The New Payments Platform Launches
Payments infrastructure that enables customers with accounts at different banks, building societies and credit unions to make real-time data-rich payments to each other any time of day, any day of the year, will commence rolling out to the Australian public from today. The New Payments Platform went live in November last year and has supported funds transfers between employees at a number of different banks, building societies and credit unions. The Platform’s public launch occurred in the very early hours of this morning — at 12.01am to be precise — when CEO of NPP Australia Adrian Lovney marked the occasion by making a donation to the Alannah and Madeline […]
Asia-Pacific fintech market to reach US$72 billion by 2020, finds Frost & Sullivan
Active support and initiatives by financial regulators such as the Monetary Authority of Singapore, Bank Negara Malaysia and Bank Indonesia has enabled the Asia-Pacific Fintech ecosystem to grow significantly in 2017. New innovations are expected to radically transform the way consumers shop, pay perform banking transactions and purchase insurance. The wave of new Fintech technologies is also changing customer behaviour and interactions today. Frost & Sullivan presented its annual Fintech Outlook at The Swissôtel The Stamford in Singapore on 8 February. The event was attended by over 70 senior management and C-suite executives, marking the start of an exciting year ahead for the industry. The Fintech industry in the Asia-Pacific […]
The fintech revolution: who now assesses your personal loan application?
In an age of rapid technological disruption, Aussie banking practices are constantly changing and there is now a piece of technology that could be responsible for assessing your creditworthiness when you apply for a personal loan. In an age of rapid technological disruption, Aussie banking practices are constantly changing and there is now a piece of technology that could be responsible for assessing your creditworthiness when you apply for a personal loan. Personal loan provider, Harmoney, kicked off the new year by teaming up with DataRobot, an automated machine learning platform, in the hopes of improving both the speed and accuracy of its application process. “With our deployment of DataRobot, […]
Scott Morrison says data sharing regime will ‘revolutionise’ banking
Treasurer Scott Morrison said new rules to give bank customers control over their data will disrupt the major banks’ “stronghold” on information and encourage a new wave of fintech innovation. He said stringent security and governance rules along with safeguards to protect customer privacy would be be at the core of the federal government’s regime, due to start on July 1, 2019. Mr Morrison will release a report by King & Wood Mallesons partner Scott Farrell on Friday that will guide the Turnbull government’s approach “to giving consumers greater access to, and control over, their data”. The so-called “open banking” regime will allow customers, including small businesses, to instruct their […]
CUA launches Apple Pay on its EFTPOS rediCARD
Apple Pay is now available on the full range of CUA-issued debit and credit cards. Australia’s largest credit union CUA has today launched Apple Pay to its EFTPOS rediCARDs, allowing customers with the rediCARD to make real-time contactless purchases via their iPhone or Apple watch. The integration completes the loop for CUA, with Apple Pay now available on the full range of CUA-issued cards. The new functionality will enable CUA customers with rediCARD to make EFTPOS purchases via the digital wallet securely using their own money and in real-time. Customers with a compatible Apple device will now be able to choose to make the contactless payment with EFTPOS, by selecting […]
Westpac, ANZ and NAB aren’t planning a bitcoin crackdown … yet
Australia’s largest banks have confirmed they do not currently have plans to block their customers from buying bitcoin and other cryptocurrencies. This differs from the approach taken by UK-based Lloyds Banking Group, and US banks JP Morgan, Bank of America and Citi.Those banks, in recent days, have announced they will ban their customers from using credit cards to purchase digital currencies. ANZ’s response ANZ told the ABC that it “does not prohibit customers buying digital or cryptocurrencies, or accepting them as a form of payment”. However, ANZ’s spokesperson said: “We monitor transactions for unusual behaviour to protect against potential fraud and in line with our regulatory responsibilities.” “We do not […]
Westpac invests $25m more in Uno in mortgage broking play
Westpac Banking Corp has doubled down on the digital mortgage broker Uno Home Loans, investing another $25 million to ramp up the start-up’s brand marketing and sales teams in a deal that reflects a concerted drive into the broking industry by the nation’s second-largest lender. Westpac is keen to win some share of the $2 billion-plus in annual revenue which flows to mortgage brokers, who currently advise on nearly half of the $380 billion in mortgages written each year. Westpac now owns around 81 per cent of Uno, which wants to win a 10 per cent share of the highly fragmented broking market over the next 10 years. “The broking […]
Australian banks are hunting for deals and partnerships with fintechs
The majority of Australia banks seeking deals and investments with fintechs in the next 12 months as they continue their transformation as digital businesses. The Australian findings from EY’s 2018 Global Banking Outlook show 80% of Australian banks looking to set up new partnerships or joint ventures in both core and new strategic markets over the next year. “With the pace of technological change and the speed at which new innovations are hitting the market, it’s not surprising that banks are increasingly focusing on their digital agendas,” says Tim Dring, EY Oceania Banking and Capital Markets Leader. “Australian banks have already made significant progress in this space and we are […]
