Financial Services News

Financial Services News

  • Patrick Buncsi
  • 15 September 2021
The Australian Competition and Consumer Commission (ACCC), overseer of the Consumer Data Right (CDR) scheme, has approved the National Australia Bank (NAB) as an Accredited Data Recipient. NAB becomes the second ‘big four’ Australian bank, after the Commonwealth Bank secured...
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  • FST Media
  • 15 September 2021
An emerging voice in financial services industry news, led by acclaimed media veteran and financial services industry authority Mike Taylor, has this week launched its inaugural daily eNewsletter. Financial Newswire, powered by FST Media, brings fresh, no-holds-barred insight into Australia’s...
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  • FST Media
  • 15 September 2021
An ex-Reserve Bank of New Zealand economist and veteran of Europe’s regulatory sector has been appointed to lead New Zealand’s Financial Markets Authority (FMA). Samantha Barrass will become the FMA’s third chief executive, succeeding the widely respected incumbent Rob Everett...
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  • Nanda Lakhwani
  • 15 September 2021
The Australian Cyber Security Center (ACSC) responded to nearly 30 per cent fewer cybersecurity incidents over the 2020-2021 financial year, but the severity of these incidents has only increased. The Federal Government’s chief cybersecurity agency responded to 1,630 security incidents...
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  • Nanda Lakhwani
  • 15 September 2021
With digital forming the pillar of its new strategy, eftpos is inviting fintechs and other developers to test quick response (QR) code and e-commerce solutions on the payment system’s rails, releasing two new APIs this week. Through a newly launched...
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  • FST Media
  • 13 September 2021
After an 18-month delay, the prudential regulator has announced its new data collection platform, APRA Connect, has this week gone live and will now accept submissions for its Superannuation Data Transformation program and Private Health Insurance Reform. APRA-regulated entities can...
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  • FST Media
  • 1 September 2021
Incumbent banks and financial institutions stand to lose increasing market share to digital-only banks that offer tailored and consumer-friendly financial ‘wellness’ functions, including spend analysis and payments management services, a new report by Forrester has shown. The State of Banking...
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  • Nanda Lakhwani
  • 1 September 2021
A major review has recommended that the Federal Treasurer be given a new “designation power” to direct Australia’s payments regulators to make rules for payments system operators and participants in an effort to stem anti-competitive conduct by the likes of...
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  • Nanda Lakhwani
  • 31 August 2021
As lockdowns force more New Zealanders onto eBanking channels, fraudsters are using new financial tools, including cryptocurrency exchanges, as their medium of choice to drain victims’ bank accounts, research from the Bank of New Zealand (BNZ) has revealed. Scams are...
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  • FST Media
  • 30 August 2021
Australian cross-border payments provider, Airwallex, has made its debut in the US, with the fintech announcing it has launched its “full suite” of services for America’s SME market. US-based businesses will now have access to Airwallex’s products, supporting “fast, transparent...
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  • FST Media
  • 18 August 2021
The Commonwealth Bank has become Australia’s first major bank to launch its own buy now, pay later (BNPL) service, with the big four unveiling its pay-in-four offering, StepPay, today. Developed in-house, StepPay will be made available as a dedicated card,...
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  • FST Media
  • 18 August 2021
Despite an unprecedented drop in card-based spending by Australians, card fraud rates have risen for the first time in four years, payments industry regulator AusPayNet has revealed in its latest annual fraud report. Online card fraud also jumped nine per...
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  • Nanda Lakhwani
  • 18 August 2021
NAB is set to embark on a three-month virtual fintech challenge with cloud services behemoth AWS and fellow global banking giants to crowdsource ideas for financial innovation. NAB will be joined by three banking majors and former blockchain bedfellows: Canada’s...
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  • Mike Taylor
  • 18 August 2021
In another push for scale in the medium-sized banking arena, Heritage Bank and People’s Choice Credit Union have entered into a non-binding agreement to explore a merger. The two customer-owned entities announced the possibility of a transaction today, noting that...
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  • FST Media
  • 17 August 2021
The Federal Court of Australia has ordered The Commonwealth Bank of Australia (CBA) to publish notices on its website stating that it had misled business customers with erroneous interest charges. The Federal Court’s ‘adverse publicity order’ will require CBA to...
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