Banking chiefs embrace COVIDSafe, as ABA urges wider rollouts28/04/2020 Anonymous News
The banking industry's peak body, the Australian Banking Association (ABA), has urged staff across the sector to make use of the controversial contact tracing app, COVIDSafe, praising the Government’s strategy to lift coronavirus lockdowns and reboot the country's economy.
NAB reveals executive revamp, 'radical simplification' strategy in half-year report28/04/2020 Anonymous News
In the thick of the bank’s Covid-19 response strategy revealed in its half-year report, the National Australia Bank has announced a revamp of its executive team, appointing NAB veteran Nathan Goonan and Rachel Slade to new executive positions.
Payments giant TransferWise deploys new cloud banking platform22/04/2020 Anonymous News
TransferWise, an emerging global giant in cross-border payments, is set to deploy Mambu’s cloud-native banking platform as part of its core infrastructure.
Seniors to get Tech 101 as Bankwest deploys digital upskilling task force22/04/2020 Nanda Lakhwani News
Bankwest has formed a “digital banking task force” to assist older, less tech-savvy customers bank safely from home amid coronavirus restrictions.
APRA announces mandatory data reporting standard for Covid-19 lending scheme21/04/2020 Nanda Lakhwani News
The financial services watchdog has released a new reporting standard requiring regular submissions of financial data from institutions partaking in the Commonwealth’s Coronavirus Small and Medium Enterprise (SME) Guarantee Scheme, created to ease SME cashflow pressures resulting from Covid-19 shutdowns.
Swift cancels sibos amidst coronavirus concern18/04/2020 Anonymous News
Swift, the global banking standards body and host of one of the world's largest financial technology expositions, sibos, has cancelled the event in response to the Covid-19 pandemic.
APRA offers deferral option on critical information security standard16/04/2020 Anonymous News
APRA has offered some reprieve for stressed financial institutions bearing the brunt of Covid-19-related shutdowns, allowing for a six-month deferral in implementing an amendment to the CPS 234 Information Security standard.
Cash claims skyrocket on CBA’s digital Benefits Finder platform15/04/2020 Anonymous News
A month on from WHO’s official declaration of a global pandemic, and as corporate shutdowns grind the Australian economy to a halt, customer claims through CommBank’s digital Benefits Finder service have doubled.
eftpos to trial Digital ID in bid to reduce bank fraud15/04/2020 Nanda Lakhwani News
Following a successful proof of concept with 17 domestic businesses, Australian e-payments service eftpos has announced it will begin official trials of its Digital Identity solution in a bid to reduce bank fraud and spur fintech innovation.
Westpac earmarks $130m for compliance overhaul amidst AUSTRAC civil suit15/04/2020 Anonymous News
More than $1 billion will be set aside by Westpac to help manage the fallout from its alleged breaches of the AML/CTF Act, with $130 million allocated to help rejig the bank's financial crimes monitoring program and internal systems.
Zoom declared a no-go zone for Standard Chartered staff15/04/2020 Anonymous News
Standard Chartered chief executive Bill Winters has warned employees to stay off Zoom and Google Hangouts as concerns mount over security vulnerabilities within the popular teleconferencing platforms, news service Reuters reports.
Financial crimes authority urges vigilance on AML as Covid-19 brings fraudsters out of the woodwork08/04/2020 Anonymous News
The Financial Action Task Force (FATF) has warned FSIs and regulatory bodies not to take their eyes off the ball as criminals exploit gaps in national anti-money laundering/counterterrorism financing (AML/CTF) exposed during the Covid-19 panic.
Neobank 86 400 secures $34m in March amidst Covid-19 market anxiety08/04/2020 Nanda Lakhwani News
Despite continuing market volatility in response to the coronavirus pandemic, digital-only challenger bank 86 400 pulled off an impressive $34 million capital raising effort last month, completing its $90 million Series A equity funding round.
APRA suspends licensing in face of Covid-19 fallout08/04/2020 Anonymous News
Industry watchdog APRA has suspended the issuance of new operating licences for at least six months as it responds to the economic fallout of Covid-19.
Contactless payments limit doubled in bid to reduce Covid-19 spread07/04/2020 Nanda Lakhwani News
In an effort to lower Covid-19 transmission risks, Australia’s payments industry has agreed to temporarily increase the contactless payment transaction limit from $100 to $200, reducing consumers' need to physically contact payment terminals.