Latest news and insights on banking and finance in Australia and New Zealand, as delivered in the daily 7am Banking Day email news service (subscribe or take out a free trial).
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08 March 2014 6:43am
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The electronic bill has arrived
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07 March 2014 6:48amElectronic bill presentment is at a tipping point, according to the bill payment service provider BPay. The company released the results of its annual payments survey yesterday, showing that 82 per cent of people now receive bills in electronic form. » read more »
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PayPal volume soars
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07 March 2014 6:47amDollar volume processed by PayPal in Australia on mobile devices exceeded A$2 billion in 2013, Adrian Christie, head of communications, said yesterday. Christie said this was up from only $35 million in 2010. » read more »
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NZ's Warehouse launches financial arm
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07 March 2014 6:46amNew Zealand's biggest discount department store group, The Warehouse, has announced plans to build its own financial services arm offering credit cards, insurance and layby payments. » read more »
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US ABS market still a happy hunting ground for Macquarie
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07 March 2014 6:42amMacquarie Group has returned to the United States asset-backed securities market for the first time since May last year and has found margins have become a little finer in that time. » read more »
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ABS and APRA to review first-home buyer data collection
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07 March 2014 6:41amThe Australian Bureau of Statistics and the Australian Prudential Regulation Authority are reviewing the way lenders and brokers gather information about first-home buyers, to determine whether there is under-reporting of first-home buyer participation in the mortgage market. » read more »
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Westpac tests instos on sub-debt demand
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07 March 2014 6:40amWestpac will become the first of the four major banks to test the appetite of institutional investors for Basel III compliant subordinated debt with a A$500 million issue. » read more »
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Queensland banks endorsed by Moody’s
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07 March 2014 6:37amMoody’s Rating Service has its upgraded its long-term rating for Bank of Queensland to 'A3' from 'Baa1'. This decision follows Standard & Poor's upgrade of BOQ's long-term issuer credit rating to 'A-' in September last year. » read more »
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SocietyOne has no peers
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07 March 2014 6:36amReports earlier this week that the new Westpac-backed venture capital fund Reinventure Group had taken a million stake in peer-to-peer lender SocietyOne missed the point. Westpac was not buying into a classic P2P business, but into a smaller consumer finance outfit lending to good credit risks in steady employment and funded by wholesale investors. » read more »
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Australian Defence Credit Union launches RSL Money
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07 March 2014 6:34amA joint banking venture between the Returned and Services League of Australia and the Australian Defence Credit Union, to be known as RSL Money, was announced yesterday. » read more »
