AUSTRAC and the Australian Federal Police have disrupted a network suspected of laundering more than $123 million for crime syndicates,
AUSTRAC and the Australian Federal Police have disrupted a network suspected of laundering more than $123 million for crime syndicates, but Grant Thornton warns demand remains strong, with organised crime continually looking for vulnerabilities across Australia's financial system.
ANZ chief executive Nuno Matos was rebuked after failing to answer questions from Jerome Laxale about whether taxpayers were paying more than necessary for debit payments through the Reserve Bank.
New Anti-Money Laundering/Counter Terrorism Financing laws have slowed Australian Cryptocurrency transaction times from seconds to “almost an hour,” exchanges are claiming.
NAB’s real time payments implementation and automated reconciliation has helped Australia’s biggest super fund - AustralianSuper - process more transactions while lowering exception rates following the introduction of Payday Super.
The same day surcharging was “banned” and credit card rewards shrank across Australia, Woolworths’ and Commonwealth Bank went live with a grocery discount loyalty program that changes the points game.
TOP STORIES
ASIC has questioned whether prediction markets for retail clients are in the public interest, while experts warn that extra scrutiny in the sector could result in more compliance pressure for
ANZ’s pledge to keep a branch in every regional community it serves leaves room for closures when it combines its network with Suncorp Bank’s.
Macquarie Group’s $2.48 billion half-year profit has been accompanied by fresh APRA scrutiny over a longstanding capital breach and another governance overlay.
Banking Circle Australia is offering payment providers single-use PayIDs linked to virtual accounts, with funds going straight into the account the provider holds at the bank.
Qvalent listed PayWay and QuickSuper among five affected services, while PEXA warned of possible delays to property transactions involving Westpac and St.George.
While the Finance Minister tried to dodge chaos around the credit card surcharge ban, Tax Commissioner Rob Heferen detailed failed talks with the RBA and card companies, as Visa and
Australian merchants paid a record average of 1.03% on Visa credit transactions and 1% on Mastercard credit in the September quarter, just before those schemes banned surcharges their cards.
Christmas has come early for lawyers as Stripe warns relabelled card fees could breach consumer law, Raisely keeps tip boxes ticked and charities still ask whether the ACCC can rule.
Independent payments commentator Vibhu Arya says linking Apple’s contactless technology with PayTo would change the game in Australia, motivating shoppers to pay merchants directly from their bank accounts with a
Melbourne fintech 1receipt has launched receiptGrab, letting Australian shoppers keep a digital receipt without giving the retailer an email address or phone number.
Fast, convenient payments can encourage online gamblers to spend more and make losses harder to track, says a University of Sydney gambling researcher calling for stronger safeguards from banks.
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THE INTERCHANGE BENCH
The Week in Payments
Expert insight and analysis on the big stories shaping the payments industry.
TRENDING STORIES
Commonwealth Bank reported higher retail and business fee income a day before ASIC announced it was suing over an alleged $8.5 million in overcharges to about 42,000 CommBiz customers.
Xero earned 87 cents per $100 in bills paid through Melio’s US network, up from 66 cents a year earlier, as direct customers also put more through the service.
Zepto’s latest index finds the NPP accounted for 71% of growth in account-to-account payments, while the older BECS network still carried 86% of the money.
Sunshine Loans has been penalised $5.5 million after ASIC pursued the payday lender over unlawful repayment rescheduling fees charged to financially vulnerable borrowers.
As the “no surcharge” circus clouds clear, Westpac has cut its rate and Square is holding firm, leaving a sea of small merchants to work out how much of the
PayPal and Quest have brought Pay in 4 to The Good Guys’ terminals, expanding its in-store reach, while Zip opens ZMobile to all Australians.
The ACCC has widened Armaguard customer price protections following calls from the Regional Banking Investment Alliance, Independent Payments Forum and Clubs Australia, as the RBA brings Prosegur Australia into regulation.
Merchants took nearly $6 billion on overseas-issued credit and charge cards in the September quarter, with Visa and Mastercard credit fees averaging close to 3%.
David Jones has stopped issuing credit cards, selling gift cards and cut its change-of-mind exchange window to 14 days, while Latitude says existing credit card customers can keep spending.
Qantas Business Rewards is offering up to 100,000 bonus points on BAS and supplier payments through pay.com.au and B2Bpay, as Westpac and Prospa add points on loans.
ANZ paid $28 million for Worldline’s stake in its Australian merchant business and is now trying to keep Suncorp Bank merchants with an offer of 0.95% domestic card rate.
Macquarie’s half-year results show growing deposits and higher technology spending in its banking business as DEFT pushes PayID, with weekend settlement delays and no credit-card option.
On The Interchange Bench, PayNuts taps NAB’s Zsolt Selmeci for partnerships and Mark Paice steps up at Kiwibank. Tyro’s sushi tram rolls as its shares slide 31%, Azupay weighs in
Revolut’s New Zealand banking approval brings a shared bank brand across the Tasman, with NZ chair Rob Everett supporting its challenge to established lenders.
With the schemes’ surcharge ban well underway, many are looking to cash as a potential substitute. APRA’s new points of presence data shows that getting cash in Australia may be
CBA is pushing the benefits of virtual credit cards for supplier payments as commercial cards retain 0.8% interchange, the maximum domestic credit card rate under the RBA’s new rules.
PAYMENTS COMMENTARY
Qantas is offering businesses up to 100,000 bonus points to pay through intermediaries like pay.com.au, B2Bpay, RewardPay and Payment Logic that can still take credit cards after the ATO stops,
Independent payments commentator Vibhu Arya says linking Apple’s contactless technology with PayTo would change the game in Australia, motivating shoppers to pay merchants directly from their bank accounts with a
As the “no surcharge” circus clouds clear, Westpac has cut its rate and Square is holding firm, leaving a sea of small merchants to work out how much of the
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Stay up-to-date with the latest Australian payments news
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People, moves and talk from across the payments world.
On The Interchange Bench, PayNuts taps NAB’s Zsolt Selmeci for partnerships and Mark Paice steps up at Kiwibank. Tyro’s sushi tram rolls as its shares slide 31%, Azupay weighs in on surcharges and ANZ’s PayTo campaign for IKEA hits the streets.
a2a
Zepto’s latest index finds the NPP accounted for 71% of growth in account-to-account payments, while the older BECS network still carried 86% of the money.
Australian merchants paid a record average of 1.03% on Visa credit transactions and 1% on Mastercard credit in the September quarter, just before those schemes banned surcharges their cards.
Independent payments commentator Vibhu Arya says linking Apple’s contactless technology with PayTo would change the game in Australia, motivating shoppers to pay merchants directly from their bank accounts with a
Banking Circle Australia is offering payment providers single-use PayIDs linked to virtual accounts, with funds going straight into the account the provider holds at the bank.
Qvalent listed PayWay and QuickSuper among five affected services, while PEXA warned of possible delays to property transactions involving Westpac and St.George.
Macquarie’s half-year results show growing deposits and higher technology spending in its banking business as DEFT pushes PayID, with weekend settlement delays and no credit-card option.
cards
Australian merchants paid a record average of 1.03% on Visa credit transactions and 1% on Mastercard credit in the September quarter, just before those schemes banned surcharges their cards.
Merchants took nearly $6 billion on overseas-issued credit and charge cards in the September quarter, with Visa and Mastercard credit fees averaging close to 3%.
David Jones has stopped issuing credit cards, selling gift cards and cut its change-of-mind exchange window to 14 days, while Latitude says existing credit card customers can keep spending.
Qantas Business Rewards is offering up to 100,000 bonus points on BAS and supplier payments through pay.com.au and B2Bpay, as Westpac and Prospa add points on loans.
While the Finance Minister tried to dodge chaos around the credit card surcharge ban, Tax Commissioner Rob Heferen detailed failed talks with the RBA and card companies, as Visa and
CBA is pushing the benefits of virtual credit cards for supplier payments as commercial cards retain 0.8% interchange, the maximum domestic credit card rate under the RBA’s new rules.
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TOPICS: CASH
The ACCC has widened Armaguard customer price protections following calls from the Regional Banking Investment Alliance, Independent Payments Forum and Clubs Australia, as the RBA brings Prosegur Australia into regulation.
With the schemes’ surcharge ban well underway, many are looking to cash as a potential substitute. APRA’s new points of presence data shows that getting cash in Australia may be
After paying no tax in FY25, Linfox Armaguard’s proposed new cash pricing would treat new and existing customers differently, as the Independent Payments Forum demands stronger cost controls and regional
TOPICS: BANKS
ANZ chief executive Nuno Matos was rebuked after failing to answer questions from Jerome Laxale about whether taxpayers were paying more than necessary for debit payments through the Reserve Bank.
Commonwealth Bank reported higher retail and business fee income a day before ASIC announced it was suing over an alleged $8.5 million in overcharges to about 42,000 CommBiz customers.
ANZ’s pledge to keep a branch in every regional community it serves leaves room for closures when it combines its network with Suncorp Bank’s.
TOPICS: SCAMS & FRAUD
AUSTRAC and the Australian Federal Police have disrupted a network suspected of laundering more than $123 million for crime syndicates, but Grant Thornton warns demand remains strong, with organised crime
Sunshine Loans has been penalised $5.5 million after ASIC pursued the payday lender over unlawful repayment rescheduling fees charged to financially vulnerable borrowers.
Australia’s Scams Prevention Framework is a step in the right direction to curb scam losses and protect people but, in its current form, it also opens the door to potential
TOPICS: CRYPTO
New Anti-Money Laundering/Counter Terrorism Financing laws have slowed Australian Cryptocurrency transaction times
Experts believe the government’s draft legislation to improve tax transparency for cryptocurrencies
Binance’s US$6.3 billion theft intensifies scrutiny of crypto custody as Westpac follows
Banking Circle is supporting AllUnity’s push into cross-border business payments, providing the
Securities regulator ASIC and the Reserve Bank have launched new consultations on
Everyday cryptocurrency investors in Australia want clearer rules for the market, with
Can I use crypto for that? Industry experts tell PayDay News that
Crypto executives say AUSTRAC’s recent crackdowns will strengthen the industry’s legitimacy.
TOPICS: REGULATION
ASIC has questioned whether prediction markets for retail clients are in the
Macquarie Group’s $2.48 billion half-year profit has been accompanied by fresh APRA
The ACCC has widened Armaguard customer price protections following calls from the
Co-operative Bank, Commonwealth Bank’s ASB and TSB have been penalised NZ$11.7 million
CBA, NAB, Westpac and ANZ Worldline have published fee averages, but the
Federal Court orders will let developers choose payment providers and offer cheaper
AFCA’s annual review reveals rising disputes over BNPL, everyday accounts, cards and
New Zealand has moved open banking standards into government hands as Westpac
TOPICS: FINTECH
Xero earned 87 cents per $100 in bills paid through Melio’s US
Melbourne fintech 1receipt has launched receiptGrab, letting Australian shoppers keep a digital
PayPal and Quest have brought Pay in 4 to The Good Guys’
Revolut’s New Zealand banking approval brings a shared bank brand across the
Zepto, Monoova, Azupay, Paypa Plane, Airwallex, Adyen, Pyng and Banking Circle see
Australia’s fintech industry is entering a more mature growth phase, led by
Payments businesses face disproportionate compliance pressures, with a new industry census identifying
A market analyst has flagged a 75% chance Square could leave ASX-listed
AUSTRALIAN PAYMENTS NEWS
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Qantas chases BAS payments as Chalmers delays ATO card ban