Cirralto rolls out full-fledged, commercial version of Spenda payment suite

Cirralto Ltd (ASX:CRO) has upgraded its Spenda payment suite with several new features and capabilities that enable the full utilisation of payment aggregator services. This upgrade follows several months of extensive development work since signing the Visa Business Payment Solution Provider (BPSP) and MasterCard Business Payment Aggregator (BPA) agreements with Fiserv, Inc (NASDAQ:FISV). SpendaCollect, SpendaPay and the Spenda app have all been upgraded and utilising the BPSP and BPA functionality, will enable the company to aggressively target the payments market across multiple industry sectors. Key inflection point The new functionality within the Spenda payment stack is a significant and fundamental milestone for Cirralto. At this key inflection point, not only does it change the size of the customers that the company can pursue, from small and medium businesses to distribution chains and national providers, but it also increases the speed and scale that customers can be onboarded. This is a core foundational requirement in Cirralto’s life cycle, enabling the company to strive towards sustainable revenue growth. “Exciting phase of sustainable revenue growth” Cirralto managing director Adrian Floate said: “The last 12 months has been a transformational period for the Company, moving from pure development to launching and commercialising new products. “We are now at the beginning of what we anticipate to be an exciting phase of sustainable revenue growth. “All this has been achieved during a challenging period, not only for the company but for the global economy, with the impact of the COVID-19 pandemic. “With this in mind, I personally want to commend the entire team for what they have achieved to date.” Bundles four payment services into one Spenda can now be deployed as a single service to replace the four most common payment services offered by businesses, being: Electronic Funds Transfer (EFT); BPAY or bill presentment; Credit card via the seller’s website; and Finance or pay by month. By securely processing payments at a lower cost than traditional merchants, the Spenda service is a very compelling payments option for businesses. Double-digit quarter on quarter growth Floate added: “We have focused our development teams on crafting software that drives improvements for our customers and our customers’ customer’s. “We have entered into new strategic relationships that expand our service capability and, in the past few months, we have developed a payment solution that bundles the most common ways businesses pay each other into a single solution. “We have done all this while maintaining double-digit quarter on quarter growth.  “As we move into the next phase of business commercialisation, we do so with a clear view on continuing innovation, addressing customer needs and a belief in our vision to positively change the way businesses do business.”