International payments the winning application for blockchain
Start-ups and banking institutions around the world are investing heavily in blockchain and on paper it seems like the perfect solution to fixing banking systems, which often times lag behind current technology trends and in some cases were created before the internet. But, it’s never as simple as it seems. As a refresher, a blockchain are a decentralised, secure, digital ledgers that can be used to record many different types of information. First developed as the architecture behind the popular cryptocurrency Bitcoin, it allows for real-time transfers and a dramatic reduction in transfer fees. Theoretically, blockchain should be the perfect solution to the cumbersome process of international payments in particular. […]
ANZ is the first Big Four bank on both Samsung Pay and Apple Pay
ANZ has joined Samsung Pay, becoming the first of the big four Australian banks to be on all three major digital wallets. The bank had already been the only one of the majors to be on Apple Pay and was already available on Android Pay. “Samsung has strong device market share in Australia and many of our customers love its open approach to technology, so it made sense for us to work with them in bringing this convenient and secure mobile payments solution to our customers,” said ANZ product managing director Bob Belan. ANZ joins Westpac and a range of smaller institutions on the Samsung platform, which allows contactless payments […]
Square and Vodafone team up to make business easier
Square is teaming up with Vodafone Australia to launch a first-of-a-kind offer which will help time-poor business owners across Australia start accepting card payments and run an integrated mobile point of sale in their business instantly. Vodafone small business customers will now be able to source hardware, software and payments services in one place – with the inclusion of Square strengthening Vodafone’s stable of communication and business solutions. Available now from selected Vodafone stores, the Square Reader for contactless and chip can be purchased for just $5 (RRP $59) when bundled with Vodafone’s 24-month $60-and-above Red Plans and $50-and-above SIM Only Red Plans. To reduce costs for […]
Cyber fraud a growing risk to Australia’s financial markets, report finds
Austrac, the federal government’s financial intelligence agency, says foreign crime syndicates are also manipulating markets and laundering money. Australia’s multibillion-dollar financial markets are vulnerable to an increasing risk of cyber-enabled fraud, a new report has found. Overseas-based crime syndicates are also exploiting Australia’s financial infrastructure to manipulate markets and launder money, the report by Austrac, the government’s financial intelligence agency, found. Austrac said the risk of criminal exploitation of the nation’s securities and derivatives sector was “at the high end of medium”. Austrac’s work relied on an analysis of 663 reports of suspicious activity from the corporate sector, made by 68 entities. About half the reports involved suspected fraud. Austrac […]
FinTech Interviews: Uno Home Loans
In the second of Matthew Parker’s series interviewing FinTech CEOs, he sat down with Vincent Turner, the CEO of Uno Home Loans. Matthew Parker: There have been a few new Mortgage brokering businesses launch over the past 2 years, why is this happening now? What has created the right circumstance for this to occur? Vincent Turner: Good question… One of the drivers is that it’s one of the last transactions left to do digitally. People are now more comfortable applying for financial products online such as credit cards and loans, not just researching and comparing. As people become more comfortable transacting online with their holidays or flights or clothes, they […]
Finch founders urge banks to invest in start-ups, not ‘innovation theatre’
This Sydney anti-fraud fintech just landed $2 million in a Series A round
Secure payments fintech EFTsure has revealed it has closed a $2 million series A capital raising round, led by Sydney venture capital firm Our Innovation Fund. The startup has developed a platform that allows businesses to cross-check in real-time that the name of the payee matches the BSB and account numbers before the payment is made – a practice that Australian banks do not perform. “Payments fraud is a growing area of cybercrime in Australia, with fast payment methods significantly increasing the risk of fraudulent activity. It’s critical to ensure a focus on both fast and secure payments as the new NPP platform is introduced,” said EFTsure co-founder Ian Mirels, […]
AliPay is coming, ready or not
There is a financial technology tsunami headed this way from China and our government, business and regulation leaders need to get ready to adapt. So says Grame Barty an experienced international trade envoy and China hand who previously led the Austrade international operations group where he helped set up a landing pad in Shanghai, as well as leading an innovation-centric delegation to China. He also has experience as a tech entrepreneur in his own right. Mr Barty has watched the phenomenal growth of Chinese electronic sales platform Alibaba and its subsidiary payments vehicle Alipay. Both Alibaba and Alipay are gearing up in Australia and other Western countries as well as […]
