Expensify launches expense claim reimbursement in Australia
Expensify, the world’s fastest-growing expense reporting software, announced today expense claim reimbursement capabilities for Australian customers. Rather than reimburse employees via payroll or cheques, Expensify customers can now issue reimbursements from Expensify, making the expense claim process easier than ever for companies of all sizes. Reimbursement will work with all major Australian banks including NAB, CBA, Westpac, and ANZ. This announcement comes during the Accounting Business Expo, Australia’s largest business and technology conference for finance and accounting professionals. “Our vision is for expense management to happen entirely automatically, behind the scenes, without business travelers and employees wasting any time tracking receipts or even opening our app,” says David Barrett, CEO […]
Indonesian Australian Business Week review – FinTech opportunities over our back fence
by Joe McGuire, Global Head of Sales for Airwallex We wade through the Jakarta traffic amongst the sour looks and disdain from our fellow commuters. Disdain because we have a police escort. Out front, a police motorbike beeps and harangues cars to the left lane. “Make way for the delegates” he shouts in bahasa as he beeps and swerves at others trying to negotiate the famous Jakarta sprawl. I’m here for the Indonesian Australian Business Week (IABW). An Austrade event designed to forge connections between Aussie businesses and our closest neighbour. With nearly 260 million people and a forecast of nearly 6% GDP growth this year, Indonesia is […]
Facebook meets FinTech
Banking has come a long way since the stamped passbook. Social media has come a long way since the simple status update. Can the two intersect? Social media is transforming banking relationships almost as quickly as it has changed our interpersonal communications. With the rise of interfaces such as Facebook, Twitter and Instagram as well as fintech start-ups such as Tyro and Coinjar, financial outlets can use social media for everything from improving customer service to allowing users to send money to others via online platforms. Emerging fintech companies like Movenbank are using social media data to help people get access to credit or even simply open a bank account. […]
Qantas partners with Slingshot for its first startup accelerator program
Qantas will open its technology platforms, data and anonymised customer information to up to 10 start-up or scale-up businesses when it runs its first ‘accelerator’ from May. The Avro Accelerator, named after Qantas’ first aircraft, is a 12-week program designed to help the airline innovate across its business, including its offshoots in insurance and banking. Qantas’ partner in running the accelerator is Slingshot, a specialist in bringing corporate sponsors together with relevant start-up and scale-up businesses. Slingshot’s venture capital fund, whose investors include industry super fund Hostplus, will back each business selected for Avro with $50,000 upfront, with a further $100,000 for those still showing promise at the end of […]
Mobile technology is revolutionising the way SMEs get paid
We all know cash is fast becoming a thing of the past, and as the world becomes increasingly ‘digital’, it’s not surprising that people are buying goods and services a lot more through mobile devices. It’s therefore no surprise that mobile technology has driven advancements in the payments industry, making it easier for consumers to make purchases on-the-spot. This has created opportunities for retailers like never before — for example there are digital apps that allow customers to order and pay for their morning coffee while still on the commute to work. So you would think it would be safe to assume there would be a growing trend in the […]
Westpac buys stake in Lantern Pay to help deliver NDIS
Customers of the federal government’s $22 billion National Disability Insurance Scheme will be able to pay for health services through a new platform to be rolled out by Westpac Banking Corp, which has taken a 10 per cent equity stake in payments firm InLoop. InLoop is the parent company of Lantern Pay, which has created a “digital wallet”, or mobile application, that lets customers of government-backed medical services schemes monitor budgets. Lantern Pay pays service providers up front before claiming the payments back from the government. The deal is an example of the policy shift towards “consumer-directed care” in government medical schemes including the NDIS, which puts customers in control […]
Banks need to contend with YOLO and FOMO for market share
The attitudes and expectations of Millennials are shaping up as a key hurdle for banks, as younger customers experiment with new financial service providers and defer major investment decisions such as property purchases. Consultants at KPMG say the results mean that banks will have to learn the meaning of YOLO (you only live once) and the importance of FOMO (fear of missing out) in order to adapt their strategies and capture this valuable demographic. The findings are contained in the consultant’s third annual survey of the banking habits of Generation Y titled “Banking on the Future” which surveyed 1400 professionals aged between 18 and 30 years old. In what amounts […]
ATM use hits 15-year-low as shift to cashless society gathers momentum
ATM withdrawals have slumped to their lowest levels in 15 years and the number of Australians taking cash out during debit card transactions is falling at the fastest annual rate on record. The new figures provide an insight into the wider shift towards a cashless economy, as electronic payments such as Paypass transform habits and consumers shy away from ATM withdrawal fees and bricks-and-mortar branches. According to Reserve Bank of Australia figures released on Monday, the number of ATM withdrawals in January fell by 7.7 per cent compared to last year. The total value was down by 3.9 per cent. It follows two consecutive years of ATM withdrawals falling by […]
