Australian fintech Ignition forms multi year multi million dollar partnership with tier one bank
Bank of Ireland’s Seán Ó Murchú joined Manish Prasad and Alan Quinlan from Ignition Advice in today launching a new digital advice platform for Irish consumers. Seán Ó Murchú, Director, Wealth Advice and Distribution at Bank of Ireland, said, “Creating a single, digital advice platform will have a transformational impact on the Irish market,”. Ignition Advice technology will support Bank of Ireland customers across all areas of their financial lives, from financial wellness and saving, to investment and insurance. Scalable solutions allow the bank to offer digital financial advice to all of their customers, while the Ignition Advice hybrid model allows the bank to fully integrate digital advice with telephone […]
Assembly Payments rolls out Westpac partnership while announcing international expansion
Leading Australian fintech Assembly Payments has today announced the next stage in its partnership with Westpac and its international expansion. Assembly’s Westpac partnership has seen its unique in-store solution approved by POS companies serving more than 50% of Australian retailers. The solution, which supports Westpac’s Presto payment device, was highlighted by Westpac CEO Brian Hartzer in his result statement in November. The success of Assembly’s first partnership with a major financial institution has drawn global attention from similar finance behemoths, which the Assembly team is moving rapidly to capitalise on. “Australia was only the beginning,” co-founder and CEO Simon Lee said. “We have been working with a range of international […]
Fintech player Douugh scores MasterCard partnership
Australian fintech start-up Douugh has scored a new partnership with MasterCard, joining forces to launch a smart bank account with a debit card from the global payments giant. Douugh, which was founded by SocietyOne’s Andy Taylor, has created a personal financial assistant utilising artificial intelligence. But the start-up does not intend to become a bank, rather it claims to want to help people save more and live debt free. Mr Taylor said the partnership with MasterCard would give the company a “big boost of horsepower”, letting it create a product that would be available in three of MasterCard’s major regions – the US, Australia and Britain – by 2020. “MasterCard […]
Banks will assess loans using real spending data: Basiq
A start-up backed by Westpac and National Australia Bank has developed software to read bank account data and automate the loan assessment process for banks, allowing them to base lending decisions on actual customer spending rather than relying on estimates and indexes. Basiq’s system is being used by Regional Australia Bank, whose chief risk officer Campbell Nicoll says asking customers to estimate spending in various categories during an application process no longer cuts it. “People have just been guessing their expenses,” he said. “But Basiq plugs into our bank, extracts two years of transaction data, categorises it – and that and gives us the true picture on expenses.” The Australian […]
Data Action to underpin Australian banking disruptor 86 400
Data Action (DA), a leading Australian provider of Digital and Core Banking solutions, is pleased to announce that it has partnered with banking disruptor and neobank 86 400, to deliver its Core Banking platform. The cloud-based platform has been operational for several months with all payment rails (including real-time payments) established and money already flowing through the banking system. “Having 86 400’s Core Banking platform live and functional is hugely important for them as they move closer to a full-scale launch,” Data Action’s Chief Technology Officer, Brett Miller said. “We’ve witnessed several recent examples of costly and destructive Core Banking implementation failures across the banking industry, so we know how […]
86 400 marks completion of key milestones on road to public launch in 2019
86 400, a genuine alternative to Australia’s Big Four Banks, can today disclose that it has successfully achieved a number of key milestones as part of its mission to give Australians a better banking experience. The major milestones that the aspiring bank has completed since unveiling include: Product: Field testing of the beta 86 400 app with staff during Q4 2018 — as committed to during June’s unveiling Testing of the 86 400 debit card, Apple Pay, Google Pay and Samsung Pay across Australia and overseas 86 400’s Core Banking Platform sourced from its Australian banking technology partner Data Action has been operational for a number of months. All payment rails […]
Embed banking the future of digital transformations
Embed banking will be the next wave of the digital transformation of the Australian banking industry according to one expert. Derek Corcoran, customer and marketing operations executive for fintech Avoka said that the next few years would see banks start to embed their operations where people think of them. “Embed banking is where we see the future of banking heading, so those banking services will become embed in the places that people are thinking about them,” he said. Mr Corcoran said that most people did not want to go into a bank, so banks needed to make it easier for people to connect with their products. “One of the challenging […]
Josh Frydenberg says ‘open banking’ will let customers navigate complexity
Treasurer Josh Frydenberg says growing complexity in financial services has made it tough for customers to compare prices and products but “open banking” will help overcome this by ensuring banks present information in a standardised, simpler way under a policy that aims to facilitate account switching and stir competition. With the government planning to introduce its Consumer Data Right law into Parliament on Thursday, Mr Frydenberg told The Australian Financial Review technology was advancing rapidly over the banking sector and he wants open banking, the first industry application of the new right, to encourage fintech innovation and allow customers to “harness their data for their own benefit”. “We live in […]
