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Instant payments momentum gathers pace globally as Swift strengthens its role

Real-time payments are coming to you

Instant payments are set to be one of this year’s hot topics at Sibos. Last week, Swift and EBA Clearing announced that users of EBA’s instant payments system, RT1, will be able to access the platform via SwiftNet Instant, Swift’s instant payments messaging solution, from November 2018. Elsewhere, Australian consumers have been told they will be able to make instant payments from January next year.

SocietyOne tops $350m in loans

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Australian P2P lender SocietyOne has revealed it has issued more than $350 million in loans on its platform since 2012, reports Julie Muhn at Finovate (Banking Technology’s sister company). Additionally, the company has the highest number of current loans, setting a record for itself with $200 million in its books. “Our growth in 2017 underlines […]

NAB gets down and under to overhaul SME business loans

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National Australia Bank (NAB) has unveiled a complete overhaul of its existing business standard loan form contracts that will “benefit” over 130,000 Australian business owners.

SCU launches AI service for customer queries

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SCU (formerly Sydney Credit Union) has partnered with Australian fintech firm Epictenet to implement an artificial intelligence (AI) powered platform for customer queries. The new platform, called “Let’s Chat” (in its initial phase), is programmed to respond to general queries related to home loans, personal loans, credit cards and insurance products. At a later phase, […]

The rise of regtech down under

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Could Australia give the UK a run for its money? Wayne Johnson, co-founder and CEO of Encompass Corporation, explores.

Top fintech stories this week – 1 September 2017

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Catch up on Banking Technology’s top five fintech stories of the week – all in one place!

Avoka reports record growth for second consecutive year

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Australia-based digital banking software vendor Avoka is celebrating its second year in a row of topping expectations. The company has experienced big gains in order numbers (79% overall, 67% new business), opened a new office in Frankfurt, Germany, and launched a new solution to help FIs build and implement their visions for an omnichannel experience, reports […]

Eftpos Australia launches new settlement service

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Eftpos Australia, the nation’s most widely used debit card payments system, has unveiled its new eftpos Settlement Service (eSS). According to Eftpos, eSS enables the centralised settlement of CHQ (cheque) and SAV (savings) transactions processed via the Eftpos Hub. Paul Jennings, Eftpos acting CEO, says the implementation took 18 months and with all members now […]

Commonwealth Bank rooting for Australia’s foray into quantum computing

Commonwealth Bank of Australia has joined telco firm Telstra, the Federal Government, the New South Wales Government and the University of New South Wales (UNSW) in an $83 million venture to found Australia’s first quantum computing company. The firm, Silicon Quantum Computing (SQC), has been launched to advance the development and commercialisation of the UNSW’s […]

Trustees Australia merges with deposit marketplace Cashwerkz

Vantiv and Worldpay agree to merge

Financial services group Trustees Australia and deposit marketplace Cashwerkz have merged as they seek to tap into the cash, term deposit and fixed income investments markets. According to the duo, the new entity has access to over 30 Australian banks, and it will be able to compete well in the $2.1 trillion cash deposit market. […]

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