Hands off the money! How technology can stop the next payroll fraud
Date Published: May 26, 2017
The alleged $165 million Plutus payroll scandal could have been avoided if automated payments technology was used by employers to make taxation payments directly to the Australian Taxation Office (ATO) rather than relying on a third-party payroll company, Plutus, to make payments on their behalf, which opened the opportunity for fraud.
“Removing the need for a third-party involvement to handle the payroll is the most logical and immediately available solution to restore trust to employers and the ATO that the payroll and PAYG system is operating with zero opportunity for fraud,” said Don Sharp from Integrated Payment Technologies (InPayTech).
“Employers caught up in the Plutus Payroll fraud could still be liable for tax that was stolen by the payroll company as they remain responsible for those tax payments which never made it,” he said.
InPayTech has developed a unique payments technology, PayVu, which delivers a greater certainty for employers and the ATO as it fully automates payroll and tax payments and it eliminates the need for the third party handling of monies.
“PayVu eliminates the need for employers to outsource payroll services and it therefore removes the opportunity for illegal behaviour,” said Sharp.
PayVu is like an overlay service that will sit over the top of the New Payments Platform (NPP), which will be introduced from July 1 this year. The NPP will enable businesses and government agencies to make faster payments, with near real-time funds availability to the recipient, on a 24/7 basis. Each payment message will be capable of carrying much richer remittance information than existing systems.
Similar to the NPP infrastructure that will support overlay services, PayVu offers an innovative payment service to end-users such as employers.
“PayVu goes a significant way to reducing the opportunity for payroll fraud. It sits within the existing banking system and can be used by employers to fully automate payroll payments to employees and taxation payments to the ATO,” Sharp said.
“Importantly, PayVu speeds up payments and it removes the need for third parties such as payroll companies and clearing houses to make payments on their behalf, without detracting from employers’ access and control of payments,” said Sharp.
The Plutus payroll scandal has been labelled Australia’s largest white collar crime, with increasing calls for additional legislative crackdowns on those entrusted to process the pay, benefits and taxation of working people.
“The unfortunate story of alleged corruption and greed behind the doors of Plutus Payroll should serve as a reminder that no amount of additional laws can prevent those with the knowledge, resources and criminal intent to illegally exploit existing systemic loopholes.
“The key to avoiding such fraud is to fully automate payments at the employer level, which takes the opportunity away from third parties to pocket monies intended for the ATO and other parties,” said Sharp.
“Using internet banking, PayVu bridges the gap between accounting and payroll systems and the ATO. The product gives time back to business owners and their bookkeepers by reducing the payment process from hours to minutes and it adds certainty to the outcome by ensuring payments are received by the intended recipients virtually on the same day they are made,” he said.
“There are no opportunities for payroll backlogs, delays or fraud.”
Friday, 26 May, 2017 – Advisor Voice
03:14 PM - Apr 16, 2021
As Australians begin to tackle the vaccination phase of COVID-19, our economy is emerging with some optimism. Australia’s $3 trillion superannuation sector remains a pivotal asset for the nation, and the Federal Government continues to focus on the superannuation sector with transparency, efficiency and member-outcome programs. There are significant changes ahead, at a time where the whole ecosystem, including financial advisers, are weary of constant change and challenges.
11:32 AM - Mar 09, 2021
Integrated Payment Technologies Limited (InPayTech) has successfully completed a share placement worth $3 million to help fast track existing operations and to focus on the Company’s strategic growth targets. The placement was conducted amongst professional and sophisticated investors, with new shares being issued on March 5, 2021.
01:42 PM - Feb 25, 2021
Integrated Payment Technologies (IP1) has raised $3 million in a placement to professional and sophisticated investors.
01:39 PM - Feb 25, 2021
Feb 25 (Reuters) – Integrated Payment Technologies Ltd IP1.AX : * CONDUCTED PLACEMENT AT $0.039 PER SHARE TO RAISE $3 MILLION
01:13 PM - Feb 18, 2021
The company, which is going through a merger with Comply Path, said in a statement Monday it was unable to offer any explanation for recent changes in its share price.
04:15 PM - Feb 18, 2021
Baby fintechs Integrated Payment Technologies (ASX:IP1) and Change Financial (ASX:CCA) surged, as did debt restructuring and personal insolvency business Credit Intelligence (ASX:CI1).
12:14 PM - Feb 18, 2021
There are clear opportunities to disrupt intra-fund and general advice that the industry is overlooking, shunning everyday Australians that need it most, according to superannuation experts.
09:20 AM - Feb 02, 2021
Dobson is currently a member of the board of the Australian Business Software Industry Association and New Zealand Advisory Board for the standardisation of eInvoicing. She previously was involved in the SuperStream advisory council and helped Westpac, working closely with the ATO and Treasury.
09:19 AM - Feb 02, 2021
In a statement, executive chair Don Sharp noted that Barns’ other commitments will limit her ability to meet her obligations as a director.
09:16 AM - Feb 02, 2021
Clinton, who has more than 30 years of leadership experience, is currently the principal of venture capital advisory firm Clinton Capital Partners. His experiences come from a variety of public and private companies, including Bell Potter Securities, CIMB, and J.P. Morgan in Sydney, Hong Kong, and Singapore.
08:54 AM - Feb 02, 2021
Lund has significant experience in was a director of Comply Path Holdings prior to the acquisition, having been appointed to the position in mid-2020. He spent more than 15 years with PwC, 11 as a partner. Lund worked with the digital change team, which transformed ideas into consumer-relevant commercial ventures.
10:58 AM - Feb 01, 2021
Integrated Payment Technologies Limited (InPayTech) progresses its strategy with its payment patent granted in Australia. This announcement follows the Company’s recent merge with Comply Path to accelerate the delivery of a transformative platform to repurpose quality data for employee financial wellbeing.
02:39 PM - Jan 14, 2021
With an estimated 70 percent of Australians still not accessing financial advice and increasing numbers of financial advisers exiting the industry, we believe there is an opportunity for a scalable, targeted and low-cost advice solution to be implemented across the financial services industry to facilitate an increase in engagement.
10:20 AM - Nov 18, 2020
BASED ON SHARE PRICE OF IP1 ON NOV 17, THIS NOTIONALLY VALUES COMPLY PATH AT ABOUT A$19.5 MILLION
10:18 AM - Nov 18, 2020
As its name suggests, Comply Path helps businesses navigate regulatory compliance and provides numerous other data management services through its Bond platform. Originally, Comply Path was a potential collaboration partner for InPayTech’s ClickVu platform. During the initial collaboration discussions, it became clear just how much the two companies had in common, in terms of culture, capability, and industry vision.
10:14 AM - Nov 18, 2020
ENTERED MERGER AGREEMENT WITH SHAREHOLDERS OF COMPLY PATH WHEREBY IP1 WILL BUY 100% ISSUED CAPITAL OF COMPLY PATH
10:08 AM - Nov 18, 2020
The payment technology company will complete the transaction as a 100% scrip for scrip offer and upon shareholder approval Comply Path shareholders will own 50% of the shares of InPayTech, valuing the company at $19.5 million.
10:02 AM - Nov 18, 2020
Integrated Payment Technologies (InPayTech) has announced a merger with regtech Comply Path, a bond platform established by PwC Australia.
10:00 AM - Nov 18, 2020
Integrated Payment Technologies Ltd (ASX:IP1) announce it has entered into a Merger Agreement with the shareholders of Comply Path Holdings Pty Ltd whereby IP1 will acquire 100% of the issued capital of Comply Path. The Transaction is to be undertaken as a 100% Scrip for Scrip offer.
09:57 AM - Nov 18, 2020
Comply Path chief takes CTO role with InPayTech. Founder of Comply Path’s bond platform, Joe Brasacchio, will be stepping down from his chief executive role when the firm merges with data and payments processer Integrated Payment Technologies (InPayTech). He will become the chief technology officer for the merged organisation.
10:24 AM - Sep 21, 2020
As Westpac pulls the plug on QuickSuper, a direct debit superannuation payment option for employers, there are fears the lack of automation could potentially worsen the unpaid super problem.
02:40 PM - Aug 27, 2020
Payment software developer Integrated Payment Technologies (IP1) has revealed improving losses in its full-year financial report. The company, also known as InPayTech, posted an annual net loss of $3.67 million for 2020, a 71.8 per cent improvement on the previous year.
04:03 PM - Aug 17, 2020
Aug 17 (Reuters) – Integrated Payment Technologies Ltd IP1.AX: * EXECUTED A DEED TO ACQUIRE 100% OF SHARES IN TIPSGO
03:20 PM - Jul 16, 2020
Integrated Payment Technologies announced the appointment of Brad Riley as Chief Innovation Officer saying he will be responsible for fostering a culture of innovation across the Company and driving new products to facilitate them being brought to market in a timely manner.
10:15 AM - Jul 14, 2020
Newly appointed chief innovation officer at Integrated Payment Technologies, Brad Riley is looking to bring cultural change alongside product innovation into his new role as COVID-19 hit “the reset button.” in this interview with AB+F an RFI Group company
10:07 AM - Jul 13, 2020
Payments technology company InPayTech has appointed Brad Riley as their chief innovation officer.
09:41 AM - Jul 09, 2020
Integrated Payment Technologies (IP1) has closed its non-renounceable entitlement offer of fully paid ordinary shares, after raising $1,883,192.
12:30 PM - Jul 09, 2020
Integrated Payment Technologies Limited (InPayTech) has revealed to market its proposed acquisition of BizIntegration and has notified that a successful demonstration of the BizIntegration technology is now operational on InPayTech infrastructure
10:34 AM - Apr 03, 2020
So much has been said about the global pandemic and the massive impact of the COVID-19 virus on our physical and financial wellbeing, that I don’t want to add to the weight of collective worry. It is timely, though, to remind ourselves of other present dangers.
12:10 PM - Mar 09, 2020
InPayTech’s superannuation payment solution has picked up new payroll provider clients, as cybercrime continues to threaten the super sector.
02:34 PM - Jan 14, 2020
Sandra Barns has joined the board of Integrated Payment Technologies Limited (InPayTech).
08:10 AM - Jan 13, 2020
Last year was a tumultuous year for the Australian financial services industry, and we have particularly seen profound changes – and a number of risks – affecting the superannuation sector.
11:27 AM - Jan 13, 2020
Payment processing provider InPayTech has appointed VicSuper’s executive company director and chief technology officer as a new non-executive director on its board.
08:21 AM - Dec 17, 2019
Dean Martin, the Chief Executive Officer of Integrated Payment Technologies Limited (ASX: IP1) (InPayTech) speaks with the Financial News Network about InPayTech’s products, ClickSuper and PayVu.
08:50 AM - Dec 12, 2019
Superannuation fund trustees will need to allocation greater resources and attention to technology and cyber-security as the industry gives rise to ‘mega funds’, InPayTech believes.
11:03 AM - Nov 28, 2019
New laws, regulations and mergers have changed the face of the Australian super landscape. Financial Standard spoke with superannuation experts, from chief executives to SMSF trustees, to find out what the future looks like.
11:12 AM - Nov 07, 2019
The complexity of Australia’s super system could provide fertile ground for hackers to steal your savings and your identity.
12:25 PM - Nov 05, 2019
Australians’ retirement savings are set to become more exposed to cyber security breaches, a report has cautioned, as superannuation funds follow an industry-wide trend of consolidation while lacking the capacity to handle larger amounts of data.
03:43 PM - Nov 04, 2019
Payment technology providers are set to play a crucial role in superannuation as funds ride a wave of industry consolidation, according to a new report, with Australians’ retirement savings to become more vulnerable to data and security breaches than ever before.
01:06 PM - Oct 10, 2019
Australia’s retirement savings pool is at risk of cybercrime and fraud attacks as the sector continues to grow, according to a whitepaper authored by payment technology company InPayTech.
08:39 AM - Oct 10, 2019
As Australia’s retirement savings pool grows, the sector is at risk of cyber crime and fraud attacks, according to a whitepaper authored by payment technology company InPayTech.
06:05 PM - Aug 13, 2019
Integrated Payment Technologies Limited (InPayTech) has appointed Dean Martin as chief executive officer (CEO), succeeding Robin Beauchamp who has stepped down and will become chief technology officer (CTO).
02:10 PM - Aug 12, 2019
InPayTech has promoted internally to make Dean Martin their new chief executive, the company has announced.
02:06 PM - Aug 12, 2019
Integrated Payment Technologies Limited (ASX: IP1) (InPayTech or the Company) announces that it has appointed Mr Dean Martin to the role of Chief Executive Officer (CEO) effective immediately.
09:27 AM - Jul 24, 2019
In the age of “big data”, organisations have the opportunity to harness the power of information, but also the obligation to protect what data they have in the face of constant threats. This is true for businesses of all sizes since even the smallest business cannot operate without generating data on its employees, suppliers and customers.
01:16 PM - Jul 18, 2019
Integrated Payment Technologies (ASX: IP1) has provided some added impetus to its overall performance as the company undergoes a significant strategic review.
09:45 AM - Jun 11, 2019
In the age of ‘big data,’ organisations have the opportunity to harness the power of information, but also the obligation to protect what data they have in the face of constant threats.
03:21 PM - Feb 11, 2019
The Board of Integrated Payment Technologies Limited(Company) (ASX: IP1) has recently conducted a strategic review of the Company’s product development, business focus and financial and human resources.
01:56 PM - Nov 11, 2018
A prominent payment fintech is expected to be granted a US patent by as early as next year – its seventh patent across the globe.
09:48 AM - Nov 08, 2018
Integrated Payment Technologies Limited (InPayTech) (ASX:IP1) has been issued a Notice of Allowance by the US Patent Office for its US patent application of its Payment Adviser process. The US patent is expected to be granted by early 2019 in the name of its subsidiary company Jagwood Pty Ltd.
01:54 PM - Sep 03, 2018
Fintech introduces STP product. ClickSuper STP is a product enabling employers to meet single touch payroll obligations by processing their STP data files via the ClickSuper website and then directly to the ATO.
02:04 PM - Aug 31, 2018
A fintech has met the Australian Taxation Office single touch payroll requirements and launched its latest product. ClickSuper STP is a product enabling employers to meet single touch payroll obligations by processing their STP data files via the ClickSuper website and then directly to the ATO.
10:59 AM - Aug 31, 2018
Clearing house provider ClickSuper has successfully completed all ATO single touch payroll (STP) requirements and launched ClickSuper STP. ClickSuper STP enables employers’ to simply meet their STP obligations by processing their STP data files via the ClickSuper site directly to the ATO.
09:45 AM - Mar 26, 2018
Revealed at the Accounting Business Expo in Sydney last week, PayVu, a digital payments initiative, has opened a new secure service for bookkeepers and accountants who struggle with periodical payments – like bills and salaries – on behalf of small business clients.
01:54 PM - Jun 23, 2017
With the traditional 30 June tax period ramping up, Australia’s tireless army of bookkeepers servicing SMEs and other clients are looking out for new ways to improve and streamline their core payments (and data capture) processes. The New Payments Platform (NPP) – being introduced voluntarily from 1 July – will help to accelerate payments. The NPP will also feature several overlay services or software solutions that will introduce more user-friendly payment methods.
10:06 AM - May 26, 2017
Adding to the concerns of a mid-tier earlier this week following the recent $165 million tax scandal, one payments facilitator has pointed to the risks of relying on third-party payroll companies.
09:59 AM - May 26, 2017
In light of the massive scandal surrounding Plutus Payroll’s alleged $165 million fraud, Don Sharp, executive chairman, Integrated Payment Technologies (InPayTech), gives his perspective on how certain technology could’ve prevented the fraud.
02:06 PM -
10:04 AM - May 03, 2017
Yesterday’s report by the Senate Economics References Committee into the non-payment of Superannuation Guarantee (SG) – highlighting employers are not paying billions of dollars’ worth of super – requires an immediate fix and fresh solutions.
11:00 AM - May 03, 2017
11:55 AM - Apr 12, 2017
Australian superannuation funds and SME employers must move to embrace a digital, member-direct model of contributions payment technology that is gathering pace alongside the 2017 introduction of the Reserve Bank of Australia’s New Payments Platform (NPP).
12:37 PM - Apr 11, 2017
Australia’s small-to-medium enterprises (SMEs) are embracing digital change with the introduction of the Reserve Bank of Australia’s (RBA) New Payments Platform (NPP), rendering superannuation clearing houses obsolete.
09:20 AM - Apr 11, 2017
Australian superannuation funds and SME employers must move to embrace a digital, member direct model of contributions payment technology that is gathering pace alongside the 2017 introduction of the Reserve Bank of Australia’s New Payments Platform (NPP).
03:01 PM - Apr 10, 2017
09:53 AM - Feb 16, 2017
Integrated Payment Technologies (InPayTech) [ASX:IP1], the Australia-based financial and technology company, is considering Australian and overseas growth through mergers and acquisitions after its December debut on the Australia Securities Exchange (ASX), CEO Robin Beauchamp said.
11:03 AM - Jan 30, 2017
Australian small businesses operating cloud-based accounting software can benefit from a unique software overlay system called PayVu that speeds up superannuation payments to the same day
08:33 AM - Jan 27, 2017
PayVu eliminates superannuation clearing house requirements for Australian small business owners
01:14 PM - Jan 26, 2017
Australian small businesses operating cloud-based accounting software can benefit from a unique software overlay system called PayVu that speeds up superannuation payments to the same day, and eliminates the current inefficiencies of employers needing to deal with third party clearing agencies.
11:13 AM - Jan 24, 2017
Third party clearing agencies could be a thing of the past with a fintech company InPayTech’s launch of new technology for same-day superannuation payments.
11:28 AM - Jan 24, 2017
InPayTech has launched a superannuation payment system, PayVu, that allows small-to-medium (SME) businesses to make same-day super payments to employees, bypassing third-party clearing houses.
11:25 AM - Jan 24, 2017
08:48 AM - Jan 24, 2017
Newly listed fintech company InPayTech has unveiled a new system that speeds up employers’ superannuation payments, potentially allowing small businesses to bypass third-party clearing houses such as Westpac.
03:49 PM - Jan 23, 2017
Integrated Payment Technologies (ASX:IP1) (InPayTech) has developed a unique software overlay system called PayVu that speeds up superannuation payments to the same day.
08:15 AM - Jan 16, 2017
InPayTech has already acquired patents in several Asian countries including China, Japan and Hong Kong, with Singapore marking the last of the patents the company applied for in Asian markets.
10:08 AM - Jan 12, 2017
Integrated Payment Technologies Limited (InPayTech) has received patent approval for its unique payments process in Singapore.
11:23 AM - Jan 12, 2017
InPayTech (ASX:IP1) has received patent approval for its unique payments system in Singapore.
09:24 AM - Dec 22, 2016
Integrated Payment Technologies’ (ASX:IP1) (InPayTech) shares are trading higher after receiving approval for its patented payments process in Hong Kong.
05:46 PM - Dec 21, 2016
Integrated Payment Technologies Limited (InPayTech – ASX Code: IP1) has received approval for its patented payments process in Hong Kong and has also patented its unique payments process in other Asian countries namely Japan and mainland China. Patents are pending in Singapore.
09:46 AM - Dec 21, 2016
Integrated Payment Technologies Limited (InPayTech – ASX Code: IP1) has received approval for its patented payments process in Hong Kong.
09:00 AM - Dec 19, 2016
Newly listed Integrated Payment Technologies (ASX:IP1) (InPayTech) has launched a digital initiative aimed at streamlining the settlement of all electronic payments to just one day.
03:40 PM - Dec 14, 2016
A new service expects to reduce payment settlement times from the traditional three days to just one.
11:17 AM - Dec 12, 2016
Payment software company InPayTech has launched a new digital service aimed at speeding up the settlement process for electronic payments.
10:07 AM - Nov 18, 2016
Integrated Payment Technologies Limited (InPayTech) will scale back allocations of stock to certain investors following a heavy over-subscription to its Initial Public Offer (IPO) which closed on 18 November.
11:59 AM - Dec 06, 2016
Integrated Payment Technologies Limited (InPayTech) has launched a new digital initiative aimed at streamlining the settlement of all electronic payments to just one day.
09:46 AM - Nov 16, 2016
Retail investors have access to Offer until Friday November 18, 2016
08:01 AM - Nov 15, 2016
Integrated Payment Technologies Limited (InPayTech) will close its Initial Public Offer (IPO) at 5:00pm this Friday, November 18, 2016.
09:20 AM - Nov 07, 2016
Integrated Payment Technologies Limited (InPayTech) has surpassed its minimum subscription target of $3,000,000 after week two of its Initial Public Offer (IPO) opening.
11:06 AM - Oct 02, 2016
Integrated Payment Technologies Limited (InPayTech) has today formally opened its Initial Public Offer (IPO).
08:23 AM - Oct 13, 2016
The “new payments platform” (NPP), which will allow bank customers to transfer funds in real-time by using just a phone number or email address, is on track to launch in late 2017, the Reserve Bank of Australia said on Thursday.
01:36 PM - Oct 07, 2016
Australian payment software provider InPayTech has lodged a prospectus with ASIC and intends to list on the ASX, with its initial public offer due to open later this month.
07:23 AM - Apr 26, 2016
The former chairman of fund manager Investors Mutual, Don Sharp, is plotting a $4 million capital raising and ASX listing for his latest venture InPayTech, which operates in the lucrative payment systems industry.
11:26 AM - Oct 06, 2016
Integrated Payment Technologies Limited (InPayTech) says it plans to raise up to $5 Million including over subscriptions, and list on the Australian Securities Exchange (ASX).
03:12 PM - Sep 04, 2016
The ATO initiative to create “real time” payroll data and superannuation payment efficiency is good government policy that will have positive repercussions for small businesses and the payroll industry, says InPayTech chairman Don Sharp.
11:54 AM - Aug 23, 2016
Forget blue-sky innovation, focus on improving current financial practices…
06:27 PM - Aug 21, 2016
Is Australia’s fintech startup community too regulated? Or is regulation a good thing? It depends on who you listen to.
06:30 PM - Aug 19, 2016
The ‘RegTech’ market — technology driven by new government regulation — provides greater opportunity for IT start-ups than FinTech and other digital disruptor markets, according to senior banking figure Don Sharp.
09:13 PM - Aug 04, 2016
The Australian Taxation Office’s (ATO) initiative to create ‘real time’ payroll data and superannuation payment efficiency is good Government policy that will have positive repercussions for small business and the payroll industry, according to InPayTech company chairman Don Sharp.
03:56 PM - Jul 20, 2016
InPayTech executive chairman and financial services stalwart Don Sharp is calling out regulatory challenges faced by Australian fintechs and is encouraging the federal government to take a long term view on disruptive industry legislation.
12:04 PM - Jul 19, 2016
Government regulation imposed on Australia’s banking, wealth management and superannuation sector has greater power to disrupt the industry than organic innovation, according to senior industry figure and company chairman Don Sharp.
09:01 PM - Jul 19, 2016
Regulations imposed on Australia’s wealth management, banking, and superannuation sectors have greater power to disrupt the industry than innovation, a senior industry figure said.
05:43 PM - Jul 19, 2016
03:18 PM - Jul 19, 2016
InPayTech executive chairman and financial services stalwart Don Sharp is calling out regulatory challenges faced by Australian fintechs and is encouraging the federal government to take a long-term view on disruptive industry legislation.
02:45 PM - Jul 19, 2016
Constant changes to legislation imposed by the government are making it hard for the financial services industry to innovate, argues Managed Accounts Holdings executive chairman, Don Sharp.
12:14 PM - Jul 19, 2016