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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Debit interchange cuts credit union revenue
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23 April 2004 12:00amThe submission from Credit Union Services Corp estimates that credit unions collectively issue 1.2 million Visa Debit cards, or 31.2 per cent of the of the total number of Visa debit cards in Australia. » read more »
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MasterCard revives debate on positive reporting
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22 April 2004 12:00amMasterCard is the latest stakeholder in the credit market to renew the periodic campaign for an overhaul of Australia's privacy laws that forbid so called positive credit reporting, a system under which lenders would pool information on all customer loans, including those paid back on time, rather than simply pooling information on delinquent or defaulted loans, as they do now. » read more »
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Consumer lobby sceptical on benefits
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22 April 2004 12:00amChris Field, executive director of the Consumer Law Centre in Melbourne said yesterday that, "at this stage I would not support a positive credit reporting system," and said he believed this was the view of the consumer lobby generally. » read more »
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Defaults lowered by positive credit reporting
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22 April 2004 12:00amIn the report commissioned by MasterCard and dated March 2004, consultants ACIL Tasman conclude that: » read more »
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Differential card pricing reduces cost of credit
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22 April 2004 12:00amOne of the puzzles of the banking industry's response to Reserve Bank of Australia regulations of the credit card market (which came into affect last year) is the absence of any move to differential pricing in credit cards. » read more »
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ACIL Tasman estimates positive reporting benefits
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22 April 2004 12:00amACIL Tasman modelled four scenarios, with target loan approval rates of between 40 per cent and 70 per cent; with reduced default rates that in some cases apply just to personal and credit card debt and in other cases also to housing loans, and at varying levels of improvement in "capital productivity." » read more »
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Diners Club confirms MasterCard acceptance
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22 April 2004 12:00amFollowing up yesterday's report on Diners Club plans to negotiate acceptance for the brand at MasterCard merchants, Penny Shone, managing director for Citigroup corporate affairs, Asia Pacific, advised yesterday that: » read more »
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Merchants resist Triple DES
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21 April 2004 12:00amLarge merchants appear to have a growing menu of disagreements with their banks over the handling of electronic payments, with a number voicing their objection to the investment required to upgrade payment terminals to an improved security standard. » read more »
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Coles and Post doubt benefits of Eftpos upgrade
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21 April 2004 12:00amAt the Australian Competition Tribunal hearing last week, David Howell, general manager of electronic payments services at Coles Myer, said there was no sanction on merchants with respect to the introduction of Triple DES, at least under rules established by the Australian Payments Clearing Association. » read more »
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Citi agrees to switch Diners Club MasterCard co-brand
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21 April 2004 12:00amIt reads like a joke, but apparently it is true: Diners Club cards in the US and Canada will be converted to co-branded MasterCards by the end of 2004. » read more »
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Competition tribunal vague on Eftpos access reform
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19 April 2004 12:00amThe timing, origins and progress of the Australian Payments Clearing Association's desire to foster access to the Eftpos system all emerged as key issues on the third day of the Australian Competition Tribunal's hearing into the application by large merchants to derail the Australian Competition and Consumer Commission authorisation of related bank plans to fix Eftpos interchange fees at zero. » read more »
