Financial Services News

Australia’s peak advocacy group for tech professionals, the Australian Computer Society (ACS), has called for the Federal Government to pursue wholesale changes to Australia’s skilled migration program in a bid to fill upwards of 1.2 million technology jobs by 2027....

Digital lender MoneyMe has officially launched its app-integrated credit score check facility, with the service reportedly receiving an influx of users during its beta trial. Built on MoneyMe’s proprietary – and business-critical – loan management system, Horizon, and made available...

Australian mortgage aggregator Finsure has announced it has become the first organisation to leverage Frollo’s newly launched Financial Passport service, giving brokers for the first time access to Open Banking data. Through Financial Passport – Frollo’s whole-of-customer view and “single...

Moving into the final month of 2022, Australia’s finserv industry saw a number of high-profile tech appointments, including new additions to Zurich, ANZ, and the ASX’s troubled CHESS replacement program, while the Bank of Queensland and Bupa APAC saw off...

Reserve Bank of Australia (RBA) Governor Philip Lowe has called on the payments industry to deliver least-cost routing (LCR) as a default function for mobile wallet transactions by the end of 2024, with digital wallet payments among the more high-cost...

Superannuation provider Australian Retirement Trust (ART) has revealed details of its recently launched digital onboarding tool – an automated solution to help employers align with new super fund stapling obligations. The ‘industry first’ Super Fund Onboarding (SFO) tool is designed...

Financial services regulator ASIC has called on life insurers to uplift their claims and payments handling systems, with the watchdog naming seven life insurers that were found, over the last three years, to have miscalculated life insurance benefits. The regulator...

Westpac has announced it will not proceed with its proposed takeover of payments technology firm Tyro, declaring in a statement to the Australian Securities Exchange (ASX) that the deal “is not in the best interests of Westpac shareholders”. The big...

Payments fintech and former 86400 owner Cuscal has announced it has acquired an Open Banking compliance testing platform from CDR pioneer Regional Australia Bank (RAB). The platform, built by RAB – the first accredited data recipient on the Consumer Data...

The Australian Human Rights Commission (AHRC) and Actuaries Institute have released new guidance to help insurers and actuaries comply with the federal anti-discrimination laws when adopting artificial intelligence (AI) technologies, specifically for pricing or underwriting insurance products. The practical Guidance...

National Australia Bank (NAB) has reconfirmed its longstanding partnership with Amazon Web Services (AWS), announcing it has signed a new “multimillion-dollar, long-term deal” with the hyperscale cloud provider. The deal is a critical step forward towards realising NAB’s overarching cloud...

Independent challenger bank, the Bank of Sydney (BoS), has made a key step forward in its digitalisation program, announcing it has gone live with a new digital lending platform built by finserv tech developer Nucleus Software. The FinnOne NeoTM lending...

Australia’s fast payments network, the New Payments Platform (NPP), last month had a significant bulk of its transaction handling capacity knocked out for hours due to an incorrect software setting, resulting in payments processing delays of up to five days,...

Westpac has joined a new six-member industry consortium established to promote the responsible adoption of artificial intelligence (AI) within financial services, putting forward an initial $230,000 investment to support the group’s research efforts. Spearheaded by the University of New South...

APRA has announced it has “intensified its supervision” of Medibank following a devastating ransomware breach and data loss incident last month impacting the health insurer, with the regulator also set to increase compliance checks of information security standard CPS 234...