Australia Fintech Payments

Australia’s Central Bank Calls For Switch From Visa, Mastercard To Cheaper EFTPOS (PYMNTS.com)

Australian regulators are considering whether it is necessary to stop banks from automatically routing “tap and go” card payments through Visa and Mastercard, when retailers could be using EFTPOS, which is a local payment network that is cheaper, according to a report by Reuters. Visa and Mastercard, as well as the four major banks, control all of […]

Australia Fintech Open Banking

Tech: Identitii takes its tech for a test drive with Standard Chartered Bank (Sam Jacobs, stockhead.com.au)

Fintech platform Identitii (ASX:ID8) is now collaborating with $22.7 billion market cap Standard Chartered Bank. The two companies will commence an eight-week pilot run for Identitii’s Overlay+ data sharing platform at Standard Chartered’s Singapore office. The project will also be embedded within the Symphony platform, a communications network backed by a consortium of major global banks (including […]

Australia Open Banking Open Finance Technology Giants

Facebook, Apple and Google pose threat to big four dominance, says RBA (Clancy Yeates, Sidney Morning Gerals smh.com.au)

The dominant position of banks in the financial system could be challenged by a new wave of high-tech rivals, the Reserve Bank says, highlighting the vast troves of customer data held by the likes of Apple, Google and Facebook. The RBA’s head of financial stability, Jonathan Kearns, on Monday underlined the competition facing banks from the […]

Australia Open Banking Videos

Open Banking Will Give Consumers Control Of Their Data, But Most Australians Still Haven’t Heard Of It (which-50.com)

The scheduled launch of Australia’s open banking regime is just two months away, however new research shows three-quarters of Australians haven’t heard of the incoming data portability scheme and half are concerned about the security of their data. Open Banking is a government and regulator-led scheme which mandates banks share consumers’ data in a machine-readable […]