Commonwealth Bank Pi - Innovation Excellence Awards 2013

Commonwealth Bank Pi

Awarded by Canstar Research on March 2013

Commonwealth Bank has created an innovative merchant terminal, integrated to an open platform, which enhances the customer experience at point of sale. Called pi, the system is an open software platform that allows businesses to create and upload apps, and to download apps from a central ?AppBank? on Pi (similar to the Apple app store).CommBank has also developed a range of CommBank-specific apps to improve businesses? interactions with their customers and improve their operating effectiveness.

The System was developed in response to feedback from business owners who advised that they wanted a merchant terminal that:

• Would integrate various business technologies at the point of sale (POS)
• Would optimise reward initiatives (like coupons, in-store offers and loyalty cards) to strengthen their customer relationships
• Was eye-catching and could easily be moved around their premises
• Enhanced and simplified the way their business operates – both individually and in conjunction with their partners.

Commbank?s solution, Pi, was launched in July 2012 after more than two years of research and development.

How does the service work?

The customer-centric payments terminal enables businesses to upload a payment application that perfectly suits their business. An example is CommBank Leo, which converts any Apple iPod touch or iPhone 4 (including 4S) into a secure merchant terminal that accepts card payments wherever the Apple device is connected. This application would potentially be a boon for stall operators at a market. Business owners can specify their needs (bill-splitting for restaurants, as an example, or gift voucher redemption) and select an application that suits.
The pi platform is Europay International, MasterCard Worldwide, and Visa-compliant and meets Commbank?s security specifications.

Canstar’s verdict

Pi is revolutionary in terms of flexibility of payment. The Pi platform is capable of replacing traditional Point of Sale terminals, allowing mobile businesses to use their smartphone as a merchant terminal. Businesses can design and upload a payment system that suits their needs perfectly and consumers will have greater choice of payment method. All these feature can help businesses to run more productively.
Award: Canstar Innovation Excellence 2013