New fintech platform to ‘take business from brokers’
A former major bank executive will launch a new fintech business this year to compete directly with the third-party channel on prime mortgages. Mark Bevan, who spent 25 years at CBA and six with Westpac, is the co-founder of Joust, an online platform that allows lenders to compete for home loan deals through a live digital auction process. The platform involves a panel of lenders bidding (or jousting) to be the provider of a customer’s home loan. The Adelaide-based fintech business aims to target prime mortgage customers with good credit ratings, good jobs and equity in their homes. Source: New fintech platform to ‘take business from brokers’ – Mortgage Business
Fiserv and Alpha Payments Cloud Partner on Cost Effective Solution to Connect to Real-Time Payments in Australia – Press Release
Alpha Payments Cloud, a global leader in providing third party payment, risk and commerce solution access to international banks and merchants, has today announced a partnership with Fiserv, Inc., a leading global provider of financial services technology solutions. The partnership will provide Australian banks with a simpler and faster way to process payments in Australia while also generating significantly more value through the addition of overlay services through the AlphaHub Payments as a Service platform. The AlphaHub introduces Australian banks to an entirely new middleware layer that provides frictionless access to overlay services instantly, significantly speeding up the introduction of new functionalities. Accessing these new functionalities through the AlphaHub’s considerable […]
ANZ Bank joins tech giants creating blockchain ‘Hyperledger’
Australia and New Zealand Banking Group has joined a slew of tech giants and financial institutions banding together to explore how blockchain technology may further their businesses and potentially replace the dated international money transfer system. Lead by not-for-profit organisation The Linux Foundation, ANZ will join the likes of IBM, Intel, the London Stock Exchange, State Street, Wells Fargo, Cisco, CLS, Digital Asset, Fujitsu, IC3, Mitsubishi UFJ Financial Group, SWIFT and VMware, in a project is called “Hyperledger”. In the project the firms in the group will each offer intellectual property and resources to develop their own “blockchain”. The blockchain is a decentralised database of transactions of the cryptocurrency Bitcoin, […]
Fintech revolution a bank threat
Bank bashing is an old sport usually practised by external critics, but 2016 could be the year when big banks discover that their greatest threat comes from within – something that should concern bank shareholders as much as employees. Technology lies at the heart of what’s happening in the banking world; and some of the smartest people in the industry are voting with their feet, quitting old-style banks for the new generation of ‘fintech’ companies. At the core of the fintech revolution lies the appeal of faster and better computer systems, coupled with the attraction of a new business run by hand-picked tech-savvy staff, a structure that attracts less government […]
Auswide Bank lends $60m, takes 20pc in MoneyPlace
Auswide Bank is offering $60 million in personal loans over five years via fledgling peer-to-peer lender MoneyPlace along with a 20 per cent stake in the start-up to boost its personal loans to younger borrowers. Martin Barrett, the managing director of the small, listed Queensland bank, which has a loan book of about $2.4 billion, said it had been in talks with MoneyPlace about investing in and via the platform for about a year while it was seeking its credit licence from the corporate watchdog. “What the P2P guys have to offer is something that is more advanced and capable than what we would be able to put into the […]
Big banks opt for Android over Apple Pay
Australian banks have snubbed Apple in favour of Google as six declared on Tuesday they will go with Android Pay in the first half of 2016, while Apple is salvaging its bid to grab a share of the banks’ dwindling merchant card fees. The deal with Google, announced in a blog post by director, product management Pali Bhat, will mean Australia becomes the second country where Android Pay will be rolled out after it was launched in the US in May. ANZ Bank, Westpac – and its subsidiaries Bank of Melbourne, Bank of South Australia and St George – Bendigo and Adelaide Bank, ING DIRECT, Macquarie Bank and Cuscal, which […]
RBA governor Glenn Stevens backs blockchain and tech disruptors
The blockchain technology that underpins controversial crypto-currency bitcoin could bring significant benefits to the global banking system, Reserve Bank of Australia governor Glenn Stevens said. Speaking in his regular year-end interview with The Australian Financial Review, Mr Stevens said it was important for banks to figure out how the technology could be used to create broader efficiencies in the financial system. The words of support from a high-profile central banker will be welcomed by banks and start-ups around the world, which are working to develop applications for the relatively new technology. Blockchain is a digital record of transactions spread across separate computers designed to withstand tampering even by the people […]
Westpac trials Prospa tie-up
It is great to see that the big banks in Australia are starting to support our FinTech companies. Lets hope that the this announcement encourages some of the other banks to get in and trial a partnership with an up and coming technology. Westpac has begun quietly trialling a partnership with online small business lender Prospa, signalling a growing willingness by the big four banks to embrace working with the rapidly emerging “fintech” industry. Source: Westpac trials Prospa tie-up
