CBA tightens grip on Aussie transit payments under NSW contract

By Warwick Ponder, Managing Editor

CBA will provide transit ticketing acquiring services for the NSW Government for at least another five years and will also support the State to deliver “new technologies for improved journey planning, payment and information access”.

In a statement on Friday, Australia’s biggest bank said it had retained transit ticketing as part of the NSW banking tender. The five year agreement includes options to extend for a further six years.

Big Four banks and Citi get a guernsey in NSW bank tender – Fintechs and small banks to follow

By Staff Reporter

The NSW Government has signed five year deals updating NSW’s banking and payments services, expanding on its multi-partner banking model to “deliver an increased depth in liquidity and financial strength”.

Citi retains NSW Government commercial card contract for 5 years

By Staff Reporter

Citi has again been appointed as the provider of commercial cards for the New South Wales Government (NSW), promising to drive efficiencies through automation and reporting.

World-first scams prevention laws welcomed

By Luke Raven, Financial Crime Expert and Warwick Ponder, Associate Editor

A new Scams Prevention Framework has become law, setting out enforceable obligations for Australia’s banks, digital platforms including social media, and telecommunications providers.

The legislation that passed through the Senate last week will see businesses that do not meet their obligations face fines up to $50 million.

Regional branch moratorium and Bank@Post deal meet a sceptical response

By Staff Reporter

Announcements by the big banks and Federal Government last week for a moratorium on big bank closures in regional Australia and a boosting Bank@Post services have been met with scepticism by unions, regional banks and other critics.

IPF wants action on merchant fees after record increases

By Staff Reporter

The cost of card fees levied on businesses is at record levels, forcing higher surcharges for consumers in a cost of living crisis, according to the Independent Payments Forum (IPF).

IPF analyst Peter Drennan said new Reserve Bank of Australia (RBA) data showed that average merchant card fees charged by banks and other payment service providers (PSPs) was now at record highs for both debit and credit cards since the data series began in 2020.

What happened to my precious data?

Opinion By Brad Kelly, Payments Commentator

Most of you will know that I take the monthly Reserve Bank Australia payment data very seriously.

This RBA data is a barometer for the payments industry and the only source of data outside of card schemes, Australian Payments plus or participants in the payments eco-system.

Payment data has never been more important than right now.

Adyen using AI to reduce fraud and costs for merchants

By Staff Reporter

Adyen has announced an AI-powered payment optimisation suite which it claims will help businesses increase payment conversion, simplify fraud management, and reduce the cost of payments.

Westpac’s business chief to land mid year, via CBA

By Staff Reporter

Westpac has appointed Paul Fowler to the position of Chief Executive, Business & Wealth.

Mr Fowler will commence in the role mid-year. He will take over from Peter Herbert, Acting Chief Executive, Business & Wealth.

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