Latest news (24,887 items)

ATM operators seek ACCC approval

Banks and ATM deployers have made up their minds to seek clearance from the Australian Competition and Consumer Commission for a restructure of wholesale fees in the ATM sector, in line with the . read more

Coles shops for combined credit, debit card

Coles Myer's plans to enter the credit card and transaction and deposit markets may include one unusual feature if the proposal gets off the ground, with the one payment card driving a credit card account and a deposit account offered by different financial institutions. read more

Metyor puts its foot on Global Technology

Banking software vendor Global Technology Australasia has a new substantial shareholder, and may be about to fall under the effective control of another information technology group, Metyor Inc. read more

Cards case drags on

Legal argument over the admissibility of evidence from economists and other experts will continue to take up the time of the Federal Court in the case in which MasterCard and Visa hope to knock out the Reserve Bank's regulations of the credit card sector. read more

Cards system confirmed

The debate over the details of settlement of credit card transactions continued in the Federal Court in Sydney yesterday, with a Commonwealth Bank officer largely confirming that the bank does undertake debits and credits between banks on MasterCard's instructions, though the same officer agreed with Visa's advocate that the settlement takes place at Reserve Bank, through the settlement of obligations between banks between exchange settlement accounts. read more

Reserve seeks to strike expert evidence

The Reserve Bank hopes to persuade the Federal Court today to strike out the evidence that MasterCard and Visa want to introduce from various economists, which would broadly tackle questions of network economics and the nature of card schemes; the appropriate definition of the market to be used by the Reserve Bank in regulating the cards market, and the consequences of the Reserve's regulations. read more

ANZ Visa settlements in dispute

A tussle over credit card settlement practices at ANZ Bank provided an interesting end to day five of the leisurely work schedule of the Federal Court's consideration of the joint effort by MasterCard and Visa to overturn the Reserve Bank's regulation of the sector. read more

Reserve gave notice of designation

In winding up opening submissions for the Reserve Bank yesterday, the bank's advocate, Tom Bathurst, argued that the central bank undertook extensive consultation with affected parties prior to the April 2001 decision to "designate" those card systems. read more

BankWest lightens home loan rate

Bank of Western Australia hope to collect some kudos with the introduction a basic home loan product with a relatively low ongoing interest rate of 5.95 per cent and no monthly fees. read more

Credit card share climbs five per cent

One sidebar to BankWest's announcement about the "lite" home loan rate is that the bank asserts that it has increased its credit card market share in Western Australia with the "lite" MasterCard, by five percentage points, since the introduction of the product in mid 2002. read more

Housing loan write offs on the rise

Losses on housing loans in Australia may be very low, but the losses are not quite the historic lows portrayed by banks, and they are rising steadily. read more

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