Apr
16
What does NPP mean for businesses and how on earth do they implement it?
Since going live on the 13th of February last year, retail banking customers have adopted NPP on mass. In fact, a number of major banks now use the NPP as a default method of transferring funds between Australian accounts. However, so far, progress has been slower for businesses despite some obvious benefits of real-time, data-rich, immediately-resolved payments. And not only that: NPP payments have the potential to be significantly cheaper than credit cards – the only alternative real-time option. We at Moneytech specialise in the automation of domestic payments flows for businesses. From our perspective, it looks like there are two reasons for the slower business adoption rate. The first […]
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Apr
15
86 400 secures national distribution with Vow Financial, readies home loan offering
86 400, a genuine alternative to Australia’s Big Four banks, has secured national distribution with Vow Financial, one of the largest aggregators in Australia – part of the Yellow Brick Road Group. The partnership will enable 86 400 to deliver home loans via Vow Financial’s network of over 1,200 brokers. This development brings 86 400 closer to launching its home loan offering, pending a full banking licence from the Australian Prudential Regulation Authority (APRA). Robert Bell, CEO of 86 400: “We didn’t set out to create a standard home loan product — we are building an entirely new approach to the home loan process that will make life easier for […]
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Apr
15
Rejected by banks: SMEs struggle to secure finance
Research commissioned by OnDeck, a leading online SME lender, highlights the problems that small businesses face trying to secure finance. Two out of five SMEs surveyed have sought finance in the past. However, almost one in four (23%) have been knocked back by their bank. Rejection rates rise to 37% among businesses that have been in operation for less than five years. Noah Breslow, Global CEO of OnDeck, says, “What is particularly concerning, is that one in three SMEs rejected for bank finance have had to reach out to family or friends for funding, or have simply resorted to using a credit card.” Lengthy finance approvals hurt SME operations […]
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Apr
12
Australian FinTech company profile #5 – SavR
Company Name: SavR Website: www.savr.online Key Staff & Titles: Tim O'Shea - CEO, Costas Aletrari - CTO, Kevin Lacey - COO Location(s): Brisbane, Australia and Kansas City, USA In one sentence, what does your fintech do?: An Automated savings App to help people Plan, Savr FOR and Save ON their next Vacation How / why did you start your fintech company?: My career in the Finance industry has centred around helping people improve their lives by better managing their money. Our app was originally designed to help people reduce debt faster, but our users constantly requested help with saving for a Vacation. With all the other financial noise most people […]
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Apr
12
Buy now, pay later apps turn focus to business owners
'Buy now, pay later' platforms have changed life for shoppers and now small businesses will be courted with the same model. "What we're seeing now is businesses getting really crunched around payment terms...it's like there's a freeze or a jolt in the system," Cloudfloat founder Aleem Habibullah says. Cloudfloat is preparing to soft launch its fintech product at the end of the month. The startup will pay business invoices directly and then small businesses will pay it back in instalments over periods up to 90 days. As the push for shorter payment times intensifies, Habibullah says some companies are struggling to keep up. Just as models like Afterpay let eager […]
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Apr
12
The Bitcoin Times – Officially Launched
The Bitcoin Times was created to cut through all the bulls#*% you may have read or heard about Bitcoin…(there’s lots of it). It’s not about “blockchain”, nor is it about “crypto”. It’s about what matters. It’s dedicated to Bitcoin, as a concept, as a monetary phenomenon & as a new form of global, digital collaboration that is fair and robust in nature. The Bitcoin times is a distillation of a broadly complex concept into something digestible, so that more people know what the real innovation in this space is. Only publishing 2 of these per year. It’s 100% free and created by the team at Amber to help spread the right narrative.
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Apr
12
From devolution to revolution: re-bundling the banks
Glenn Hodgeman, owner of the AltFi Australasia Summit, suggests that re-bundling and white labelling may be the future of lending in Australia. As Bill Gates once famously stated, “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten”. But given the current state of banking in a post-Hayne world, I personally suspect the next two years in financial services will be specifically characterised by rapid change. Traditional lenders are now facing more than just pressure from the growing wave of alternative and non-bank lenders: they are also now staring down the barrel of a regulator with […]
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Apr
12
Champion lender Jacaranda Finance sets a new pace for the fintech industry
Milton based lender Jacaranda Finance has been named the Champion of Financial Services at the Australian Small Business Champion Gala Dinner and Awards Ceremony on Saturday the 6th of April. Held at Sydney’s The Star Casino, with over 1,100 guests in attendance, Jacaranda was publically recognised as a champion small business, and an up and coming financial services provider. With over 2,000 outstanding applicants all round, an award like this is no easy feat. ‘We definitely did not expect to win!’ says Daniel Wessels, CEO of Jacaranda Finance. “The competition was fierce and all of the applicants should be extremely proud to have been nominated,” he continued. ‘With over 4,000 […]
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