itnews

CBA Backs NPP Open Access Regime, Belts Interchange Fee Ban

Commonwealth Bank of Australia chief executive Matt Comyn has welcomed a push to create a new open access regime for the New Payments Platform (NPP), but vigorously slapped down a bid to kill interchange fees on electronic payment cards.

Read More

Strip Banks, Credit Cards of Digital Payment Powers, Says Productivity Commission Report

Australia’s biggest banks and global payments schemes must have self-regulatory powers covering digital payments and infrastructure access forcibly removed to dismantle a harmful oligopoly. That’s the radical call from the Productivity Commission’s inquiry report into Competition in the Australian Financial System.

Read More

UK Banks May Have Two Days to Recover From IT Failures

British banks and other financial services firms have three months to explain how they can avoid damaging IT breakdowns and respond to the growing threat of cyber attacks.

Read More

Reserve Bank Broadsides Big Four Over Outages

Australia’s banks and payment services providers have copped the strongest warning yet from the Reserve Bank of Australia that regulatory tolerance for outages on payments systems has reached its limit.

Read More

Online Payments With ID Could Be Discounted

Online merchants could soon offer consumers discounts based on the level of confidence they have that shoppers are who they say they are, transactional steward Australian payments Network says.

Read More

Banks Not Ready for Blockchain, Says Ripple

Banks are unlikely to use distributed ledgers to process cross-border payments for now because of scalability and privacy issues, according to Ripple, one of the most prominent startups developing the technology. I will concede, we havent gotten there yet, Ripples chief cryptographer David Schwartz said in an interview.

Read More

Aussie Banks in Talks for Regional Real-time Payments

Australias big four banks have held exploratory talks on a service that would allow real-time cross-border payments between institutions in the Asia Pacific. The talks, led by financial messaging service provider SWIFT, led to the definition of a three-phase approach to the proposal.

Read More

AusPost to Coax Bill Payments via Smartphone, Smart Home

Australia Post is set to allow customers to pay bills via third party payment apps, self-service kiosks and potentially smart home devices. The company quietly revealed this month a plan to provide a broader range of bill payment options, particularly for milennials and smart device users.

Read More

AUSTRAC Approves First Two Digital Currency Exchanges

Australian digital currency exchanges Independent Reserve and CoinSpot are the first to confirm compliance with new AML-CTF rules that came into effect yesterday. Legislation that passed at the end of last year handed the Australian Transaction Reports and Analysis Centre (AUSTRAC) the authority to monitor local cryptocurrency exchanges.

Read More