Latest news (24,642 items)

ANZ hopes to slash Eftpos, ATM costs

While on the subject of Eftpos and ATM machines, ANZ Bank's chief operating officer, David Boyles last week told the CIO 2003 conference in Sydney that the bank's program to replace its fleet of 50,000 plus Eftpos terminals, as well as upgrade the switching capacity of more than 1,500 ATMs would lead to cost outcomes that were "expected to be 50 per cent of the previous environment." read more

Third party loan processors not wanted

Hunt said the bank had a variety of inefficient processes. "Any organisation that achieves the sort of growth rates we have, there are certain processes that are aging. read more

Community Banks improving

Bendigo has about 87 franchised bank branches, or "community banks", a network established more than four years ago and now a vital source of deposit and loan growth for the bank, as well a cheap (and subsidised) entry into local markets under serviced by major banks. read more

Delinquent loans rising

Bendigo Bank's asset quality is high and improving. Total non accrual loans, at $15.5 million, are less than half the level one year ago and 25 per cent less than six months ago, and the bank's provisions are equal to more than three times identified non accrual loans. read more

Hunt confirms zero debit interchange

As reported here two weeks ago, big banks if not the relevant industry working party have reached a consensus that Eftpos and debit interchange should be set to zero, from the current level of 20 cents (paid by the issuing bank to the acquiring bank). read more

Banks try to double Eftpos merchant fee

Today's AFR reports another element of the cartel's debit interchange thinking, with the banks said to want to double the merchant service fee that applies to Eftpos transactions. The AFR said this would double the merchant fee from 17 cents to 34 cents. read more

MasterCard, Magneprint knock smart cards

Plans by the credit card giants to compel their bank members to adopt expensive "smart card" technology by 2006 may be running into trouble, in the form of an alternative technology that would extend the product life of the magnetic stripe. read more

Magnepint costs and benefits uncertain

John Sullings, MasterCard's head of security and risk in Australia, said that adoption of Magneprint was under discussion with member banks, but that those discussions were still at an early stage. read more

Banks resist smart cards

Banks, in theory, are supposed to add a microprocessor (or smart card) to their entire stock of credit cards by 2006, and prepared to handle credit card transactions that comply with the "EMV" standard for the protection of credit card payments. read more

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