OmniPay launches ‘collaborative’ supply chain finance platform
A Sydney-based fintech has launched a new invoice finance platform aimed at helping suppliers better manage their cash flow. OmniPay’s web-based and mobile application allows the supplier to request an early payment of an invoice, which is financed by the fintech company upon receiving approval from the business. After setting up an account, suppliers have to import invoices manually or upload them by using drag-and-drop functionality, after which the OmniPay platform automatically extracts all the relevant information presented in an invoice and summarises it in a pop-up window. Once the supplier clicks a button to request payment, the platform sends the invoice off to the business for digitally signed approval. […]
How you may be confused about Ethereum
According to Coinmarketcap.com, Ethereum is the second largest cryptocurrency by market capitalization. Bitcoin leads with a cap at slightly over US$100 billion, and Ethereum follows at about US$40 billion. While this evaluation is commonly accepted, it isn’t entirely accurate. The assumption places a false equivalence in the mind of anyone exploring the number two cryptocurrency after learning about it through Bitcoin. The coin versus the blockchain Most importantly, Ethereum is not actually a cryptocurrency but a protocol with a blockchain on which, theoretically, an infinite or endless number of cryptocurrencies can reside. Its equivalence is Bitcoin, a protocol with a blockchain that only supports the bitcoin (BTC) cryptocurrency. In the […]
Aussie cryptocurrency exchange to trial BPAY’s Osko
Cryptocurrency exchange BTC Markets is trialling BPAY’s Osko service as a way to speed up conventional fiat deposits from customers. The company said it would support Osko, which runs as an overlay on Australia’s new payments platform (NPP), which went live in mid-February. The billion-dollar NPP allows banks to send payment messages in real time to each other via the Reserve Bank. In a brief statement, BTC Markets said it would trial Osko for deposits only, but that it expected the service to also support withdrawals within a few months. Osko presents an opportunity for cryptocurrency exchanges to support much faster deposits of fiat currency into their ecosystems, which can […]
BPAY Group develops BPAY BatchMaker and partners with QuickBooks
BPAY Group, Australia’s leading payments provider, has announced its latest innovation, BPAY BatchMaker, a product helping small businesses to pay multiple suppliers at the same time. As part of BPAY Group’s growing portfolio of developing innovative products for the Australian market that solve customer pain points, BPAY BatchMaker helps makes it easier for small businesses to pay multiple bills and create efficiencies by reducing manual processing. BPAY BatchMaker’s first partner is QuickBooks, the global leader in cloud accounting, with 2.8 million subscribers worldwide. The BPAY BatchMaker app is now available to QuickBooks customers, free of charge*, via the QuickBooks app store. The new application is an easy and convenient way […]
New Pelikin app fits the bill for globetrotting millennials
Digital banking start-up Pelikin aims to reshape the way people save, send and spend their money in Australia and while travelling abroad. The company’s slogan is “spend like a local”. It will be targeting “digital natives” with its app and debit card. It hopes to launch by mid-2018 and is currently seeking expressions of interest for investment on Birchal, an Australian equity crowdfunding platform. “Acting as a transactional base for funds, Pelikin wants to create a seamless digital experience between everyday banking and travel banking; an important element for a younger market who are known for their tech-savvy and globetrotting lifestyle,” the company explains. It is currently beta testing features […]
Link4 fast tracks invoice delivery to win Fintech Business Start-Up of the Year
Link4 Australia has been named Fintech Business Start-Up of the Year for its cloud eInvoicing innovation, which has so far helped 1,000 Australian businesses improve their cash flow, with invoice payments being 22 days faster than the Australian average. The awards, presented by Fintech Business with principal partner Thomson Reuters, recognise outstanding innovation and entrepreneurship in the Australian financial technology sector. Link4’s cloud service reduces suppliers’ invoicing costs by up to 44 percent by delivering their invoices directly to their customers’ accounting systems. Cash flow is increased as invoices are paid faster – an average 9.6 days before the due date for those paying early. Customers send and receive invoices […]
IRESS launches ebMS messaging service linking super funds directly with the ATO
IRESS today announced that it has launched an ebMS messaging service that provides superannuation funds with a verified integration pathway to send non-financial data directly to the Australian Tax Office (ATO). In response to the ATO moving from periodic reporting requirements to near real-time reporting of superannuation events and transactions, the IRESS ebMS messaging service supports ATO message flows to enable super funds to meet the following reporting and compliance obligations: Member Account Attribution Service (MAAS), the Member Accounts Transaction Service (MATS), SuperTICK (STIC) and Supermatch (SMAT). Provided as a managed service, IRESS’ ebMS provides a cost effective, compliant, resilient and robust messaging solution that eliminates the need to use […]
Digital bank startup Xinja can now offer housing loans, and getting one will take ‘about 20 minutes’
Digital bank startup Xinja is planning to offer home loans soon after winning an Australian Credit Licence from ASIC (Australian Securities and Investments Commission). It’s an important step forward for Xinja which is raising money under new equity crowdfunding legislation and aims to become a full-service digital bank built in Australia but without the legacy structures and costs associated with more traditional financial services companies. “This allows use to give mortgages, to lend and give credit,” Xinja chief executive Eric Wilson told Business Insider. “We are raising our very first mortgages in late March early April. By May-June we will bring our first fully digital product online. “We are bringing […]
