The Banking Royal Commission’s final report: How Basiq can help
With the release of the banking royal commission’s final report, it is clear that responsible lending remains a key concern within the financial services industry. Basiq’s Affordability API can ensure that lenders are carrying out efficient and responsible lending based on high-quality data. In response to lending concerns banks have adopted more stringent serviceability assessments in compliance with existing consumer credit laws. A significant factor in the tightening of loan assessments is the process of verification. According to the report, verification should take into account both income and expenditure and go beyond taking an applicant at their word. This is especially as according to the the Australian Financial Review: “more […]
St.George customers can now use Google Pay to withdraw cash
St.George, BankSA and Bank of Melbourne customers can select cheque or savings when using Google Pay to withdraw cash at the checkout. EFTPOS has today announced it’s expanding its service to Google Pay with St.George, BankSA and Bank of Melbourne. The partnership means that customers of these participating banks can use Google Pay on their Android smartphone to withdraw cash at the checkout of participating stores, all without their physical debit card. The partnership enables customers to select savings or cheque when making contactless purchases with Google pay, meaning the transaction will be processed as an EFTPOS transaction rather than going through as credit. Just like when you use your […]
Identitii joins BIAN to help banks digitise information exchange using Blockchain
Australian Fintech enabling the secure overlay of transaction-level detail on top of financial messages using a private blockchain, has joined BIAN.
The royal commission sparked anger at the big banks. Bitcoin’s not the only alternative.
In the wake of the banking royal commission, many people are fed up with the big institutions, and are hunting for alternatives. But the growing number of options — everything from stashing your money under the mattress to investing in cryptocurrency or switching to a credit union — can be pretty overwhelming. And if you’re thinking of completely ghosting your bank, it might not really be feasible — yet. “In Australia our entire payment system is mediated through the major banks … essentially you have to go through a bank to pay for anything,” says Brendan Markey-Towler, an economist and researcher with RMIT’s Blockchain Innovation Hub. But, he adds: “Watch […]
Telstra and CBA partner on 5G banking trials
The Commonwealth Bank of Australia is kicking off trials of 5G banking and edge computing thanks to a partnership with Telstra and Ericsson announced at Mobile World Congress (MWC) 2019. Under the collaboration, Telstra, CBA, and Ericsson will test “end-to-end banking solutions over 5G” during the next few months, the companies told media on Sunday in Barcelona. Speaking with ZDNet, Ericsson ANZ head Emilio Romeo said some of the 5G use cases that the trial will look at include exploring different network architectures such as network slicing, dynamic orchestration, and control use plane separation. Network slices on demand would be particularly useful for enabling enterprise customers such as banks to […]
Apple Pay goes plastic: Goldman Sachs and Apple partner on new credit card launch
The Apple and Goldman Sachs joint credit card could be hitting the market soon. After announcing last year that the tech giant and Wall Street firm would be launching an Apple Pay credit card, the Wall Street Journal reports that employee testing of the product should begin within the coming weeks. Both companies are looking to expand their consumer base, and this new Apple Pay credit card just might be their ticket. Apple has long been a tech favorite among the Millennial crowd, but they are beginning to shift their focus to other products and services as iPhone sales start to lose steam. To read more, please click on […]
40-50 banks expected to use Stellar (XLM) use in coming months
Put Tuesday 1.40am (UTC) on 19 March in your calendar of major Stellar Lumens events. Speaking to Finder at IBM Think 2019, IBM head of blockchain Jesse Lund revealed that 40-50 banks are expected to join the Stellar-based IBM World Wire service in the near future. “We’ve got a launch announcement coming out soon… we’re going to be supporting more than 50 countries out of the gate, 30-40 currencies, and enough market makers to drag along 30 or 40 banks, so we’ll have a significant portion of the world covered,” he explained. Several banks have already confirmed that they plan to issue digital assets, including stablecoins of their own, through […]
FinTech opportunities to come from Australia’s Royal Commission
Australia is currently holding a Royal Commission into the banking sector and it’s fair to say that what has been uncovered so far has rocked both the public, the industry and policy makers alike. The Royal Commission has uncovered a culture of big business not acting in the best interests of their customers, which appears to especially be the case for large institutions. For example, AMP one of Australia’s largest financial institutions, deliberately mislead the regulator on several occasions and the Commonwealth Bank of Australia has had several issues including criminal offences and has paid more than 700 million dollars fine to the regulator over a number of breaches over […]
