Professional services (264 items)

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Retailers back banks' Apple application

Australian retailers have backed the banks' application to negotiate collectively with Apple over access to its mobile payments technology, reminding the Australian Competition Commission that it has made a big investment in NFC technology, which it wants to keep open and inclusive. read more

US dashes to close EMV vulnerability

The languid pace of the penetration of the US magnetic card user base by EMV cards is highlighted in a new Nilson Report study, and the slow pace of uptake to date may be why Apple Pay has missed its chance at early traction in a mass market lacking user coaching on the use and merit of NFC payments, via chip cards. read more

Briefs: Santander closes up shop in Australia, Greater Bank to issue 3-year bonds, Rabobank CBA hires a robot for $300k

Spanish banking major Banco Santander SA is exiting the Australian market, not long after the bank opened its first branch in Australia in 2012 in a bid to increase its presence in the Asia-Pacific region. read more

MyState in small-time rip and replace program

The full year profit announcement from diversified financial services group, MyState, for 2015/16, confirmed that it would be introducing new internet and mobile platforms "later in the year" and "longer term, the transition to a single core banking platform with a single data centre location will also improve performance and risk management." read more

Foreign News: Tech execs not a major banking risk

BBVA, one of the most technology savvy banks in Europe, is concerned that the bonus cap is preventing the group from hiring talented executives from the tech sector or on acquiring promising "fintech" start-ups, according to the Financial Times. This has led BBVA to write to ask the European Commission to water down the rule and exclude financial technology specialists as they do not pose a risk to the bank in the same way a "material risk-taker" might. read more

ACCC turns down banks' request for interim authorisation on Apple bargaining

A group of banks applying for authorisation to bargain collectively with Apple over access to the NFC chips in iPhones have failed in their bid to secure interim authorisation.The Australian Competition and Consumer Commission announced on Friday that, given the complexity of the issue, it needed more time to consult and consider the views of industry, consumers and other interested parties.The ACCC said the normal authorisation process would take around six months. It said its decision not to grant interim authorisation was "not indicative of whether or not a draft or final authorisation will be granted." read more

ASIC discovery 'tip of BBSW iceberg'

The plaintiffs in a new, and US centred, class action directed at five Australian banks and more than a dozen other defendants on allegations of manipulating short term interest rate benchmarks have taken a cocky, and even arrogant, tone in their statement of claim.The defendants, including Australia's four major banks and Macquarie, have been sued in the US District Court by two US hedge funds and a derivatives trader (as reported in Banking Day on Friday).The plaintiffs, in language more colourful than employed by ASIC in civil proceedings in Australia, contended the banks engaged in a "multi-year conspiracy" that was "persistent, pervasive, and secret."The plaintiffs said they "believe that substantial evidentiary support for the claims alleged will be unearthed after a reasonable opportunity for discovery." read more

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