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March 26, 2024

On the web

March 22, 2024

On the web

March 19, 2024

On the web

Australian Payments Chooses Swift to Develop Confirmation of Payee Service

Asset Servicing Times

"Australian Payments (AP+) has selected Swift to build a service that aims to reduce the risk of misdirected payments and increase defenses against payment fraud...Swift’s selection to develop the Confirmation of Payee service for the NPP aims to build on its capabilities in AI and data services, including payment pre-validation for cross-border payments."

February 29, 2024

On the web

January 18, 2024

On the web

December 12, 2023

On the wires

November 15, 2023

On the wires

November 8, 2023

On the wires

October 20, 2023

On the web

October 16, 2023

On the web

On the wires

October 11, 2023

On the web

October 3, 2023

On the web

September 28, 2023

On the web

September 15, 2023

On the web

Australia to be ‘Functionally Cashless’ by 2025

News

"Australia is rapidly heading towards becoming a “cashless society” as banks crack down on withdrawals, close ATMs and branches and ban cash altogether — with one expert predicting physical money will be completely gone by the end of the decade. “I’d say we’ll be functionally cashless by the end of 2025 — it’ll just be a complete rarity,” said Richard Holden, professor of economics at UNSW Business School."

August 23, 2023

On the web

July 7, 2023

On the web

By the Numbers: Australian Credit and Debit Card Statistics

Investing.com Australia

"The Covid-19 pandemic saw Aussies take advantage of lockdowns and stay-at-home orders to save and pay down debts, taking credit cards to the sword. However since then, spending has been elevated. Further, since its introduction in 2018, Australians have welcomed Osko and the New Payments Platform to transfer money in near real-time, which is a big benefit over yesteryear's waiting days for funds to clear."

June 22, 2023

On the web

Major Bank’s New Cash Rule for Aussies

Yahoo Life

"Westpac has unveiled major changes to how customers use their debit cards, enacting a $1000 default cash withdrawal limit amid dwindling levels of cash withdrawals across the country. The major bank will also cap transaction limits at a default of $8000 when selecting a ‘credit’ payment — currently a customer’s limit when tapping, inserting or making online payments with a debit card is their available balance."

June 8, 2023

On the web

On the wires

June 7, 2023

On the web

June 6, 2023

On the wires

June 2, 2023

On the web

First Real-World, Cross-Border Settlement Using Australian CBDC Completed Through NexPay and Monoova

The Fintech Times

"The Reserve Bank of Australia (RBA), in collaboration with the Digital Finance Cooperative Research Centre (DFCRC), held an invitation-only conference in Sydney for participants in the Australian Central Bank Digital Currency (CBDC) pilot project. In a live demonstration, Monoova’s CTO Nicholas Tan, successfully completed the first real-world, cross-border settlement using the pilot CBDC."

May 31, 2023

On the web

May 24, 2023

On the web

Woolworths Rolls Out a Big Change to the Way People Shop

Australian Financial Review

"Woolworths will start moving payments on to Australia’s real-time payments system as a cheaper alternative to the card networks controlled by Visa and Mastercard, a move it says will reduce fraud while driving customers to its digital wallet and rewards program. The supermarket has become the first major company to offer customers an option to link their bank account directly to its app, using PayTo functionality introduced by Australia’s new payments platform."

May 22, 2023

On the web

Apple Pay on a Roll, and the Banks are Rattled to Their Cores (Australia)

Australian Financial Review

"Inside Apple, it was known as Project Muirfield. Not only would the iPhone be able to make payments, but accept them too. This week the plan came to life in Australia. The US technology giant said Westpac and Tyro would be the first banks to allow business customers to download an app to receive payments from customers with their iPhone, rather than through a payment terminal."

On the wires

May 18, 2023

On the web

Banks Unveil New Weapon to Fight Scams, but Consumer Troup Says Customers Remain Exposed (Australia)

ABC News

"Australia's under-pressure banks have unveiled a new tool to combat fraudulent transactions in a bid to stop customers losing more and more money to sophisticated scams. Bank transfers have been identified as the most common payment method for scams, but the banks say the "near real-time reporting" system will help them block the movement of money to fraudsters."

Australian ‘Big 4’ Bank Begins Trial for Cryptocurrency Payment Blocks

Cointelegraph

"Westpac, one of Australia’s ’Big Four’ banks, is launching its first trial of scam protection measures designed to combat fraudulent activities related to cryptocurrencies. The protection measures aim to mitigate losses from scams and reduce potential risks. According to the announcement, investment scams account for approximately 50% of all customer losses linked to scams, while around one-third of all scams involve direct transfers to cryptocurrency exchanges, making them extremely difficult to trace."

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