ANZ this week announced a partnership with UK-based fintech, Invapay, to work on the development of new technologies to combat payment challenges.

UK fintech Invapay and the ANZ (Australia and New Zealand Banking Group) are working together to develop new automated payments innovation to their business customers and promote innovation on the payments front.

Invapay managing director Australia and New Zealand, Con Archis, said the partnership would support the ANZ’s vision for a technology-driven future and help achieve solid customer service outcomes for both Invapay and ANZ.

“An association between ANZ and Invapay serves the objectives of both organisations; Invapay leverages technology to reimagine solutions for everyday challenges in company finance,” he said.

“ANZ has heralded a shift in strategy towards technology and innovation; [ANZ] is a customer focused and forward thinking partner.”

ANZ Australia head of transaction banking, Adam Grant, said that a partnership with a fintech enabler would help the bank continue with its innovation agenda and would see the fintech leverage new technology to assist ANZ’s institutional and corporate customers.

“Working with Invapay has enabled ANZ to deliver a proven payables solution which allows our customers to fully utilise the available credit lines delivered by ANZ and in so doing, optimise their working capital, realise operational efficiencies, increase visibility and control and improve their supplier relationships,” he said.

“[It] will serve as an important boost for ANZ’s corporate and institutional customers and addresses one of the main payments challenges faced by both buyers and suppliers globally.”