In October 2020, Nightingale Partners Pty Ltd (“Nightingale”) and Phoenix Development Fund Limited (“Phoenix”) invested in Payok Holdings Pty Ltd (“PayOK”).
PayOK allows its customer to share data together with consumer data rights (CDR) infrastructure to verify bank account details before you make a payment, ensuring funds go to the correct account, every time. They aim to eliminate payment fraud so businesses can pay their suppliers with confidence by solving common issues such as internal fraud, payment fraud, cyber and phishing attacks, and human error.
Their solution uses an Open Banking portal to verify bank account details in real-time. Open Banking is a service overseen by the Australian Competition and Consumer Commission (ACCC) that allows authorised partners to directly access bank account details for verification. PayOK will mitigate risk in the vendor arena to deliver what CreditorWatch has achieved for debtors.
PayOK is founded by Colin Porter. Mr Porter is an entrepreneur who previously founded CreditorWatch and Avenue Bank, two businesses Nightingale has also previously invested in. Lindsay Phillips has joined the Board of PayOK as a Non-Executive Director.
You can read more on this story here – https://www.afr.com/technology/creditorwatch-founder-returns-to-stop-fake-invoice-scams-20211126-p59cnk