Financial Services News

After nearly a year of speculation and uncertainty, the Australian Securities Exchange (ASX) has settled on its CHESS replacement partner, selecting Indian IT services giant Tata Consultancy Services (TCS) to deploy its off-the-shelf clearing and settlements system, BaNCS. The ASX...

AMP Group has announced it will launch a new digital bank built specifically to service sole traders and small business customers, a market it says is “ripe for disruption”. AMP has partnered with Banking as a Service (BaaS) platform developer...

Digital-only lender and lendtech platform developer Tic:Toc has announced it will rebrand to ‘Tiimely’, declaring the name change better reflects “how [its] AI-driven technology solutions can be integrated into any financial assessment processes”. Since its launch in 2017, noted by...

Financial Services Minister Stephen Jones has announced further details on the Federal Government’s upcoming consultation on a new code covering the obligations of banks, telcos, and social media platforms to combat scams. Jones, in an address to the Customer Owned...

Online banking fraud is among the top three cybercrimes being reported by individuals and businesses to law enforcement agencies via the Report Cyber service, data from the Australian Signals Directorate’s (ASD’s) latest Cyber Threat Report has revealed. In line with...

Bendigo and Adelaide Bank has selected Salesforce’s customer relationship management (CRM) platform to underpin the digital transformation of operations and customer service within its business, agribusiness, and third-party banking arms. Bendigo’s adoption of the Salesforce Financial Services Cloud, a dedicated...

ANZ has quietly debuted its new fully digital home loan service on ANZ Plus, its digital-only consumer banking offering released earlier this year, with chief executive Shayne Elliot revealing the mortgage service will eventually become the bank’s primary channel for...

Macquarie Group has been recognised by its global peers for its leading role in advancing the industry’s cybersecurity and resilience capability, with the Financial Services Information Sharing and Analysis Center (FS-ISAC) announcing the financial services firm as one of the...

IT services company DXC Technology has supported AMP in a large-scale, 12-month migration of production applications and data onto new DXC-managed infrastructure, effectively removing end-of-life risk presented by legacy hardware and software. Reporting the milestone in a lengthy LinkedIn post,...

Westpac New Zealand has announced it has partnered with Biocatch, integrating the cybersecurity company’s biometrics software into the bank’s fraud monitoring systems to help detect when customers may have fallen victim to a scammer. The technology analyses customers’ online behaviour...

The Commonwealth Bank of Australia (CBA) has announced it will make its artificial intelligence and machine learning model, designed to detect “harassing, threatening or offensive messages” in payment transactions, available for free to all banks. CBA said the model and...

Westpac chief executive Peter King has revealed the bank is moving to cut down its technology stack by two-thirds as part of a wholesale streamlining initiative. Revealing details of the technology downsizing push during Westpac’s 2023 full-year results presentation, King...

The total number of Australian fintech startups dropped for the first time on record, down by three per cent to 830 companies, with the fintech sector reporting continued challenges with a tougher capital acquisition environment and aggressive revaluations, according to...

The Reserve Bank of Australia (RBA) has promoted its deputy head of payments settlements, Sarah Harris, to lead the division. Harris replaces Greg Johnston, who is now engaged to lead a separate program of work designed to strengthen the central...

Airwallex, the Melbourne-founded, Singapore-based fintech, has unveiled an “Australian-first” savings account enabling business customers to earn interest on both Australian (AUD) and US Dollar (USD) balances. The newly launched savings account, dubbed ‘Yield’, enables SME customers to earn interest on...