Xero signs on 100 Australian financial institutions and bolsters team
Xero, the global leader in cloud accounting software, today announced it has recently signed agreements with 100 Australian financial institutions for direct bank relationships, a major milestone in opening up banking, lending, and growth opportunities to Australian small businesses. Xero’s growing Financial Web now includes the ability to connect to 95 per cent of all transaction accounts that our small business customers access every day, making it easier than ever for Australian small businesses and their advisors to connect their accounting dashboard directly to almost any bank or financial services provider in the country. That includes everything from a Big 4 Bank to a regional credit union, helping small businesses […]
Wealth begins its blockchain reaction
Ambitious financial services firms are driving Australia’s global leadership in the development of blockchain technology, which is already delivering productivity and innovation benefits to the nation’s trillion-dollar wealth industry. BNP Paribas Securities Services has progressively stepped up its blockchain expertise in the Australian market because it sees a nation filled with opportunities. BNP Paribas global head of securities services, Patrick Colle, says Australia has been a business investment stronghold because in many areas it is “the most advanced in the world.” Colle says an important attribute making Australia one of the most sophisticated global markets on blockchain is the initiative of the ASX to replace its dated CHESS clearing and […]
Blockchain Explained: What you need to know
As emerging technologies continue to revolutionise the way we live and transact, concepts like ‘cryptocurrency’ and ‘blockchain’ are becoming increasingly relevant to our collective financial future. Major banks are already talking about and beginning to use blockchain, a technology that could drive the digital transactions of the future. And it’s become a major buzzword in financial circles around the world for its potential to change the exchange of value as we currently know it. While the technology itself is in the very early stages of existence and is complicated to understand, businesses and entrepreneurs around the globe are looking at ways to effectively use it in the belief that blockchain […]
Sydney at the centre of booming Australian Fintech industry
Sydney is home to over half of Australia’s Fintech companies and is helping to drive unprecedented growth in the industry, according to a new report by the Committee for Sydney and KPMG. The report, Scaling the Fintech Opportunity: For Sydney and Australia, finds that the number of Fintech start-ups in Australia has increased from less than 100 in 2014 to 579 companies today, with around 60% of all Fintech companies basing themselves in Sydney. It will be launched at a special event at 7pm this evening by NSW Minister for Trade and Industry, the Hon. Niall Blair. Fintech is by-and-large driven by local companies, with 512 Australian and […]
Finder Awards 2017 open for entry
Now in its second year, the finder Awards are designed to celebrate the best innovations in Australia and recognise excellence, creativity and impact in a range of industries from finance to technology, retail and travel. There are seven categories open for submission, with Best Personal Finance App and Best Online Customer Service back by popular demand. These categories focus on innovations businesses have implemented in the last financial year. The finder Awards 2017 innovation categories are: Best Online Shopping Innovation Best Banking Innovation Best Travel Innovation Best Tech Innovation Best Personal Finance App Best Online Customer Service Most Innovative Team/Person To enter, please visit https://www.finder.com.au/finderawards. Entries close Friday 18 August, […]
Start-up bank says drop $50m capital requirement
The prudential regulator’s insistence that banks have at least $50 million in Tier 1 capital has erected a substantial barrier to entry for new players, says Xinja, the start-up backed by former Macquarie executives which is working with the Australian Prudential Regulatory Authority’s newly established licensing unit to become a bank. The federal government said in the May budget it would lift a prohibition on the use of the word “bank” by an authorised deposit-taking institution (ADIs) with less than $50 million in capital. The next day, APRA announced its new licensing unit. Xinja’s ambition to use the new law and unit to build Australia’s first “neobank” were revealed in […]
Moroku teams up with banking software giant Temenos to help parents help their children win financially
Swiss based Temenos today announce that it is making Moroku’s ChoreScout app available to its banking customers via the Temenos Marketplace to help banks educate the next generation on better money management and invest in long term relationships. The announcement sees ChoreScout integrated with the Temenos core banking platform, whilst marketplace availability means that existing Temenos banks are able to login to the marketplace, review background material, request a free trial and be provided with test accounts. With over 2,000 firms across the globe, including 41 of the top 50 banks, relying on Temenos to process the daily transactions of more than 500 million banking customers, the agreement gives […]
Westpac launches new corporate lending portal
Westpac Banking Corp has launched a new internet banking portal for its corporate customers to make it easier to drawdown loans and request guarantees, a move it hopes will help its institutional bank retain customers and lift revenue. Ahead of a market briefing by Westpac Institutional Bank’s chief executive Lyn Cobley on Friday morning, presentation slides released to the ASX show Westpac will be seeking to use new technology to increase customer self-servicing in order to drive efficiencies. In the first half, expenses in WIB were down 3 per cent from the previous half, to $657 million. Westpac Institutional Bank provides 17 per cent of Westpac Group’s earnings and delivers […]
