Latest news (24,769 items)

APRA rules discourage credit card competition

Robert Roylance, a director of TransAction Resources, emailed the following comments yesterday over the Australian Prudential Regulation Authority's final guidelines on the authorisation of specialised credit card issuers, reported in yesterday's edition. read more

CommSecure buffs direct debit

Payments solutions provider CommSecure said yesterday it would implement a variation of traditional direct debit processes for Toyota Financial Service, in a system that switches the control over the timing and size of payments from the merchant to the consumer. read more

Same old faces on the PSB

The federal government passed up the opportunity to introduce some fresh perspectives into the decision making of the Payments System Board, with the decision to reappoint John Thom, Susan McCarthy and Joseph Gersh as part-time members of the PSB for terms of three years, four years and five years respectively. The terms of all three originally appointed in 1998 for five years terms expired last week. read more

Horizon restructure rewards Macquarie

Macquarie Bank will extract a $300,000 fee from the money merry go round relating to the restructure of the troubled Horizon Energy group of companies and trusts that the bank plans to liquidate, as part of the proposed sale by Horizon of that group's stake in the Loy Yang Partnership to an AGL-led consortium. read more

APRA sets 15 per cent rule for credit card entities

The Australian Prudential Regulation Authority has set the bar high for prospective new entrants to the credit card market thinking of making use of a limited banking licence, who may be better off seeking an orthodox banking authority. read more

US monlines struggle to meet capital test

The rules for credit card entities as drawn up by APRA are arguably are deterrent to prospective issuers, but that may not matter. There are dozens of deposit taking institutions (credit unions) that specialise in unsecured consumer finance that operate with capital ratios of not much more than 10 per cent and which are free to accept deposits. read more

Schemes sit on access criteria

The Reserve Bank's access regime requires Bankcard, MasterCard and Visa to publish at their websites, "the criteria applied in assessing applications for participation in the scheme in Australia." read more

Kiwibank gets capital

New Zealand Post will contribute another NZ$40 million in capital to Kiwibank over the next two years to fund growth, though it is not clear how much capital will be equity and how much subordinated debt. read more

Bill presentment makes a start

Online bill presentment and bill payment is slowly gathering ground, though the rate of momentum may be proving difficult to measure. read more

St George card shows spirit

In a twist on credit card co-branding and credit card rewards, St George Bank is quietly backing a trial credit card product promoted by Australian Spirit Communications, in which the bank rebate 0.5 per cent of card spending to a nominated charity, community project or school, with the rebate increased to 1.5 per cent on spending made through selected bonus partners. read more

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