Financial institutions / Big five & fintech (1,767 items)

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Big banks spoil NPP debut

Credit unions, building societies and mutual banks look to be the champions of the day, as Australia's New Payments Platform made an uneasy debut first thing Tuesday morning. Three big banks - ANZ, NAB and Westpac - together dismayed their customers and dashed the hopes at NPP Australia and the Reserve Bank for an iconic day yesterday for real time payments and Australian banking. read more

PayID jitters as NPP dawns

Macquarie Bank will be a noteworthy no show on the New Payments Platform when the long awaited industry reform opens up to the public by the middle of this week. Tuesday is the day slated for the principal public relations push, with transactions due to processed in near real time for all registered customers by some point on Wednesday. read more

Petrol stations call out banks on merchant fees

Retail groups are preparing to bombard the Hayne Royal Commission with evidence of price gouging by banks for processing over-the-counter debit card transactions. Small business groups claim that the acceptance fees of thousands of retailers have trebled in the last five years as banks directed them to route contactless payments through the Visa and Mastercard payments systems. read more

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