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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MoneySwitch rebuffed on Eftpos entry
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13 July 2004 12:00amAll the argy bargy about "reform" of payments systems and "access"" may not matter a jot if there's no real liklihood of entry by new providers. And in the merchant acquiring space, there's only in fact only one entity that's consistently flagged an interest in entering the market, the Sydney-based start-up MoneySwitch, a company run by a trio of former Cisco executives. » read more »
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Banks cut merchant fees, but nobody noticed
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13 July 2004 12:00amBanking researchers East & Partners last week published a new study into the "merchant acquiring" segment of the transaction banking market, which provides some new insight into the market shares of the major banks and the relevance of cards to merchants as a means of collecting payments. » read more »
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Investment banks pick up their game, but major banks could do better
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13 July 2004 12:00amAs Australian merger and acquisition activity picks up, banks providing investment banking services need to improve their relationship skills to maintain market share, according to a separate research report by East & Partners. » read more »
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Bank of Ireland favourite to acquire NAB's Northern Bank
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13 July 2004 12:00amBank of Ireland is now the clear favourite to buy Belfast-based Northern Bank from National Australia Bank, according a report in Dublin's Sunday Business Post. » read more »
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First Data invests in growth
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12 July 2004 12:00amTrading conditions improved for payments processor First Data Resources Investments in 2003. Financial statements for First Data filed with the Australian Securities and Investments Commission at the end of last month show that: » read more »
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EU investigates French credit card cartel
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12 July 2004 12:00amThe European Union Commission last week launched a formal investigation into nine French banks and Cartes Banquaires for fixing fees on credit cards and restraining entry and price competition within the payment cards market. » read more »
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Visa and MasterCard publish European interchange fees
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12 July 2004 12:00amVisa, and possibly MasterCard, last week published a detailed matrix of their interchange fees on cross-border purchases incurred within the European Union. » read more »
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It doesn't get any better than this for commercial banks
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12 July 2004 12:00amThe halcyon days for many of the world's commercial banks may be about to end, according to a report by ratings agency Standard & Poor's on the likelihood of future bank crises. » read more »
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NAB awaits critical report on Irish subsidiary
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09 July 2004 12:00amNational Australia Bank is waiting on the release of a report that could either damage the brand name of its National Irish Bank subsidiary, or clear the decks for its sale, as several analysts and commentators have recently been demanding. » read more »
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Still gaps in banks' business continuity management
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09 July 2004 12:00amAs operational risk management gets more attention from banks and regulators, all the major banks claim to have successfully invoked their business continuity plans, according to research conducted by the University of Southern Queensland's Centre for Australian Financial Institutions for IT supplier Fuji Xerox. » read more »
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Bustling project finance activity in Australia
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08 July 2004 12:00amCommonwealth, Westpac and ANZ were among the leading Asia Pacific project financiers in the six months to June 2004, according to figures from Thomson Financial. » read more »
