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INTERNET | Internet Software & Services / Monitoring & Security
eftsure.com.au

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Founded Year

2014

Stage

Series B | Alive

Total Raised

$3.21M

Last Raised

$1.69M | 2 yrs ago

About EFTsure

EFTsure has developed a platform that allows businesses to cross-check in real-time that the name of the payee matches the BSB and account numbers before the payment is made.

EFTsure Headquarter Location

132 Arthur St Suite 14

North Sydney, New South Wales, 2060,

Australia

+61 1300 985 976

Latest EFTsure News

Know-Your-Payee Provider EFTsure Secures $2.5 Million in Funding

Aug 7, 2019

This brief release appears in Finextra and discusses a $2.5 million funding round for a 2014 Australian startup by the name of EFTsure, which purports to helping organizations identify and protect themselves against risk and error in the payments process. ‘…the eftsure software suite verifies supplier bank account details and compliance information at or prior to the point of payment. Its customers include ASX-listed enterprises, local and state governments, not for profits, hospitals, schools and small to medium businesses across Australia…The firm claims to have protected over $6 billion in electronic payment transactions since inception.’  While we have yet to benefit from a briefing, the niche that the firm fits into is supplier verification. As many who closely follow the ever-adaptive payments fraud tactics have noted, business e-mail compromise and social engineering have become very sophisticated methods for fraudsters to manipulate company employees into making payments to fictitious companies. We covered this most recently in a report titled Fighting Payments Fraud: No Rest for the Weary . In that piece, we pointed out one survey where only about 45% of corporates indicated that they were able to detect ACH fraud before the payment left the building (so to speak). So the CEO of EFTsure goes on to add that with the continued evolution of new payments methods and faster settlement, additional factors have entered the mix. We’re frequently asked about the faster payments, faster fraud dynamic, so a mention of Australia’s NPP was interesting, since faster (settlement in seconds) places the ‘know your payee’ importance level near or at the top of the list. This is perhaps a good niche to be in at the moment. ‘Other investors joining the round also include Stephen Allen, former global chief risk officer with Macquarie Bank….Allen says: “I’m excited about the application of fintech to risk management and exploring how to apply my experience in that sphere. The National Payment Platform is accelerating the issue and in eftsure I saw an elegantly simple but extremely powerful solution to a pervasive and growing problem.” ‘ Overview by Steve Murphy , Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group Summary

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Expert Collections containing EFTsure

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

EFTsure is included in 3 Expert Collections, including Regtech.

R

Regtech

1,342 items

Technology that addresses regulatory challenges and facilitates the delivery of compliance requirements in FIs. Regulatory technology helps FIs and regulators address challenges ranging from traditional compliance and risk management to data reporting and transmission.

C

Cybersecurity

4,754 items

F

Fintech

3,198 items

Excludes US-based companies

EFTsure Patents

EFTsure has filed 2 patents.

The 3 most popular patent topics include:

  • Banking technology
  • Data management
  • Email systems
patents chart

Application Date

Grant Date

Title

Related Topics

Status

9/4/2019

Data management, Payment systems, Metadata, Banking technology, Information technology management

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9/4/2019

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Grant Date

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Related Topics

Data management, Payment systems, Metadata, Banking technology, Information technology management

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EFTsure Web Traffic

Rank
Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
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EFTsure Rank

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