Banking Circle opens Australia to pipeline of global stablecoin players
Banking Circle is expanding its Australian stablecoin push, introducing a pipeline of international digital asset firms to local payment rails while remaining silent on recent PayTo disruptions involving two customers.
Featured
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CBA unleashes AI “Companion” for testing on real customers
Commonwealth Bank’s AI vision just got real, with the bank unleashing “CommBank Companion” for testing on both businesses and consumers last week.
Banks
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No concessions as Melbourne turns on $2B tap transit tech and Sydney moves on
A “successful trial” of standard tap and go transit payments tech in Melbourne will finally see the service expand over the coming week - just as Sydney rapidly moves to the next generation which includes concession ticket-holders such as kids, pensioners and people with disabilities.
Cards
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Fiserv doubles down - bans its merchants from recovering fees from all networks and international tourists
While the Reserve Bank of Australia (RBA) and ACCC have only talked about surcharge restrictions for Visa, Mastercard and eftpos, US payments giant Fiserv’s Australian operation is going the whole hog - banning its unwitting merchant customers from surcharging everything from Amex, China Union Pay and Discover.
Fintech
+3
Sydney fintech 6GPI goes after massive SNAP food stamp market in the US, while Zepto offers help to NDIS
Respected solutions architect Dave Pike has walked away from ANZ to set up a fintech that aims to take on fraud in the US$100 billion SNAP food stamp payments market in the US.
Fintech
+1
Worldline stays in the frame after finalising divestment of Paymark to Cuscal
Worldline has finalised the divestment of New Zealand’s iconic EFTPOS player, Paymark, to Cuscal for $27.5 million ... but the troubled European payments services business will continue to provide tech and software to Cuscal during a transition phase.
Fintech
+2
Afterpay’s stadium deal signals an aggressive return to the market, with Square by its side
After cutting its local workforce and settling into Australia’s new Buy Now Pay Later regulatory regime, Afterpay is fighting for a bigger slice of the market with a massive stadium sponsorship, going toe to toe with PayPal and the banks.
Fintech
+1
Zii quietly enters the UK PSP market
Aussie PSP Zii has opened up shop the UK with little fanfare, joining Zeller in its pursuit of greener pastures in the British Isles.
Fintech
+1
Budget plan to share tax data could reduce mortgage fraud
ATO data shared via the Consumer Data Right may not just speed up rental and loan applications, but also help the banks fight their $3 billion mortgage fraud problem.
Banks
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CGT reform fears spark fintech founder backlash over innovation exodus
Australia’s fintech sector has warned proposed capital gains tax reforms could cripple startup investment, weaken employee equity incentives and push founders, talent and capital offshore just as global competition for technology innovation intensifies.
Fintech
+1
NAB nabs loss-making Banked for a song
NAB has acquired loss-making account-to-account (A2A) fintech Banked for scrap, as a cloud of uncertainty hangs over the crowded New Payments Platform (NPP) fintech sector.
Fintech
+1
No return date for Revolut PayTo as company clams up in wake of $3m social media zombie fraud
Wannabe Aussie bank Revolut has declined to name a date for the return of its PayTo service after 250 of its “dormant” zombie accounts were used to defraud about $3 million from unsuspecting consumers on social media.
Fintech
+2
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.
Fintech
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