Australian Payments Council urges new digital payments priorities to combat fraud, downtime01/07/2019 Nanda Lakhwani News
The Australian Payments Council (APC) has launched its new strategic agenda, outlining five priority areas to boost consumer confidence in payments infrastructure in the face of persistent systems outages and mounting losses from fraudulent transactions.
Information Commissioner rebukes CBA in wake of data loss incidents01/07/2019 Nanda Lakhwani News
The Commonwealth Bank of Australia (CBA) will revamp its data management, retention policies, procedures and controls under a court-enforceable undertaking signed in the wake of two privacy incidents which placed nearly 20 million customer records at risk of exposure.
‘Bank of central banks’ to establish global Innovation Hub01/07/2019 Anonymous News
The Bank for International Settlements (BIS), the Swiss-based global authority which governs relations between the world’s central banks, has announced it will establish its own Innovation Hub to nurture the development of cross-border financial technologies.
Why analytics misuse is costing banks their competitive edge – Christensen, ME20/06/2019 Anonymous News
Australian banks are failing to utilise their in-house analytics capabilities, effectively relinquishing a “massive profit uplift” that could be gained through their data teams, according to Jonas Christensen, Head of Analytics, ME.
NAB pledges $2 billion to back Australian tech innovators20/06/2019 Nanda Lakhwani News
Australia’s largest business bank by assets, NAB, has committed $2 billion of debt funding over a half-decade in a bid to position itself as the priority banker for technology-driven businesses.
Crypto-ready fintech makes Australian launch20/06/2019 Anonymous News
Revolut, the UK-based fintech offering a number of alternative financial transaction services including cryptocurrency exchange and peer-to-peer payments, has made its first foray into the Antipodean market with the soft launch of its beta app in Australia last week.
SWIFT demands automation rollout to prevent 'failure' in global forex trades20/06/2019 Anonymous News
SWIFT, the global standards body and network that underpins financial transaction data between 200 countries, is urging the financial services industry to boost automation and remove inefficiencies that hamper global forex/FX trades, a report by the financial telecommunications service reveals.
AUSTRAC orders Afterpay audit following concerns over AML breach20/06/2019 Anonymous News
Australia’s financial crime investigation agency, AUSTRAC, has enlisted the services of an external auditor to vet the global ‘buy now, pay later’ payments giant, Afterpay, following concerns the fintech may be in breach of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006.
RBA chides major banks’ sluggish uptake of instant payments20/06/2019 Nanda Lakhwani News
The Reserve Bank of Australia (RBA) wants penalties imposed on Australia’s major banks if they fail to accelerate efforts to implement New Payments Platform (NPP) features, amid concerns the big four's dithering has hindered payments innovation across the financial sector.
Movers and Shakers | May–June, 201904/06/2019 Patrick Buncsi News
May saw a number of high-profile appointments and departures across the financial services sector, with noteworthy additions to ANZ, ME and Kiwibank.
NAB pilots fintech collaboration platform03/06/2019 Anonymous News
NAB is seeking the expertise and innovation potential of the global fintech industry, building a new portal to facilitate partnerships between financial technology companies and an alliance of three banking heavyweights.
Australia’s biggest motor insurance repair network launches digital claims platform31/05/2019 Anonymous News
AMA Group, the ASX-listed smash repair network and the go-to repairer for a number of Australia's top insurers, has teamed with 360globalnet, a digital developer and cloud services provider, to build a centralised digital claims platform that it expects will significantly reduce the time to estimate, approve, and allocate motor vehicle repairs.
NAB joins Apple Pay22/05/2019 Patrick Buncsi News
National Australia Bank has joined fellow majors CBA and ANZ in adopting Apple Pay, leaving Westpac as the only Australian big four yet to adopt the mobile payments service.
Kiwibank to go cheque-free by 202021/05/2019 Anonymous News
Kiwibank has announced that from March 2020 it will no longer issue and accept cheques across its banking network, citing a steady decrease in cheque use and customers’ increasing preference for digital payments services.