PEXA outages plague Aussie property settlements amidst competition concerns

By Michael Sainsbury, Senior Business Correspondent

Australia’s monopoly electronic property settlement exchange platform PEXA (Property Exchange Australia LTD) appears to have seen off a potential probe by the competition regulator and handed a lengthy delay for network interoperability - and any real competition.

As new CEO Russell Cohen takes the reins, there are mounting concerns in the conveyancing sector about dozens of outages on the Pexa platform, as well as its lack of redundancy and competition.

AP+ ramps up urgency around NPP transition with industry-wide initiative

By Staff Reporter

With the 2030 deadline for the BECS shutdown rapidly approaching, Australian Payments Plus (AP+) has established an industry-wide steering committee to provide oversight and governance in the transition to New Payments Platform (NPP).

While the BECS shutdown is being managed by AusPayNet, slow progress has recently attracted questions from the Reserve Bank of Australia (RBA). As PayDay News reported last year, the uplift required to retire BECS would require a 1400% uplift or 75% CAGR until 2030.

Bullock says cash and bank branches are community service obligations but suggests the RBA may sweeten the deal

By Staff Reporter

Reserve Bank of Australia Governor Michele Bullock says providing customers access to cash and bank branches are community service obligations expected of banks but the RBA is considering ways to ease the burden.

The decline in cash has plateaued but for how long?

By Peter Drennan, Senior Business Analyst

What the data tells us about levels of cash use in Australian retail payments, and where will it be in 10 years time?

Bank@Post says it needs more funding and extends atmx rollout amidst growing criticism that it can’t replace real bank branches in the bush

By Staff Reporter

Amidst growing criticism that Bank@Post should not be seen as a replacement for bank branches for cash services, Australia Post has indicated it will need a longer-term funding solution to keep the service “available and financially viable”.

Banks and the cost of doing business

Opinion by Gabby Taylor, Associate Editor

With the Reserve Bank’s Review of Merchant Card Payment Costs and Surcharging and Treasury’s consultation on mandating cash acceptance in flux, the banks are again in the spotlight.

Bank CEOs are lamenting the “challenges” they face, whilst calling for a ban on surcharging. This week I ask, what is the cost of doing business for bank?

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