said Chapman. “But access at anytime, anywhere doesn’t happen out of thin air – there are hundreds of data sets running across different technologies and cloud service providers that need to be synchronized.”
WLTH selected Boomi’s low code, cloud-native integration platform as a service (iPaaS) to connect myriad systems and data across the business, including standard and biometric identity management capabilities, transactional payments platforms, operational and analytical data stores, industry critical know-your-customer (KYC) and know-your-business (KYB) providers, and customer relationship management (CRM) platforms.
Boomi’s ability to securely consolidate and synchronize all of WLTH’s operational, customer and transactional data in its Master Data Hub platform has built an environment capable of onboarding new products and third-party services easily. The benefits extend to giving the FinTech’s employees access to pan-organizational golden records they need to gain a singular view of every part of the business and use that data for better business outcomes.
Chapman said: “In seconds, Boomi can handle the load of thousands of customer transactions, and with the same speed, collate it accurately and build intelligence into our analytics engine. We’re putting the value back into value-add activities, highlighting data as the most important currency in our employees’ workday. When it comes to creating better business outcomes, this extends from day-to-day customer support, right through to delivering better concierge experiences, or initiatives like our Parley for the Oceans’ Australian Clean-up Efforts.”
“For every home loan that is settled, WLTH will assist and empower Parley for the Oceans teams to clean up 50m2 of a beach or coastline throughout Australia and around the world.
“Environmental sustainability is who we are and with an IT environment that is clean and cleansed, our staff can facilitate more meaningful engagements that not only please customers but give back to our oceans.”
With its applications and systems integrated, the real-time data connectivity has also enabled a single sign-on (SSO) functionality for WLTH’s customers and employees.
Chapman said: “Boomi integrates every corner of our application and data stack, and that interconnectedness is the beating heart of the omni-channel experience we’re promising to deliver. With the power of single sign-on, WLTH Pay will remember the unique user and enable them to shift from the website to their mobile devices seamlessly and pain-free.”
WLTH is also using the Boomi platform to support its most recent corporate merger with an unnamed payments platform, which is set to provide the underlying technology infrastructure for WLTH Pay and will ensure customers can access the product seamlessly via one platform.
To implement the Boomi-based iPaaS environment, WLTH engaged the services of trusted IT service provider Atturra. As three-time winner of Boomi’s APJ Partner of the Year award, Atturra led the integration of all business-critical systems that make up WLTH’s best-of-breed technology environment, while creating a framework for when new digital assets enter the business.
“Boomi’s catalogue of big-ticket connectors is complemented by Atturra’s fit-for-purpose reference architecture, which has made the handling of the third-party systems and applications that power WLTH Pay far easier to manage than we could have imagined,” added Chapman.
Speaking of Atturra’s role in delivering the project, Jason Frost, Executive General Manager at Atturra Data and Integration, said: “We bring extensive integration experience in the financial services sector, and this has proved invaluable in delivering an integration framework that meets WLTH’s desire to deliver top-notch customer experience and futureproof the business.”
Nathan Gower, Managing Director Australia and New Zealand (A/NZ) at Boomi, said by honing-in on its technology stack, WLTH has put itself in the driver’s seat to make headway on its appetite for growth.
“With a comprehensive roadmap to transform the industry and widen its reach, WLTH cannot wait for IT to ‘get there when it gets there’,” said Gower. “By forming the best application and data integration foundation, the start-up has built a framework capable of supporting stronger experience for WLTH Pay users, as well as protecting its hunger for future M&As with the ease to connect new applications and data as they enter the business.”