Waddle Integration With Xero Transforms Invoice Financing
Media Release Waddle Loans Pty Ltd (Waddle) has today announced a first-of-its-kind invoice financing product that integrates with Xero’s cloud accounting software. The solution is available through Xero’s Australian add-on marketplace giving small business owners a simple way to fix their cash flow by establishing a revolving line of credit based on the businesses unpaid invoices within Xero. This new financing solution enables small businesses to use their Xero data to boost cash flow by drawing funds against unpaid invoices the instant they are created, automating every aspect of the financing through a two-way real-time data exchange made possible by the connection. The new offering transforms the traditional “factoring” system, whereby small businesses sell outstanding invoices to a third party financier in […]
Banks and fintechs at war over password sharing
Micro investment company Acorns has accused ANZ Banking Group and other banks of telling customers they can’t share account passwords with the start-up, retarding its growth. Fintech Australia, the new lobby group for financial services start-ups, has formed an “open data subcommittee” to push for changes to the ePayments Code to make it clear that bank customers can give passwords to fintechs without banks having to provide approval. Sharing passwords with fintechs is a legal grey area. Acorns, which invests small change in exchange traded funds, lets users see their bank account activity and round up transactions to the nearest dollar. The app then invests the “change” in an investment […]
Winklies, Dorsey Hunt Oz Biz
New York’s Winklevoss twins, the ex-Olympic rowers who famously – and unsuccessfully – sued Facebook for a fortune in 2011, claiming founder Mark Zuckerberg had stolen their idea, have confirmed plans to bring their bitcoin technology to Australia. The twins – Tyler and Cameron – who have since successfully set up a well-regarded bitcoin exchange in New York – have reportedly been negotiating with Melbourne-based Trimantium to help bring their blockchain technology Down Under. Their presence might well be welcomed here, given the problems the local industry has been experiencing, with one outfit, Bitcoin Group, recently refused entry to the ASX for want of an acceptable financial report (CDN, Feb. […]
Mutual lender partners with fintech hub Stone & Chalk
Leading mutual lender CUA has announced a corporate partnership with growing fintech hub Stone & Chalk. The partnership with Sydney-based Stone & Chalk will give CUA access to the latest technology ideas and innovations emerging from the hub. CUA general manager of business transformation & technology, Sue Coulter said the entrepreneurs working in Stone & Chalk could “dramatically alter” financial services. “There is no doubt that Stone & Chalk has the potential to dramatically alter the financial services landscape in Australia and CUA is excited to be part of this evolution,” Coulter said. “Since opening its doors only eight months ago, Stone & Chalk has quickly cemented its place as […]
Former FPA boss joins fintech group Intiger Asset Management
Mark Rantall, the former chief executive of the Financial Planning Association of Australia, has emerged as the new non-executive chairman of fintech group Intiger Asset Management, which is eyeing a listing on the Australian Securities Exchange. As first revealed by Street Talk, Mr Rantall, who exited the FPA in February, said he left with the “clear objective of taking on non-executive director roles”. He took on the chairman role after a recommendation by fellow adviser Patrick Canion, of ipac WA. Intiger is a fintech group seeking to slash operating costs for advisers and help them compete more efficiently with robo-advice, which is threatening traditional advice models by providing financial plans […]
Facebook wants to partner with Aussie banks on mobile strategy
Social media behemoth Facebook is looking to partner with Australian banks to explore opportunities in mobile banking, in a move that could radically change the face of retail banks. Paul McCrory, head of financial services Australia at Facebook, said the $428 billion tech giant has built “huge mobile platforms” that see 11 million Australians a day. Facebook sees opportunities in leveraging that scale to do business with Australian banks.”Banks are mobile businesses as well, except they also have legacy [systems] that sit behind them. How do we help partner with this vast scale we’ve got, to help a bank, for example, drive digital options?” Mr McCrory told The Australian Financial […]
Global regulators move closer to regulating fintech
Global regulators have moved closer to regulating the fledgling fintech sector, which includes blockchain technology that supports bitcoin, to ensure the industry’s rapid growth does not pose any risks to the financial system. The Financial Stability Board (FSB), which met in Tokyo on Thursday, has agreed on a framework for categorising different components of fintech and assessing their potential risks. The FSB, made up of central bankers, regulators and finance ministry officials from the Group of 20 economies, is looking at fintech partly in response to uncertainty over whether it will “disrupt” traditional banking. Some big investment banks, including Goldman Sachs , are already investing heavily in fintech to avoid […]
Insurers brace for mega fintech shake up
The insurance industry has largely remained the same in the past 100 years, but the sector is in for its biggest shake up as investors continue to pump billions of dollars into “insurtech”, fuelling sweeping changes through technology. Insurance is the second most disrupted industry today thanks to a growing number of start-ups and technology companies eyeing slices of the insurance pie. Research from PwC found that the global insurance industry ranked second only behind media and entertainment as the industry that is most significantly affected by technological change. And Australia, where the general insurance market is dominated by players such as Suncorp Group, IAG and QBE Insurance Group, is […]
