ANZ moves closer towards ‘virtual’ credit cards
ANZ is moving a step closer towards “virtual” credit and debit cards, through new changes to automatically upload replacement cards for those that are lost onto customers’ smart phones. As part of its push to drive greater use of digital wallets, the bank is revamping the technical and security processes triggered when a customer reports a card as lost or stolen. About 670,000 cards are lost or stolen at the bank each year. Previously, replacement cards needed to be sent to customers before they could be used, a process that often takes several days. Under the changes, people who have uploaded their credit card details onto a digital wallet on […]
FinTech: UK Vs Australia
by Matthew Parker, The MitchelLake Group Having recently moved from the UK to Australia, I have been excited to observe and experience first-hand some of the differences between the UK FinTech ecosystem and that of its Antipodean cousin. I do not, by any means, pretend to be an expert, but I have had the privilege of working with and alongside some of the most exciting FinTech businesses and individuals across multiple markets. Any observation I am able to draw comes from a place of passion and sincere enthusiasm as well as a helpful dose of experience. So without further ado, let’s compare and contrast. The UK hit its stride at […]
How automation is shaping fintech plans
Digital innovation and partner collaboration are key. A new industry report calls for investment banks to take advantage of technological innovations by optimising outdated operating models, improving automation and undertaking a digital transformation. Australian consultants EY’s Capital Markets: building the investment bank of the future report reveals that, despite continued efforts to reduce costs, investment banks are becoming less efficient. These institutions remain reliant upon maintaining decades-old, complex and inflexible IT infrastructure. The report suggests banks can do more to enhance their business by harnessing fintech innovations. For example, over the short-term investment banks can develop robotic process automation (RPA) and advanced analytics to sort through large amounts of data. […]
Google Wallet launches web app for payments
Just in time for Christmas, Google has released its new Google Wallet web app, allowing users to send and receive money via their browser. Google’s new platform doesn’t require money transfer recipients to have the app to receive payments. Cash can be sent to a friend’s email address or phone number and they can then transfer the balance to their bank account without having to install the app. However, senders must link their debit card to their Google account and have access to a browser in order to process the transaction. Google relaunched its tap-and-pay Google Wallet app as a peer-to-peer payment solution last year. The new web app is […]
Invapay partner with ANZ to deliver payment innovation to clients
UK based Invapay and ANZ (Australia and New Zealand Banking Group) announce that they are working together to deliver automated payments innovation to their business customers. ANZ’s vision to use technology and innovation to help solve the payment challenges faced by CFO’s has been realised by utilising Invapay’s cloud based automated payment platform. Invapay complements ANZ’s existing corporate product portfolio. In the absence of any development and integration work, the association made good sense and was easy to achieve. Adam Grant, Head of Transaction Banking, ANZ Australia had this to say of the association: “Working with Invapay has enabled ANZ to deliver a proven payables solution which allows our customers […]
5 enterprise-related things you can do with blockchain technology today
Diamonds. Bitcoin. Pork. If you think you’ve spotted the odd one out, think again: All three are things you can track using blockchain technologies today. Blockchains are distributed, tamper-proof, public ledgers of transactions, brought to public attention by the cryptocurrency bitcoin, which is based on what is still the most widespread blockchain. But blockchains are being used for a whole lot more than making pseudonymous payments outside the traditional banking system. Because blockchains are distributed, an industry or a marketplace can use them without the risk of a single point of failure. And because they can’t be modified, there is no question of whether the record keeper can be trusted. […]
CBA want to use AI to tackle fraud and cyber attacks
Commonwealth Bank of Australia is developing artificial intelligence technology to help with cyber security, fraud detection and regulatory compliance, in a sign banks are attempting to put the power of big data to use in reducing risk. CBA’s chief information officer David Whiteing told The Australian Financial Review that so-called machine learning technology will be used to help the bank make sense of large sets of “noisy” data and alert management to areas requiring their attention. The work will come alongside a broader program of innovative projects investigating the possibilities of technologies such as the internet of things, quantum computing and the blockchain. “When you have a large data set […]
ANZ Strikes Again: After Apple Pay comes BladePay
The ANZ Bank, fresh from establishing itself as a satisfied customer of Apple for its Apple Pay digital wallet system for consumers, has now launched BladePay, an Android-based mobile payments solution for Australian businesses. It describes BladePay as a handheld payment device which is capable of running third-party applications and uses the Android 6.0 Marshmallow operating system. It features a 5-inch display, an 8-megapixel rear-facing camera, and a 2-megapixel front-facing camera, along with a 1/2D barcode scanner. Wi-Fi and 4G are available as connectivity options. “We are routinely told that managing payments is one of the biggest pain points for business owners, yet when we looked at the market we […]
