IBM partner props up Aussie payment tech player’s bottom line
Cyber security provider and IBM partner Decipher Works, which was acquired by local financial technology provider Transaction Solutions International (ASX:TSN) late last year, has played a major part winding back its new parent’s annual losses. Transaction Solutions International, which is publicly-listed on the Australian Securities Exchange (ASX), told shareholders on 29 May that it had narrowed its annual net loss for the year ending 31 March to $590,000. The year prior, the financial payments and technology company reported a $1.3 million loss. It appears the change came largely as a result of the company’s increase in revenue, which rose from $91,766 for the year ending March 2017, to $2.36 million […]
Big bank-backed Beem It launches Aussie payments app
The Commonwealth Bank of Australia (CBA), the National Australia Bank (NAB), and Westpac in October announced that they would be joining forces to create Beem It, an organisation focused on payments, but behaving like a startup. While the project has been in the works for a few months, Beem It quietly launched in both the Apple App Store and the Google Play Store earlier this year, allowing the use of the app since the beginning of May. The app enables sending and receiving money, with an interface reminiscent of a social media app. “We’re going to do pay, request, and split better than anyone else does in the market,” Beem […]
Melbourne millennial fintech Pelikin lands partnership with global payments provider Tuxedo
Melbourne travel and banking app Pelikin has partnered with global finance technology provider Tuxedo Money Solutions, to deliver the startup’s multi-currency prepaid debit card offering. Specialising in prepaid and alternative finance solutions, Tuxedo will power the payment technology and prepaid card offered by Pelikin. Founded in 2006 in the United Kingdom, Tuxedo has now grown through exciting partnerships, hosting transactions in over 200 territories worldwide and processing just under $2 billion in card loads. Technical Director of Tuxedo Nicholas Holt shared that he is excited to partner with such a cutting edge startup. “We’re very excited to partner with Pelikin and be a part of their journey, as well as […]
Global recognition continues for payments provider Verrency
Australian global payments provider Verrency has been named a finalist for the Top PayTech Innovation at the inaugural UK PayTech Awards 2018. The award category recognises PayTech companies that have been genuinely innovative within the finance and payments industry. Verrency was founded by experienced payments and banking innovator David Link and banking technologist Euan Walker in 2016. Verrency delivers Innovation-as-a-Service to financial institutions with its payments API platform and FinTech marketplace, which have been specifically designed to enable Tier 1 financial institutions to cost-effectively deliver value-added services to their customers without needing to replace or heavily modify their existing payments infrastructure. David Link, Founder and CEO of Verrency, said: “I’m […]
PayWave: Australia will soon be ‘entirely cashless’
Cash could become a distant memory as soon as 2026, according to startling new predictions from experts. According to data from the Reserve Bank of Australia (RBA)’s ongoing Consumer Payment Methods survey, the percentage of cash payments in the country plummeted from 69 per cent in 2007 to just 37 per cent in 2016. A projection of that data by comparison site finder.com.au has revealed that if the current trend continues, physical cash could vanish in Australia as soon as 2026. It’s even earlier than the predicted expiry date of ATMs, with an analysis of RBA statistics by finder.com.au showing they could disappear from our streets by 2036. Finder’s money […]
Australian charities adapt to cashless society with arrival of Apple Pay
The charity sector needs to adapt to a world without cash, according to the CEO of Cancer Council Australia, which is set to be one of the first Australian charities to use Apple Pay. ANZ announced on Tuesday that Donate with Apple Pay would be available on its Shout For Good fundraising platform, providing more than 60 of its aligned charities with an “easy and secure way to offer digital payments”. Apple Pay allows Australians to donate to charities through their mobile phone, or online, and eliminates the need to enter billing and contact information, create an account or fill out long forms to check out. Cancer Council Australia will […]
Square’s Jack Dorsey muscles in where banks have failed to serve
Billionaire Square co-founder Jack Dorsey says big banks have allowed his payments disrupter to muscle in on their territory by breaking the trust of customers and serving small business borrowers poorly, or not at all. Mr Dorsey, who also co-founded social media platform Twitter, said a long history of corruption had tarnished the reputation of the financial services sector, but with Square he hoped to restore trust in the industry. “The banking industry was invented in the 1600s in Florence and there has been corruption ever since,” Mr Dorsey said while in Melbourne for the second anniversary of Square’s local launch. “It’s not something that’s new to a particular country, […]
Square boosts Australian business with new HQ and engineering hub
Square today announced it is expanding operations in Australia, opening a new, larger headquarters to support the growing team in Melbourne, which will include the company’s first engineering hub outside of North America. Square co-founder and CEO, Jack Dorsey, was in the new Melbourne CBD location today to make the announcement and celebrate the company’s two-year milestone of providing payments to Australian businesses. “We have been humbled by the support Square has received from Australia’s business community over the past two years,” said Jack. “Australia is an important market for Square, with more and more businesses joining our platform every day.” In addition to increasing engineering capabilities, Square has received […]
