Latest news (24,878 items)

Virgin credit card on a slow burn

Virgin group is still in the early stages of preparations for a planned entry to Australia's credit card market, and there's no prospect of a launch next month as reported in Fairfax newspapers yesterday and today. read more

Aussie, Virgin waiting for credit card standard

Aussie Home Loans is another potential issuer if credit cards in its own right. However, both are waiting for the Australian Prudential Regulation Authority to publish final prudential standards for the regulation of specialised credit card institutions. read more

Netherlands watchdog tackles card fees

The competition watchdog in the Netherlands, Nederlandse Mededingsautoriteit, has raised concerns over the monopoly position of banks in settings fees for credit card and debit card purchases. read more

Sub prime card defaults rising

Credit card defaults are rising at the low end of the market in the US. Fitch Ratings reported on Monday that using their measure, dubbed the sub prime credit card index, charge offs increased to 18.9 per cent from 17.7 per cent in February, to the highest level ever. read more

HPA profit dips

HPA, the Kodak-controlled but listed "business process outsourcer" said yesterday that net profit in the March 2003 quarter fell by 12 per cent compared with the March 2002 quarter. read more

Visa may tax members to pay damages

Visa USA this morning acknowledged that it may tax members around the world to pay any damages that may arise from the Wal-Mart litigation in the United States, in which retailers are seeking an order striking down the "honour all cards rule", and damages for conspiracy by Visa, and MasterCard, to stifle competition in the debits card market in the US. read more

Direct Cash confirms Cashcard discussions

Adrian Field, a director and shareholder of Direct Cash, yesterday confirmed that discussions were in train for a sale of the Melbourne-based automatic teller machine deployer to Cashcard. read more

APRA board shown the door

The board of the Australian Prudential Regulation Authority, which regulates banks and insurers, is to get the chop, as the federal government adopts a recommendation of the HIH Royal Commission to replace the APRA board with an executive commission, along the lines of that which governs the securities regulator ASIC, or the competition watchdog, ACCC. read more

Wallis recommendations overlooked

Neville Owen's plan to axe the APRA board is a surprise. The Financial System Inquiry, which reported in 1997, was anxious to ensure that the heads of Reserve Bank and the Australian Securities and Investment Commission were directly represented on the board of APRA. read more

Cashcard buys Direct Cash

Payments processor Cashcard will extend its leadership of the off site automatic teller machine market, with an agreement near for the purchase of DirectCash. read more

Newsagents tackle bill payments

Newsagents will embark on a further attempt to provide services at the edge of banking, with plans to introduce a bill payments service in the second half of the year. The Australian Newsagents Federation will pilot a service, to be known as "bill express", from June. read more

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