BPAY Group chief executive John Banfield has unveiled a new blueprint to drive business growth at the bill payments company after launching two digital businesses under a collaboration agreement with the Boston Consulting Group's investment arm.The rollout of the new businesses marks a strategic transformation of BPAY beyond its traditional focus on payments.The first of the new businesses is Sypht, an SME service provider that uses machine learning and artificial intelligence to help businesses exploit structured and unstructured data.The other new subsidiary is Lodge, an online property management service aimed at self-managed investors.BPAY has provided the seed funding for both businesses through its retained earnings, with BCG Digital Ventures also sinking start up capital in the Sypht operation.Banfield told Banking Day last night that the rollout of Sypht, Lodge and the Osko real time payments service were part of a wider strategy to diversify the operations of the group and shield it from future disruptors.BPAY Group's management and board decided three years ago to embark on a long-term program to diversify its revenue streams away from its traditional role as a billing and payments monoliner."In the digital world a single product focus is not a smart long term strategy for any company," Banfield said."We have purposely set up these companies as separate operations with their own CEOs so they can develop outside of our payments business."The long-term goal is to remodel the BPAY group into a diversified entity that can withstand any future attacks on its dominant market share in billing services. "In five years time I hope the group has a number of different companies underneath it that are adding value for our customers and shareholders," Banfield said.While the four major banks have never contemplated inviting new investors to sink equity in the BPAY holding company, Banfield said the group was open to external investment in each of the startup businesses."Our intention is to continue to invest in Sypht and Lodge but we may seek other investors to come on board, especially if these businesses go international," he said.Banfield flagged the rollout of additional services in the next 12 months through the Osko real time payments service, which appears to be smashing the challenge from another bank-owned instant payments provider, Beem It.Transaction data released earlier this month show that Osko processed $12.5 billion worth of payments in the three months to the end of August, up from $6.5 billion in the three months to the end of May."I'm hoping we will soon add more service capability to Osko," Banfield said."We are currently developing the next phase of the Osko business, which will provide users with an ability to request payments from other users of the service."Eventually, businesses will be able to send tax invoices through Osko and other types of documents."The BPAY boss said the traditional bill payments business was continuing to grow revenue despite the flood of new online competitors entering the market.BPAY's stranglehold on the bill payments market might only be broken by the Osko spinoff, a clear