Latest news (24,996 items)

Eftpos market too difficult to define

The ACCC did not publish a definitive definition of the Eftpos, or debit payments, market, observing that "it may be difficult to accurately define the relevant market(s) in this matter." read more

Visa Debit ignored

While making passing observations on the significance of credit cards as payment instruments, the ACCC somewhat surprisingly ignored the Visa Debit payment card product that is a close substitute to Eftpos and widely issued by building societies turned banks such as Adelaide, Bendigo and St George, and promoted as the primary payment card option still by building societies and credit unions. read more

ACCC sets Eftpos timeframe

The Australian and Competition and Consumer Commission still is not letting on when will it let retail banks know the fate of their application to set the interchange fee on Eftpos (or debit) transactions at zero, an application lodged with the regulator back in February. read more

Visa debit interchange cut by two thirds

One twist to the debate over the pricing and regulation of Eftpos is the concurrent, but much more informal, process under which Visa International is negotiating with its members, and with the Reserve Bank, over reform of the payment card product known as Visa Debit. read more

First Data profit bolts

First Data Resources reported a significant increase in profit in Australia and east Asia in the year to December 2002, according to accounts filed with ASIC a couple of months ago but overlooked until now. read more

SecurePay drives gateway consolidation

Payment gateway SecurePay is following the lead of its key shareholder, Cashcard, with the online payments provider undertaking another consolidation play in the fragmented gateway market. read more

Heritage boosts profit

Heritage Building Society has released highlights of its 2003 financial year profit, but won't be disclosing any financial statements for another seven weeks or so. In any event, from the few highlights in the press release, the Toowoomba-based bank has followed the trend of IMB and Mackay Permanent, and reported an improved profit in the half year to June 2003: read more

Orix profit reprised

As reported earlier this week, Orix Australia Corp increased pre tax profit to $22.3 million in the year to March 2003, up from $13.4 million in the year to March 2002; and increased net profit to $15.12 million in 2003 from $8.5 million in 2002. read more

Orix beats profit targets

Orix Australia Corp seems to be making its business model work after a few years of low returns, with local arm of the Japanese-based financer reporting a substantial rise in profit that meet's the shareholders target of a one per cent return on assets. The highlights: read more

Orix refinances in bond market

Orix, meanwhile, will provide a little variety to the flow of new paper into the asset-backed bond market, with the company and its adviser Macquarie Bank marketing a $230 million floating rate bond backed by a variety of industrial lease receivables, mostly secured by motor cars and trucks. read more

AMP Bank still to return capital

AMP Bank has completed the sell off selected banking assets, but it may still be a few months before the bank can repatriate a planned $500 million in capital to its shareholder, AMP Group, read more

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