Financial Services News

Financial Services News

  • FST Media
  • 29 July 2020
Pressure from Covid has driven surging demand for local customer service and operations expertise, with Westpac announcing it will bring home 1,000 jobs from overseas to plug operational gaps and reduce the potential for “offshore disruption”. The bank said the...
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  • FST Media
  • 29 July 2020
Westpac will consolidate its technology and operations functions into a single role, appointing Scott Collary to lead the bank’s newly created “operating office”. Collary, a former tech chief at ANZ and most recently CIO and head of operations at the...
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  • FST Media
  • 29 July 2020
As FSIs race to develop Open Banking-ready service offerings following the scheme’s official launch earlier this month, neobank Up has opted for a different tack, releasing a new data-sharing API that effectively bypasses the CDR’s ‘accredited data recipient’ route to...
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  • FST Media
  • 22 July 2020
Wildcard, a local fintech pitched at Millennial and Gen Z consumers, has announced it will cease operations in August citing “the economic impact of the coronavirus”. In a brief statement posted on its website, the fintech said it was unable...
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  • FST Media
  • 22 July 2020
eftpos has enlisted Australia Post to test its newly developed digital identification service, following a successful proof-of-concept with 20 businesses. The service, dubbed ‘connectID’, effectively serves as a “broker” between identity providers (AusPost, for instance) and merchants or government agencies...
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  • FST Media
  • 22 July 2020
Tyro’s recently launched term deposit service will be housed on a new cloud-native banking platform, with the fintech announcing it has successfully deployed Mambu’s ‘composable’ core banking system. The SME specialist fintech becomes the first Australian ADI to adopt Mambu’s...
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  • FST Media
  • 20 July 2020
A data entry error in Medibank’s claims system has resulted in $5 million fine for the health insurer, with the ACCC declaring it had breached Australian consumer law by rejecting legitimate policy claims. ahm, Medibank’s discount health insurance arm which...
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  • FST Media
  • 15 July 2020
After a decade at the helm of one of Australia’s pioneer digital-first banks, ME chief executive Jamie McPhee has announced he will step down from the role at the end of July. In a statement announcing his resignation, McPhee cited...
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  • FST Media
  • 14 July 2020
The overseer of the world’s central banks, the Bank for International Settlements (BIS), has released its latest global roadmap to enhance the cross-border payments network, putting forward “19 building blocks” to overhaul current arrangements and reduce domestic barriers, including a...
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  • FST Media
  • 10 July 2020
New Zealand’s ASB Bank has launched a dedicated online Business Hub to support local SMEs through the Covid crisis. The all-in-one information and advice hub will provide a content repository for SMEs, offering “support, information and tools”, including a cash...
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  • FST Media
  • 1 July 2020
The Australian Securities Exchange (ASX) has announced its revised go-live date for its blockchain-backed CHESS replacement, now slated for an April 2022 launch. As part of its revised implementation timeline, the to-be-named clearing and settlements platform will go live 12 months...
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  • FST Media
  • 1 July 2020
Pressure from Covid and a devastating bushfire season has driven Suncorp to consolidate and streamline several core functions as well as make substantive personnel changes across its business, the Queensland financial services giant revealed in a recent update. In an...
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  • FST Media
  • 30 June 2020
June saw a number of high-profile appointments and departures across the financial services sector, with noteworthy additions to Suncorp, NAB and MLC Life. Appointments Suncorp has appointed Adam Bennett to the position of Chief Information Officer. Bennett formerly served as Chief Information Officer for CBA’s...
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  • FST Media
  • 25 June 2020
Email compromise scams cost Australian businesses $132 million last year, with banks urged to take a more diligent approach in preventing the transfer of funds to fraudsters. The Australian Competition and Consumer Commission’s (ACCC) annual Targeting scams report revealed $634 million in...
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  • FST Media
  • 23 June 2020
The Australian Securities Exchange’s (ASX) blockchain-backed CHESS upgrade will feature a new API access point, giving developers and fintechs a direct plug-in point for a range of innovative ‘micro services’. In a ‘fact sheet’ update to stakeholders on its new,...
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