May
06
Apple Pay: Westpac, NAB have no timetable for implementation
Westpac and NAB customers will have to wait awhile to use Apple Pay, with both banks unwilling to give any indication when they would provide the digital payment option.
May
03
Volt bank to build mortgage platform with IRESS
Digital bank Volt has revealed a new partnership with veteran fintech vendor IRESS to build its customer-facing mortgage system.
May
03
CBA expands Apple Pay to include business cards
CBA said the inclusion of business card holders is part of its drive to become a simpler, better bank with the latest digital offerings.
Apr
29
No more PIN payments as fingerprint-scanning bank cards launch in the UK
Biometric cards which enable people to verify payments using their fingerprint rather than needing to enter a PIN are now being trialled for the first time.
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
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
Aussie fintech Volt Bank starts by asking consumers what they want
In January, the Australian Prudential Regulation Authority (APRA) gave fintech startup Volt Bank a licence to operate without restrictions as an authorised deposit-taking institution (ADI). The green light was given to the new player following APRA approval in May 2018 to act in the Australian finance market as a Restricted ADI. The APRA approval gave Volt the title as the first digital startup bank in Australia to receive a banking licence since the early 2000s. Funds up to AU$250,000 deposited into Volt are guaranteed by the Australian government as part of this arrangement. However, as Volt's senior digital marketing manager Kim Kooren told Salesforce World Tour in Sydney, the company […]
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