International merchant services consultancy CMSPI has appointed John Kerr - the former global chief executive of Deloitte Consulting – as chairman of its board. CMSPI has developed into an influential player in the Australian payments market through its consulting relationships with more than forty of the country’s largest merchants. Kerr said the way consumers transact was changing rapidly in the digital environment and creating a lot of complexity in payments. “There’s a big opportunity to rapidly scale CMSPI to provide further vital help to clients making sense of their payments operations and the landscape,” he said.

 

The Structured Finance Support Fund has A$1.3 billion of current investments out of a total of $3.8 billion it invested last year in securitisation deals, warehouses and its forbearance special purpose vehicle as part of the government’s COVID support package. Public securitisation investments have fallen from $1.4 billion to $825 million as a result amortisation and the exercising of call options. Warehouse commitments have fallen from $2.3 billion to $800 million and the forbearance SPV balance is $36 million.

 

Zip Co has completed a global rebrand. Its US business Quadpay is now trading as Zip, with a brand campaign underway this month. The company reported revenue of A$136.8 million for the September quarter – a record quarterly figures and an increase of 89 per cent over the same period last year.

i

Digital home lending start-up Nano has signed a deal with Oracle Financial Services and will offer its loan application and credit decisioning technology through the Oracle Partner Network as an element in the Oracle banking platform. Oracle Financial Services Australia and New Zealand general manager Chaitanya Rastogi said in a statement there was strong client demand for “innovative, cost-effective services to provide a better lending experience.” Nano claims to offer end-to-end digital loan origination and a one-day loan approval turnaround using “aggregated data from trusted third-party sources and financial institutions”.

 

Online consumer lender MoneyMe, which was launched in 2013 and listed on the ASX in December 2019, reached A$1 billion of originations in the September quarter. The company has $452 million of gross customer receivables – up from $138 million in the September quarter last year. With its focus on growth, the company has had trouble containing write-offs and impairment expenses. Yesterday it reported some improvement, with net charge-offs for the September quarter down from 5.6 per cent to 5.4 per cent.