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 […]
The Benzinga Global Fintech Awards – entries closing soon
The Benzinga Global Fintech Awards May 11, 2017 in New York, is the premier event in Fintech, celebrating financial innovation from around the world. The Benzinga Awards is a competition to showcase the companies with the most impressive technology, who are paving the future in financial services and capital markets! Applications are still open, so apply now before the March 17 deadline. At the event, you’ll get a first look at groundbreaking technology, innovative platforms, and the chance to network freely with top industry professionals. Over 550 FinTech CEOs, C-suite executives of financial institutions, VCs, press, and others attended the 2016 Benzinga Fintech Awards. 45 exclusive exhibitor spots on the show floor […]
Sydney Fintech Moroku signs global distribution deal with Misys
Misys is making gamification an integral part of its Misys FusionBanking Essence Digital platform to help banks educate the next generation on better money management. Integrating Moroku’s GameSystem directly into the Essence Digital architecture enables banks to inject some fun into personal financial management (PFM) and help consumers achieve their savings goals. “Digitalisation has completely changed the way that people interact and we believe the next generation will be more incentivised through gamification,” said Simon Paris, President at Misys. “Supporting better financial management and education in banking is a powerful tool that moves consumer experience beyond the transactional and opens the door to bring people of all age groups […]
Australia is targeting money laundering and terrorism in a sophisticated new collaboration with banks and fintech
A new government and private sector alliance was launched this morning to combat “serious financial crime”, including activities involving terrorism and money laundering. The new Fintel Alliance has brought together 19 partners including the Australian Federal Police, NSW Police, all four major banks, Australian Taxation Office, Western Union and fintech giant PayPal with intelligence agencies like AUSTRAC, ASIO and Australian Crime Commission. The organisation will target “terror financiers and gangs who deal in proceeds of crime, as well as white-collar criminals who think their crimes are victimless”, according to federal justice minister Michael Keenan. The Fintel Alliance’s “operational hub” sees government intelligence experts sitting alongside specialist staff from the financial […]
zipMoney to partner with a Big 4 Australian Bank in a $200m financing arrangement
zipMoney Limited is pleased to announce that it has agreed key terms with a ‘Big 4’ Australian bank for the provision of a $200 million asset-backed securitisation warehouse program for its consumer receivables. CEO and Managing Director Larry Diamond said: “This is a transformative step forward for the Company. As well as creating capacity to fund the growing demand for our services, it will approximately halve the weighted average cost of capital of our loan book, which directly contributes to our bottom line. We are very pleased to be partnering with this ‘Big 4’ Australian bank and look forward to releasing further details in due course.” COO and Executive Director […]
Fintech set to reshape financial services despite slump
Global fintech investment’s boom year of 2015, when all the planets aligned and the hype factor reached its peak, was always going to make activity levels in subsequent years look feeble by comparison. Even so, the 47 per cent slump in funds invested in 2016 to $24.7bn, revealed yesterday in KPMG’s Pulse of Fintech publication, is eye-opening. Both macro and micro forces are at play. With the former, the uncertainty created by the Brexit vote, the schism between new US president Donald Trump and the tech community, a perceived economic slowdown in China and significant fluctuations in exchange rates all conspired to make investors more cautious. At a more micro […]
It’s Apple Pay day for ING Direct
ING Direct signed up more than 20,000 customers to Apple Pay within 24 hours of going live with the digital wallet, claiming banks must partner and embrace a broader digital “ecosystem” or risk falling by the wayside. After going live with Apple Pay on Tuesday morning, ING chief Uday Sareen yesterday said 21,500 customers had activated the payments functionality on their iPhones, surpassing expectations of about 10,000. He said the bank’s account acquisition numbers were 25 per cent higher on Tuesday than the rolling average of the prior 30 days. ING has 517,000 customers who could activate Apple Pay, but only about 70 per cent use iPhones and only the […]
Epictenet launches i-Commerce platform
By Ritesh Srivastava, Founder & CEO, Epictenet Imagine a journey where instead of looking for information & options someone guides you. The i-commerce Platform is an experience will get your thinking going, bring more innovation and enhance the current customer experience. As the world advances, increasingly towards digital every day and the customers crave to do more things on mobile, Epictenet have innovated and coined a new customer interface called i-commerce platform – providing a personalised experience to customers they have been used to in traditional branch environments and places in their hands, at the convenience, pace and device of their choice. i-commerce platform – is a […]
