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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).

Briefs: RBA signs MOU with Singapore, Westpac mobile payment capability extended
28 April 2015 6:44am
The Reserve Bank of Australia said it reached a reached a memorandum of understanding with the Monetary Authority of Singapore over "cooperation arrangements to facilitate the access by the RBA to information on derivatives contracts held in authorised trade repositories in Singapore." » read more »
Austrac needs to harden up
27 April 2015 6:52am
Australia's anti-money laundering and counter-terrorism financing regulator Austrac has never fined a reporting entity for a violation of its obligations, preferring instead to use enforceable undertakings.

» read more »
Asset size is no predictor of a bank's financial strength
27 April 2015 6:50am
Kroll Bond Rating Agency has released a study of US bank failures during the financial crisis, which finds that asset size is not a predictor of financial strength. » read more »
Reforms to forex fix working for now
27 April 2015 6:49am
Steps by banks and foreign exchange dealers to adapt to a new regime for the daily foreign exchange fix are "reasonable", RBA assistant governor Guy Debelle told an industry panel on Friday. » read more »
DirectMoney to launch retail fund in May
27 April 2015 6:48am
Peer-to-peer lender DirectMoney, which could be listed on the Australian Securities Exchange in the next couple of months, will open its business to retail "lender/investors" next month, when it launches a pooled fund. » read more »
FlexiGroup prices ABS
27 April 2015 6:47am
Store finance company FlexiGroup has completed its first issue of asset-backed securities since June last year, raising A$201 million of funds.

» read more »
Consumers' credit card repayment strategies are sub-optimal
27 April 2015 6:46am
Debtors tend to mismanage multiple credit card debts by prioritising debt repayment in a way that ultimately delays their ability to become debt-free, according to new research.

» read more »
ACCC authorises BP to participate in Velocity Frequent Flyer Program
27 April 2015 6:45am
The Australian Competition and Consumer Commission has found that a proposed loyalty program involving BP Australia and Velocity Frequent Flyer Program has the potential to promote competition.

» read more »
Briefs: NAB to shut Walgett branch, Westpac CIO appoints new IT deputy
27 April 2015 6:43am
Residents of the New South Wales town of Walgett have complained about National Australia Bank's decision to close its branch in the drought-affected centre.
» read more »
Foreign news: Deutsche considers Chinese bank sale, Standard Chartered may exit Oman, Yes Bank plans a US listing
27 April 2015 6:41am
Deutsche Bank received at least one offer from a Chinese financial institution to buy the German bank's 20 per cent stake in Hua Xia Bank, Reuters reports. » read more »
CBA blunders anew in planning
24 April 2015 7:20am
Commonwealth Bank failed to conduct a compensation program for financial planning clients in a manner consistent with its own plans, an ASIC report by KordaMentha Forensic has found.

CBA's reputation strife thus relates not only to past weakness but to recent management effectiveness » read more »
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