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February 7, 2025

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January 31, 2025

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January 27, 2025

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January 20, 2025

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January 16, 2025

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December 3, 2024

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Commonwealth Bank Slugs Some Customers With Ridiculous New Fee to Withdraw Their Money in Shock Announcement [Australia]

Mail Online

"Australia's biggest bank will soon charge some customers a fee if they want to withdraw their own money from branches. Customers of the Commonwealth Bank got a rude shock on Monday when the bank announced it was closing its 'Complete Access Account' and changing them to 'Smart Access Accounts'.  But the new account will include a $3 fee tacked onto every withdrawal from a branch, a post office or phone, starting January 6."

November 20, 2024

On the web

‘Big Four’ Banks Test New AI-Based Fraud Tech [Australia]

Information Age

"Executives from some of Australia’s largest banks say social media and telecommunications companies are not doing enough to fight scams and fraud on their platforms, as the country’s financial giants reveal they are testing a new layer of security billed as a world-first. ANZ, Commonwealth Bank, NAB, Westpac, and Suncorp Bank announced they had begun piloting new tech from Israeli cyber security company BioCatch as part of their intelligence-sharing network."

November 19, 2024

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Cheques Transition Plan: Winding Down Australia’s Cheques System

Treasury

"Although they were once a cornerstone of Australia’s payment system, cheques now account for less than 0.1% of total volume of retail payments in Australia. Winding them down in a staged, responsible manner will help reduce transaction costs across the economy, drive down the costs of the associated goods and services and improve productivity."

October 31, 2024

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October 17, 2024

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October 15, 2024

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October 14, 2024

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Australia Plans to Reduce Bank Card Surcharges From 2026

Reuters

"Australia is planning to reduce bank card surcharges, including the elimination of transaction fees on debit cards, the government said on Monday, as the use of cash declines in the country. In a media release, the government said the central bank was undertaking a review of the merchant card payment costs and surcharging, and subject to that consultation, it is prepared to ban debit card surcharging from 2026."

October 11, 2024

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September 30, 2024

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September 25, 2024

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September 24, 2024

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September 19, 2024

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September 3, 2024

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August 14, 2024

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August 5, 2024

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July 25, 2024

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J.P. Morgan Joins Australia’s Fast Payment Network

FST Media

"J.P. Morgan Payments, the payments services and paytech development arm of US banking giant J.P. Morgan Chase, has been announced as the newest member of the AP+ network. Through its membership, the US payments giant will gain access to Australia’s domestic fast payments network, the New Payments Platform (NPP), as well as to EFTPOS’ online debit payments network for its customers."

July 24, 2024

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June 27, 2024

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RBA’s Focus on Online Payments Signals Broader Trends in Global Financial Regulation

Finance Magnates

"In a world where digital transactions are increasingly becoming the norm, the Reserve Bank of Australia's (RBA) recent speech by Ellis Connolly, Head of Payments Policy, sheds light on critical issues surrounding online retail payments. Delivered at the Merchant Risk Council Conference on June 18, 2024, Connolly’s address highlights both the advancements and challenges faced by Australia in this rapidly evolving sector."

June 26, 2024

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Online Retail Payments – Some Policy Issues (Australia/Speech at the Merchant Risk Council)

Reserve Bank of Australia

"The payments landscape in Australia is continuing to evolve rapidly, with new business models and technologies emerging. This is particularly the case for online retail payments, which I will focus on today. But first, I will provide you with a brief update on the Australian Government’s reforms to the RBA’s regulatory role in payments and on the RBA’s upcoming review of retail payments regulation."

June 18, 2024

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June 11, 2024

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May 9, 2024

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May 8, 2024

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