Latest news (24,984 items)

National enters low doc market

National Australia Bank will try to gain a foothold in the fast growing "low doc" segment of the home loan, with the introduction of a reduced documentation loan, offered to mortgage brokers through the bank's HomeSide Lending channel. read more

Commonwealth tackles bill payment market

Commonwealth Bank plans to develop an over the counter bill payment solution, and so enter a market segment attracting a range of hopefuls trying to steal business from Australia Post, and which in any event is a shrinking market as more payments are paid through phone banking or over the internet. read more

Touchcorp strains under growth

One of Commonweealth Bank's partners in the XPOS system, Touchcorp, may be experiencing growing pains as it starts to build momentum in its vending and payments business. read more

Ingot lightens ERG load

One of the four funds connected to ticketing and payments provider ERG Group's newest director, and dominant shareholder, Duncan Saville was a significant seller of the company's share last week. read more

Convenience drives independent ATM boom

The business case for independent owners of automatic teller machine networks received a boost yesterday from revised Reserve Bank of Australia data on the retail payments market, which points to a sustained shift in ATM use toward so-called foreign ATM transactions. read more

Reserve revises measure of payments market

The Reserve Bank has substantially revised and extended its statistical series on the retail payments market, with the new series published yesterday. The new series revise the coverage of data series that seek to monitor patterns of use of debit cards, credit cards, charge cards, ATM transactions and direct entry. read more

Delairco snares Perth smart card contract

Advocates of smart card technology may take heart from evidence of the competitiveness of the sector in Australia, as shown by the decision of the Western Australian government to overlook its home town favourite, ERG Group, and award the tender for the planned smart card ticketing system in Perth to Delairco Bartrol. read more

KAZ, ANZ tackle US cheque nightmare

The use of cheques as a payment instrument may be in decline worldwide, but business technology outsourcing specialist KAZ Group thinks that it knows how to process cheques more cheaply than the staid specialists in this sector, IBM and NCR. read more

Citigroup pays premium for Sears cards

Sears, Roebuck and Company drove a hard bargain with the sale of the retailer's credit card business to Citigroup. The US financial giant will pay close to twice net assets, four times pre-tax profit, and about 20.7 cents for every dollar of receivables to take control of the business. Sears and Citigroup announced the agreement yesterday, with the transaction expected to settle at the end of the year. read more

Payments System Board left in limbo

The Payments System Board lost three directors this week, with the expiry of the appointments of Joe Gersh, Susan McCarthy and John Thom on Tuesday. read more

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