PYMNTS

SEPTEMBER 26, 2017

Australia has introduced tougher rules on banks that will go into effect as early as next month, including capping executives’ salaries, delaying their bonuses and driving them out of the industry if they are guilty of wrongdoing.

Regulation 100

Regulation ATM Fraud National 100

PYMNTS

FEBRUARY 10, 2017

In the latest bit of Apple Pay expansion news, Macquarie Group and ING Direct have announced that they will start using Apple Pay in Australia this month. Apple Pay has had something of a bumpy lift off down under — only one major Australian bank, Australia and New Zealand Banking Group, has adopted the Apple Pay system.

Apple 100

Apple National Groups Marketing 100

PYMNTS

AUGUST 5, 2019

According to a report in The Sydney Morning Herald , National Australia Bank’s outgoing chairman Ken Henry and other executives held discussions last week with its independent auditor, Ernst & Young , about the shortcomings in the bank’s risk management. And Westpac , which paid PwC $27.5 ANZ Bank , which paid KPMG $22.4

Policies 108

Policies United States Risk Management National 108

PYMNTS

FEBRUARY 13, 2018

Three of Australia’s four largest banks have rolled out real-time payments capabilities as the government launches a widespread inquiry into the financial services sector. 13) local time said Commonwealth Bank, Westpac and National Australia Bank (NAB) have begun to offer their customers real-time payments services.

Payments 100

Payments Fraud Security Branding 100

PYMNTS

OCTOBER 22, 2020

Founded in Australia, BNPL startup Afterpay has rapidly grown into one of the best-known names in the game on the global stage in the past 24 months. Afterpay will partner with Australia’s Westpac Group to introduce its new banking-as-a-service (BaaS) platform, which will offer Afterpay’s 3.3

Trends 193

Trends Payments Retail Meeting 193

PYMNTS

FEBRUARY 21, 2018

For example, Amazon, Westpac and National Australia Bank are teaming up to bring voice-activated AI to Australian banking customers. EY analysts noted market pressures from FinTech rivals has created a climate in which innovation reigns, forcing banks to design new solutions to retain customers and prevent bank switching.

Digital Banking 163

Digital Banking Fintech Software Operations 163

PYMNTS

NOVEMBER 13, 2019

Six New Zealand banks — Associated Banc-Corp, Australia and New Zealand Banking Group, Bank of New Zealand, Kiwibank, TSB Bank and Westpac — are looking to open banking hubs across the country to facilitate the needs of customers who may be frustrated with a lack of banking support.

Regional 109

Regional ATM Report Alabama 109

NCR

OCTOBER 6, 2017

Australia’s ‘big four’ banks – Commonwealth Bank, National Australia Bank, ANZ and Westpac – have provided some good news for the many consumers in the country who rely on ATMs to access cash and manage their money.

ATM 51

ATM Maine Cards Groups 51

PYMNTS

NOVEMBER 20, 2019

Aussie banking giant Westpac was accused of violating anti-money laundering (AML) laws 23 million times, Reuters reported on Tuesday (Nov. The country’s biggest money-laundering abuse could nail Westpac with up to $14 million in fines (A$21 million) for every breach — a potential $322 trillion (A$423 trillion) total. .

System 123

System Analysis Compliance Regulation 123

Fintech Labs Insights

JUNE 30, 2015

We now know that one of those “other investors” was Reinventure Group, the venture capital arm of Westpac Banking Corporation. The Coinbase blog reported today that the bitcoin company had earned a “strategic investment” from the Australia-based venture capital firm that specialized in fintech startups.

San Jose 12

San Jose San Francisco Bitcoin Capital 12

PYMNTS

OCTOBER 8, 2018

Welcome to The Axis, your late look at payments news from around the world. In addition, Alipay payments spiked at international destinations during a public holiday in China , and Australia’s Westpac is giving its customers the ability to make mobile check deposits. The checks then typically clear within three business days.

Mobile 128

Mobile Payments America Report 128

PYMNTS

JULY 10, 2018

Welcome to The Axis, your late look at payments news from around the world. And, in India , ICICI Bank has teamed up with Westpac Banking Corporation to help Indian students pay their college tuition through a Money2World (M2W) platform, the bank said in an announcement.

Cards 100

Cards Mobile Study Payments 100

PYMNTS

OCTOBER 20, 2020

Australia’s Westpac Group is partnering with buy now, pay later (BNPL) firm Afterpay to introduce its new banking-as-a-service (BaaS) platform to Afterpay customers, Westpac said in a statement on Tuesday (Oct. million users checking and savings accounts on Westpac’s new BaaS platform.

Groups 130

Groups Retail Management Tools 130

TheGuardian

NOVEMBER 30, 2022

A new report by the Australian Prudential Regulation Authority (Apra) found climate change could make banks more vulnerable to economic downturns as they face up to a threefold increase in lending losses by 2050, but that the system should be able to absorb the impact.

Lending 76

Lending Regulation Regional Industry 76

PYMNTS

NOVEMBER 25, 2019

Australia’s Westpac Banking Corporation announced that its CEO is stepping down after the bank was hit with money laundering accusations. As a result, Westpac revealed that CEO Brian Hartzer will be stepping down from his role. As a result, Westpac revealed that CEO Brian Hartzer will be stepping down from his role.

Leadership 130

Leadership Strategy Retail Industry 130

TheGuardian

OCTOBER 12, 2022

The RBA confirmed the issue affected its fast settlement service which provides for the settlement of New Payments Platform (NPP) transactions between banks. Sign up to receive an email with the top stories from Guardian Australia every morning Continue reading.

Payments 71

Payments System Industry 71

PYMNTS

AUGUST 21, 2019

Australian lender Westpac is partnering with business spend management (BSM) firm Coupa to help companies improve finance management on a cloud-based platform, Westpac said on Tuesday (Aug. The collaboration will deliver cost savings while automating inefficient tasks, facilitating risk reduction and improving compliance.

Management 122

Management Compliance Payments Community 122

PYMNTS

NOVEMBER 12, 2018

Australia’s major banks aren’t in support of an overhaul to the new Banking Code of Practice. According to Smart Company , Commonwealth Bank, Westpac, NAB and ANZ announced this week that they are in agreement that consumer credit protection laws shouldn’t be extended to cover small business (SMB) lending.

Lending 128

Lending Regulation Examples Security 128

TheGuardian

MAY 1, 2023

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup Continue reading.

Lending 56

Lending National 56

PYMNTS

AUGUST 30, 2018

The Reserve Bank of Australia had an outage Thursday (Aug. According to Reuters , the Reserve Bank of Australia tweeted that maintenance of its “fire control systems caused an interruption of power to the bank’s main data center” and that it was “re-establishing full services.”

Payments 101

Payments System Maine Retail 101

TheGuardian

APRIL 21, 2022

Judge says bank ‘utterly failed to address the issues systematically’ as its total penalties for misconduct rise to $130m Follow our live blog for the latest news updates Get our free news app ; get our morning email briefing Westpac has been fined $40m for charging fees to more than 11,800 dead people, bringing the total the federal court has ordered (..)

Regulation 72

Regulation Security Company 72

TheGuardian

JULY 16, 2020

Dealers were able to maximise commissions Westpac and its subsidiary, St George, paid them for selling the loans by charging some customers as much as three times the bank’s going interest rate, it is claimed.

Report 77

Report Payments 77

TheGuardian

OCTOBER 4, 2020

Westpac, whose reputation was shredded during the royal commission, was out of the blocks first in welcoming the changes: CEO Peter King said they would “reduce red tape”, “speed up the process for customers to obtain approval”, and help small businesses access credit to invest and grow.

Lending 92

Lending National Regulation Course 92

TheGuardian

JULY 27, 2020

Bank discloses more breaches to Austrac in response to scandal that resulted in legal action and resignation of CEO and chairman Westpac says an internal investigation has discovered it may have breached anti-money laundering and counter-terrorism finance laws on up to 450,000 occasions more than it previously thought.

Regulation 68

Regulation 68

TheGuardian

JUNE 3, 2020

Internal report finds deficient processes and poor understanding but bank’s CEO says there’s ‘no evidence of intentional wrongdoing’ Westpac has released the findings of an investigation into its money laundering and child exploitation scandal and says the failures occurred due to a mix of technology and human error, not “intentional wrongdoing”.

Resources 63

Resources Technology Report Regulation 63

PYMNTS

SEPTEMBER 24, 2020

Australian banking giant Westpac has agreed to a massive fine of $920 million ($1.3 24), noting that Westpac had violated anti-money laundering (AML) and terrorism financing regulations more than 23 million times. In particular, Westpac failed to “properly report” the transfers of international funds amounting to 19.5

Regulation 116

Regulation Compliance System Report 116