Revolut renews bank licence bid and launches $1,200 debit card as regulatory clouds gather
Switched off from the NPP PayTo service for now after a a zombie fraud incident, the global fintech is also fighting to gain a licence in the US and has been blocked from onboarding new customers in the European Union, even as its customer numbers grow and its valuation has soared past US$100 billion.
Fintech
+1
CBA sounds the bell on AI job losses but are payments functions on the block?
So far most Australian institutions have been reluctant to identify AI replacing jobs but the evidence from offshore on fraud, AML, compliance and back office staff is clear. The nation’s biggest payments player - Commonwealth Bank - is leading the AI charge locally, in the footsteps of global counterparts like HSBC, Citi, JP Morgan, Visa, Mastercard, PayPal and Block.
Banks
+1
AP+ compliance breaches shrouded in secrecy as incident concerns rise
A published "naughty list" of NPP breaches fails to properly name the companies responsible or the penalties applied, despite increasing concern about recent incidents like the $3 million social media fraud scheme that forced fintech Revolut to suspend its PayTo service.
Fintech
+2
Visa ascendent in business card market as Westpac switches
Westpac moves new customers to Visa’s B2B ecosystem as the softer mortgage market focuses major banks even more intensely on business lending.
Banks
+1
Bank flags help catch smoke crooks, as Tyro cuts tobacco list by 30%
Bank reporting of illegal tobacco to AUSTRAC is ramping up and starting to have real world impacts, with suspect funds being confiscated after accounts were flagged by ANZ and Westpac. But there is a lot more to be done ... stores remain open and the trade continues to shift online, as illicit alcohol looms as the next big underworld threat.
Cash
+3
Business groups seek urgent guidance on non-card discount rules
As the surcharge ban looms, industry groups are predicting the return of cash discounts and the introduction of benefits for account-to-account payments for online transactions - but what are the rules?
Cash
+2
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
Bolt repurposes AP+ white elephant Beem after Binance setback
As it looks to recover from an embarrassing short-lived relationship with controversial crypto wallet Binance, Bolt Group's latest move is to give Beem a facelift and turn it into a “true everyday money app”.
Fintech
+2
