Category: News-Automation

The National Australia Bank and the Commonwealth Bank of Australia will join forces to work with the Reserve Bank to develop a proof-of-concept. This will be used to issue central bank digital currency in the form of tokens. Reserve Bank of Australia calls in big...

E-payment device maker Eftpos has announced that it has purchased Aussie payments company Beem It from the Commonwealth Bank of Australia, WestPac and the National Australia Bank (NAB). The purchase of the payments app has been executed at an undisclosed amount. The decision to buy...

Quest Payment Systems (Quest) a technology provider based in Melbourne, recently launched a software-only tap-on-phone payments solution. The solution called Airpay TAP allows merchants to accept contactless card payments. The payment solution allows for transactions to be executed on nearly any modern Android smartphone simply...

Aussie financial services company Westpac Banking Corporation sold its 10.7% stake in buy now, pay later fintech Zip Co Limited. The bank will be dumping 55.2 million shares, according to its statement to the Australian Securities Exchange (ASX). The offloaded 10.7% will net Westpac profit...

Westpac has signed on Afterpay as the debut user of its new bank-as-a-service platform which is cloud-based. Afterpay will use this platform to provide its Australian customers with savings accounts and cash flow tools. This will allow the company to understand its customers’ savings and...

After concluding its investigation into the Australian BNPL service Afterpay, The Australian Transaction Reports and Analysis Centre (Austrac) has decided to not pursue any further regulatory action against it. In June 2019, the Austrac had requested the appointment of an external auditor into Australian operations...

Undoubtedly, Buy Now Pay Later Services have changed the fintech and payments environment in Australia. A recent study by Roy Morgan found that till September 2019, over 1.95 million Australians have used at least 1 shop now pay later service, online or at stores, available...

In the middle of the COVID-19 pandemic, neobank Xinja is cutting the interest rate on its savings accounts once more. It is also slashing the amount of money its customers can earn interest on by $95,000. The new development which was enforced earlier this week,...

After building a successful track record in developing and implementing advanced payment platforms worldwide, UnionPay International (UPI) has some big news. The company introduced a QR code payment technology for merchants in the Australia and New Zealand regions. As an international payment network serving the...

Fintech company Bravura Solutions has announced its plans to acquire UK-based software company Delta Financial Systems for a consideration of $41.5 million. The acquisition has been funded through its existing cash reserve and is expected to be earnings per share accretive in FY21. Why Bravura...