Financial Services News

Australian boutique fund administration trustee and services partner Fundhost has selected SS&C as its outsourced technology and administration services partner. Under the agreement, Fundhost will adopt SS&C’s technology platform to support its unit registry and fund administration operations. As part...

The Australian Securities and Investment Commission (ASIC) has commenced civil proceedings against RAMS alleging “systemic misconduct” within the Westpac-owned lender when arranging home loans. ASIC has accused the lender of 84 contraventions of the Credit Act, including allegations that its...

Amazon Australia has integrated a PayTo capability at checkout, enabling customers to make one-off and future purchases directly from their bank accounts. Leveraging the National Australia Bank’s PayTo with NAB capability, the new check-out feature runs on the New Payments...

CommBank has announced it has completed the full migration of its data platform to Amazon Web Services (AWS) cloud. Commenced in July 2024, the data re-platforming project was supported by Indian tech services firm HCLTech, a engineering, cloud migration and...

Westpac is piloting a new AI-backed capability to alert customer service staff, in real-time, whether callers have or are being scammed. The call assistant technology, hailed as a first-of-its-kind in Australia, is being integrated within the bank’s frontline customer service...

AMP Bank has announced an expansion of its pilot for its new digital origination platform to 50 brokers, with a full market launch expected “in months”. The pilot is part of phased rollout strategy by AMP, designed to enable real-world...

FES Super, the $989 million industry super fund for members of WA’s fire and emergency services sector, has extended its longstanding partnership with technology and managed services partner SS&C. FES Super fund secretary Adrian Rutter said the deal will maintain...

Finance sector peak body the Australian Finance Industry Association (AFIA) has urged policymakers to avoid setting overly restrictive or blanket rules when regulating artificial intelligence (AI), warning that it could stymie future innovation and productivity in the finance sector, and...

Insurance Australia Group (IAG) subsidiary and intermediary insurance provider CGU has unveiled its first product to be rolled out on its newly launched broker platform, PolicyPlace. Padlock, a commercial property insurance offering, is the first product to deploy on PolicyPlace,...

Fuelled by a growing preference for cashless payments, increasing dual payments network capability, and broader acceptance of NFC and even QR-based solutions, digital wallets are set to become the dominant method of payment for Australians in coming years, new data...

Westpac has announced the creation of a new executive-level AI and digital innovation function, appointing CommBank’s chief data and analytics officer Dr Andrew McMullan to the role. McMullan in his new role will oversee Westpac’s “strategic efforts” in data analytics,...

The competition regulator says it will not oppose Insurance Australia Group’s (IAG’s) proposed $855 million acquisition of rival general insurer RACQ Insurance. IAG, Australia’s biggest insurer with around one-third of the local general insurance market, is pursuing a majority (90...

Challenger banking institution the Bank of Sydney (BoS) will adopt Infosys Finacle’s cloud-native Digital Banking Suite to power its digital transformation. The cloud-agnostic digital banking suite, which in BoS’s case will be fully hosted on AWS cloud, includes Finacle’s Core...

The Australian Securities and Investment Commission (ASIC) is pursuing civil action against Resimac for its alleged failures to appropriately respond to hardship applications, with the leading non-bank lender accused of imposing a ‘one size fits all’ approach to hardship requests...

Citi’s institutional clients can now initiate account-to-account pull payments from customers, enabling direct, real-time payments from their bank accounts. Leveraging the New Payments Platform’s (NPP’s) debit payment network PayTo, the new capability promises a “faster, cost-effective, and more secure alternative...