FEATURED
Fintech
+1
May 13, 2026
Banking Circle customer chaos - first Binance and now Revolut’s $3m zombie PayTo fraud bungle
Hundreds of zombie Revolut accounts have been used to fleece about $3 million using fraudulent PayTo requests via Banking Circle’s tech stack ... but nobody wants to talk about why it wasn't spotted sooner. The "incident" follows another Banking Circle customer - Binance - having to be unplugged unceremoniously from the New Payments Platform (NPP) in January.
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TRENDING
Cash
+5
May 13, 2026
Merchant fees hit record highs as card spending surges
Visa and Mastercard credit card merchant fees both reached 0.99% in the March quarter - the highest levels on record - while debit fees also climbed sharply. The increases come as card spending hit historic highs, with credit up 12% and debit surging 15% year-over-year, putting additional pressure on retailers already facing margin compression.
Fintech
+1
May 13, 2026
Paperwork: Why Xero won't join Australia's open banking yet
Xero is still sitting outside Australia's Consumer Data Right regime, blocked by a bank-administered paper form for so-called "nominated representatives" that 6 in 10 small business customers never manage to sign.
Banks
+1
May 13, 2026
Can open banking help tackle Australia’s $82 billion illicit finance problem?
Plagued with delays and scope changes, the CDR rails were built to ease consumer switching — but industry experts said open banking could also help alert us to criminal activities across banks, telcos and platforms, including the growing mortgage fraud problem.
Fintech
+1
May 13, 2026
CBA selects FIS to streamline reconciliations
The Commonwealth Bank (CBA) has enlisted the help of a San Francisco based fintech FIS to consolidate and automate reconciliation across the bank, with the solution to process over 150 million transactions daily.
Banks
+2
May 13, 2026
Visa partners to test agentic ecosystem
A host of Australian partners including ANZ, Bank of Melbourne, BankSA, Cuscal, ING, Latitude Financial, NAB, St. George, and Zip have signed up to Visa’s Agentic Ready program, in what Visa said was an important step in preparing the local ecosystem for the next phase of agentic commerce.
Cash
+1
May 13, 2026
Westpac brings back cardless cash withdrawals ... with a twist
After pulling the plug in 2024, Westpac has brought back cardless cash withdrawals, to suit the modern era.
Cash
+1
May 6, 2026
ACCC and RBA to step up in cash distribution role
Whilst the new pricing model for Armaguard continues to be delayed, Treasury is requesting feedback on a cash distribution bill, one that assigns new powers to the ACCC and RBA to ensure the sustainability of cash services in Australia.
Banks
+1
May 6, 2026
Digital trouble spots driving bank-based Digital Identity play ConnectID
Out of necessity rather than government intervention, the shift towards digital identity is moving rapidly, with ConnectID – a solution backed by Australian Payments Plus (AP+), Commonwealth Bank, NAB, ANZ and Westpac - taking a leading role.
Fintech
+1
May 6, 2026
NAB-backed Banked quiet in Aussie market as local boss moves to Stripe
Former Banked and Waave boss Ben Zyl has moved to Stripe, as his former employer goes quiet in the Australian market and key customers appear to have moved on.
Fintech
+1
May 6, 2026
Revolut shuts down PayTo after “incident”
Wannabe Aussie bank Revolut has turned off PayTo following an unexplained incident, with its New Payments Platform (NPP) access provider - understood to be Banking Circle - AP+ and regulators clamming up when approached for comment.
Fintech
+1
May 6, 2026
Westpac and NAB ramp up as paytechs grab small business lending
Australia's banks are finally waking up to small business as data driven payments operators like PayPal, Square, Tyro, Stripe and BNPL offer easier credit options through “embedded finance” often linked to transactions.
Fintech
+1
Apr 29, 2026
Adyen partnership sees big savings for 1Cover
Travel insurer 1Cover claims a $35,000 saving by streamlining its payments stack through Adyen partnership.
Fintech
+1
Apr 29, 2026
Ant International & Citi launch PayTo for Australian SMEs
Ant International and Citi plan to launch PayTo on Ant’s service in Australia aimed directly at the small business market.
Featured
+3
Apr 29, 2026
Fee fog thickens as Visa and Mastercard sidestep parliamentary scrutiny
As the Reserve Bank moves to increase transparency on fees, the global card giants deflect detailed parliamentary questions on $2 billion in scheme fees. They have instead leaned on global narratives, while avoiding direct answers on Australian cost increases and merchant impacts.
