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.

AusPayNet has thrown a curveball at industry efforts to close Bulk Electronic Clearing System (BECS), telling a parliamentary committee that business customers want it to stay open and that the real time New Payments Platform (NPP) may not boost competition.

Industry insiders say Amex may seize the opportunity to jump on the “no-surcharge” bandwagon despite its high fees, lack of regulation and the practice being allowed in its home country, the United States.

Payment Service Providers (PSPs) and fintechs are likely to lose a raft of lucrative customers after the Prime Minister announced that bans on online gambling products are being strengthened.

Who pays for PayTo fraud and chargebacks is an issue that needs to be ironed out quickly as transactions grow in the market. Monoova confirms what consumers don’t want to hear - “it’s complex”.

The NSW Government’s decision to swap out its Opal providers has flow on effects to the current provider Cubic and its partners, but not Commonwealth Bank acquiring ... for now.

Are Aldi prices about to rise for price-sensitive customers who can least afford it? The German chain already faces a cost disadvantage on payments to its larger rivals Coles and Woolworths, now it faces a government dictated hit to its competitive advantage.

Visa and Mastercard credit card merchant fees both reached 0.99% in the March quarter - the highest levels on record - while debit fees also climbed sharply. The increases come as card spending hit historic highs, with credit up 12% and debit surging 15% year-over-year, putting additional pressure on retailers already facing margin compression.

Xero is still sitting outside Australia's Consumer Data Right regime, blocked by a bank-administered paper form for so-called "nominated representatives" that 6 in 10 small business customers never manage to sign.

Plagued with delays and scope changes, the CDR rails were built to ease consumer switching — but industry experts say open banking could also help alert us to criminal activities across banks, telcos and platforms, including the growing mortgage fraud problem.

On The Interchange Bench this week, Nathan’s proud Cuscal moment, Westpac goes after Boomer merchants, Arnott goes crackers over fuel cash backs, Tyro’s Moxey announces diamond deal, de Kort teaches kids the value of money from First Class, and Spenda Pay joins the conga line of rewards platforms.

The Commonwealth Bank (CBA) has enlisted the help of a San Francisco based fintech FIS to consolidate and automate reconciliation across the bank, with the solution to process over 150 million transactions daily.

A host of Australian partners including ANZ, Bank of Melbourne, BankSA, Cuscal, ING, Latitude Financial, NAB, St. George, and Zip have signed up to Visa’s Agentic Ready program, in what Visa said was an important step in preparing the local ecosystem for the next phase of agentic commerce.

After pulling the plug in 2024, Westpac has brought back cardless cash withdrawals, to suit the modern era.