RBA warns the banks ‘don’t be stingy’
The Reserve Bank of Australia has warned banks to loosen up their lending practices when approving home loan applications. Following the Royal Commission banks have become cautious and their frontline lending staff are knocking back home loan applications which usually would get approved. Speaking at a function in Perth, Reserve Bank assistant governor Michelle Bullock said, “we are out there telling banks, and asking banks to tell their frontline staff, don’t be too stingy here.” Loans.com.au CFO James Austin tells Ross Greenwood staff need to be more consistent when granting credit. “It’s a lack of consistency in a credit application of the policy, it’s not the policy itself. To read […]
Cutting through the fog: FinTech and the future of financial services
Emerging technologies such as blockchain, cryptocurrency and artificial intelligence are disrupting the landscape of the financial services industry, participants of Swinburne’s Financial Technologies (FinTech) panel discussion will hear. Renowned FinTech leaders will come together at Swinburne University on April 5 to discuss the trends, challenges and opportunities of FinTech in Australia, moderated by Director of the Master of Financial Technologies, Dr Dimitrios Salampasis. Dr Salampasis says the diverse backgrounds of the panellists will allow for rich and varied discussion about the future of FinTech and how they expect it to develop in their fields. “Hearing from leaders of the Melbourne FinTech and business ecosystem will give the audience insight into […]
What Apple’s credit card means for Fintech
To the traditional financial sector’s dismay, nightmares have become reality and Apple is now a banking player. After years of discussion about whether Big Tech corporations will enter this domain, details of a payment card were unveiled, threatening to blow all other newcomers out of the water. Apple Card, launched in partnership with Mastercard and Goldman Sachs, will leverage the success of Apple Pay and will be available as a built-in feature within the Apple Wallet application on iPhone. Boasting the promise of a “healthier financial life,” the new credit card will also offer 2 percent cashback on all transactions – which they will receive on a daily basis, making […]
Civica announces partnership with LanternPay for new claim payments solution
Civica, the market leader in business-critical software, digital solutions and managed services for the public sector and regulated markets, has announced it is partnering with digital claim payments platform LanternPay to develop a cloud-based and user-friendly online solution for health insurers and healthcare providers. “Civica has always been dedicated to improving efficiency and choice in the Australian health sector and we are delighted to be working with LanternPay in providing a new state of the art, cloud based online claim payments solution. This innovative solution will challenge the status quo and give health funds and service providers improved functionality and real choice in the claim payments arena” says Vinay Chand, […]
New Square Invoices app helps small businesses get paid fast
Today, global payments provider Square announced it’s releasing the standalone Square Invoices app, providing small businesses with a self-serve tool for creating, managing, and sending electronic invoices no matter where they are. From sending quotes and requesting deposits, to issuing recurring invoices and automated reminders, the Square Invoices app adds all the extra functionality small businesses need to ensure they get paid fast. Australian payment times have been identified as among some of the worst in the world, with invoices paid on average 27 days late. With the Square Invoices app, businesses can get paid quickly and easily in just a few taps – no more mailing invoices and […]
Pay-passing the hat around: From buskers to churches, a cashless society is Australia’s future
It’s becoming ever more apparent that as a society, we’re veering more towards being completely cashless, with solutions for giving and receiving money continually popping up and challenging everything we thought we knew about transacting. Not only is new technology and state-of-the-art security helping to boost consumer confidence when it comes to transacting electronically, but financial technology or ‘fintech’ is streamlining our financial interactions — making it easier and more reliable than ever before. According to the RBA, in the early-2000s, Australians went to an ATM an average of 40 times per year, but today, we go to an ATM about 25 times a year — a downward trend that is […]
Australia’s Consumer Data Right to open banking
by Doug Morris, CEO, Sharesight In collaboration with Fintech Australia, Sharesight has officially endorsed a submission on the Treasury Laws Amendment (Consumer Data Right) Bill 2019 that seeks to create the Consumer Data Right (CDR) with an amendment to the Competition and Consumer Act 2010. The Consumer Data Right (CDR) will mandate that banks and financial institutions (before later extending to telecommunications and utility providers) make it easy, safe, and practical for consumers to share their data with third parties — including competing services. It’s one of several critical ingredients needed to improve the financial outcome for Australians. Open Banking initiatives are already in place in the UK, and progress […]
Melbourne commuters will soon be able to ditch their Myki and use their mobiles instead
Melbourne commuters will be able to ditch their Myki and use their Android smartphones to pay for public transport starting Thursday, but users of Australia’s most popular smartphone, the iPhone, are going to have to wait. Android users will be able to use Google Pay to handle their public transport expenses with a minimum top-up of $10, Public Transport Victoria said. This will remove the need for users to physically carry their Myki card. As long as the user is running the Android 5.0 operating system and has a near-field communication chip for contactless transactions, they’ll be able to use the system. Apple smartphone owners will have to wait for […]
