Displaying items by tag: Banking industry

The competition watchdog the ACCC has granted interim authorisation to allow the Australian Banking Association (ABA) and banks to continue to work together on a variety of existing COVID-19 related relief packages, so they can respond to any further outbreaks as required.

The total number of open banking users who share data via open banking APIs to aggregate their bank accounts and access new services, is forecast to double by 2021, according to a new global research report.

The ACCC has provided a second, conditional, interim authorisation for the Australian Banking Association (ABA) and banks to co-operate to provide supplementary relief packages for individuals and businesses affected by COVID-19.

The total number of digital banking users globally will exceed 3.6 billion by 2024, up from 2.4 billion in 2020, a 54% increase, with growth driven by the rise of digital-only banks and the ongoing focus on digital transformation by established bank brands, according to a newly published study.

Global payment services provider SWIFT has published a new API standard for the pre-authorisation of funds which it says paves the way for further innovation in financial services enabled by Open Banking.

An international delegation of leaders from Singapore and ASEAN banks and the Association of Banks of Singapore are set to meet with their New Zealand counterparts, as well as local FinTech leaders, for a one-day forum this month designed to develop and drive collaboration and digital innovation.

Australian-based global payments provider Verrency is partnering with virtual currency payment provider Coinify to enable banks to securely offer their customers ability to use virtual currency for payments at any merchant around the world.

Open banking holds enormous potential to reshape the banking industry and the broader economy, as well bringing greater control and benefits to Australian consumers and small businesses, according to a fintech practice leader at professional services firm KPMG.

Digital banking firm Volt Bank has chosen technology and services from US global financial services technology provider FIS to power its mobile and card payment services.

The banking industry is increasingly becoming a favourite among cyber criminals, according to security vendor MailGuard, which has detected a new phishing email scam purporting to be from Westpac.

National Australia Bank, Bank Leumi of Israel and US financial services group CIBC have launched a global online portal aimed at driving client-focused innovation by facilitating collaboration between the banks and financial technology firms.

Email fraud attacks continue to grow dramatically, with the number of attacks against targeted companies increasing 226% between Q3 2018 and Q4 2018, and a whopping 476% when comparing Q4 2017 and Q4 2018, according to a new global security threat report.

Bankwest, a division of the Commonwealth Bank, has launched its digital cards feature, allowing customers to activate a credit card via the bank’s mobile app prior to receiving the physical card.

Online bank ME has achieved earnings of $96.5 million for the full year 2018 — an increase of 13% on 2017 — and attributes its results to strong growth.

Ireland-based global fintech Priviti has launched in Australia as the country prepares for the imposition of new Open Banking legislation and the Consumer Data Right which require major banks to make data on credit and debit card, deposit and transaction accounts available by July 2019 and mortgages by February 2020.

Financial services technology provider TAS has partnered with Endeavour Mutual Bank to activate its ".bank" URL in a move aimed at enhancing Endeavour’s cyber security measures.

A new banking trojan, dubbed “DanaBot”, has been discovered targeting users in Australia via emails containing malicious URLs, according to security firm Proofpoint.

Many Australians are failing to adequately secure their data, including their social media accounts, despite increasing vulnerability to data breaches, according to new research.

Victoria is likely to be the state hardest hit by the National Australia Bank’s plans to cut up to 4000 jobs from its operations nationally over the next three years.

The National Australia Bank is shedding 6000 jobs over the next three years despite reporting a massive full year net profit of $5.3 billion for 2017, and putting the decision to slash staff down to the impact of new technology and digital transactions on traditional roles.