Wannabe Aussie bank Revolut has turned off PayTo following an unexplained incident, with its New Payments Platform (NPP) access provider - understood to be Banking Circle - AP+ and regulators clamming up when approached for comment.

NAB has started building a new cloud-based payments switch and intends to begin migrating its entire acquiring operation next year.

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.

With a profit uptick but its underlying fundamentals still shaky, ANZ is looking to cozy up to big business – including the Reserve Bank - with its buyout of Worldline's 51% stake in merchant payments joint venture, ANZ Worldline.

End users finally have a chance to have a say on the Vision for account-to-account payments in Australia, with the release of a consultation which attempts to deal with entrenched industry issues, as well as geopolitical uncertainty and tectonic technology threats from AI.

This week media shone a light on small businesses losing thousands to fraudulent chargebacks. The merchant experiences reported are important — and they point to something the payments industry has been too slow to address systematically.

Former Banked and Waave boss Ben Zyl has moved to Stripe, as his former employer goes quiet in the Australian market and key customers appear to have moved on.

By pulling regional bank branches and hoping smart ATMs fill the gap, the major banks have signalled that their investment in people is inexplicably shrinking at the very moment it's needed most ... and possibly creating a security problem they haven't thought through.

Australian Payments Plus is quietly switching off the eftpos card-matching engine that it says is declining and under-utilised. The result could push shoppers back to credit rails just as the Reserve Bank is trying to reduce costs in the system.

Whilst the new pricing model for Armaguard continues to be delayed, Treasury is requesting feedback on a cash distribution bill, one that assigns new powers to the ACCC and RBA to ensure the sustainability of cash services in Australia.

Apple's services line just posted its biggest quarter ever - $31 billion and rising. For payments people, that single number tells you everything about where John Ternus is steering the company.

Out of necessity rather than government intervention, the shift towards digital identity is moving rapidly, with ConnectID – a solution backed by Australian Payments Plus (AP+), Commonwealth Bank, NAB, ANZ and Westpac - taking a leading role.

On The Interchange Bench this week, Zyl and Traiano chase big fish for Stripe, customer advocate Hillier joins Fatty Z, Kutzner thinks the Europeans may have a point on sovereignty, some fintech commentators have selective hearing on the new A2A consultation, Spike Lee to front Airwallex as revenues and losses mount, and India proposes speed humps on instant payments.

With the federal budget looming and government looking for big spending cuts, Melbourne fintech Kismet has launched a digital provider invoicing tool it says could unlock $630 million in annual NDIS productivity gains, applying real-time compliance checks before submission.

Social commerce is on the rise with both consumers and businesses turning to the platforms to buy and sell goods, according to a new study from PayPal.

ANZ said sending money overseas may be safer, simpler and faster thanks to its upgraded International Money Transfers feature on ANZ Plus.