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 […]
ASIC lets the fintech start-ups out of the sandbox
The corporate regulator will today release its eagerly anticipated regulatory “sandbox” policy for fintech companies, enabling start-ups to test their products and services for a limited period without having to hold an Australian financial services license. ASIC released a consultation paper in June and has now completed its regulatory guidance, with commissioner John Price set to cut the ribbon. As with all these processes, the fintech industry hasn’t got everything it wanted. However, the final version from an industry perspective is said to be an improvement on the draft, putting in place a sound platform for future improvements. For a start, the AFS licensing exemption is believed to have been […]
Turnbull says fintech is switched on
Prime Minister Malcolm Turnbull has sought to reassure leaders of the wealth-management industry that the government is committed to reducing red tape and fostering innovation. This comes as the government looks to the booming financial services sector to pick up the slack from declining mining industry revenues and boost economic growth. The latest set of national accounts, released last week, showed that over the three months to September 30, gross domestic product (GDP) recorded the slowest quarter of growth since the global financial crisis nearly a decade ago. A 0.5 per cent fall in GDP over the September quarter, which pushed the annual growth rate down to just 1.8 per […]
Stone & Chalk fintechs integrate to unlock huge opportunities for advisers
Award winning fintechs from Stone & Chalk – Macrovue and Fincast – integrate to offer a comprehensive off-platform investment solution. Global thematic trading platform, Macrovue, and model portfolio management tool, Fincast, have teamed up to provide a game-changing solution for the wealth management industry. The integration of the two award-winning, next-generation solutions will provide advisers with the ability to automatically create tailored multi-asset class portfolios, matched to a client’s unique goals and risk profile and seamlessly execute the trades, all in under one hour. The solution will see a huge increase in efficiencies for advisers. Model portfolios teamed with seamless automation and execution will free-up advisers and […]
Acorns closes off the year with user growth and new features
Micro-investing app Acorns has amassed more than 160,000 sign ups since its Australian launch in February this year, with its phenomenal growth reflecting the appetite local consumers have for business to consumer FinTech. Acorns allows users to invest their virtual spare change into an investment portfolio, automatically rounding up transactions to the nearest dollar when purchasing on a credit or debit card. The app then allocates the spare change into one of five self-selected exchange traded fund (ETF) portfolios. Since February, the total amount invested by Australians into Acorns through just their round-up transactions has reached $13.5 million. Further, the total amount saved from recurring deposits into the […]
Reckon Loans breaks $1Million milestone
Australian cloud accounting software provider Reckon (ASX:RKN) has announced its new Reckon Loans (powered by Prospa) platform has funded over $1million to small businesses, proving the online lending market is growing at an extraordinary pace. In partnership with Prospa, Australia’s leading online lender to small businesses, Reckon Loans provides SME’s a fast and simple service with approvals and funding of loans from $5,000 to $250,000 available within one business day. Reckon Group COO Dan Rabie said Reckon Loans is a disrupter in the fintech space, adding diversity and removing the red tape from the small-business loans market. “This is a significant milestone for our business and clearly shows there’s a […]
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. […]
EML boss sees cashless society as ‘tap and pay’ technology takes off
AUSTRALIA is likely to be a cashless society within a decade as “tap-and-pay” technology becomes commonplace, according to Brisbane-based EML Payments. The payment services provider is riding a wave of global demand for debit, prepaid and loyalty cards, providing transactions worth $2.5 billion for major Australian and global brands including the Good Guys, Toyota, Ladbrokes, Shell and Sprint. “Australia has one of the highest adoptions of tap- and-pay in the world, accounting for 75 per cent of transactions,” EML Payments chief executive Tom Cregan said. “In the US, it is only about 10 per cent.” Mr Cregan said the move to a cashless society in Australia had been pushed by […]
