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AUSTRAC expects payments industry to know and report illegal tobacco sellers
AUSTRAC has warned elements of the payments industry currently supplying payments terminals and ATMs to illegal tobacco shops that it expects them to follow the law, know their customers and report illegal transactions.
Bank@Post says it needs more funding and extends atmx rollout amidst growing criticism that it can’t replace real bank branches in the bush
Amidst growing criticism that Bank@Post should not be seen as a replacement for bank branches, Australia Post has indicated it will need a longer-term funding solution to keep the service “available and financially viable”.
Banks and the cost of doing business
Another day, and another “challenge” for the banks. NAB CEO and Australian Banking Association Chair (ABA), Andrew Irvine sat down for a panel discussion at the Trans-Tasman Business Circle Annual Economic Forecast event last Friday and lamented the cost of cash, saying “cash is viewed as free and digital payments are viewed as having a surcharge. This is actually the wrong pricing signal because the cost of a digital payment versus a physical payment is much, much lower.”
Bullock says cash and bank branches are community service obligations but suggests the RBA may sweeten the deal
Reserve Bank of Australia Governor Michele Bullock says providing customers access to cash and bank branches are community service obligations expected of banks but the RBA is considering ways to ease the burden.
Big Four banks and Citi get a guernsey in NSW bank tender – Fintechs and small banks to follow
The NSW Government has signed five year deals updating NSW’s banking and payments services, expanding on its multi-partner banking model to “deliver an increased depth in liquidity and financial strength”.
CBA tightens grip on Aussie transit payments with NSW contract win
CBA will provide transit ticketing acquiring services for the NSW Government for at least another five years and will also support the State to deliver “new technologies for improved journey planning, payment and information access”.
Regional branch moratorium and Bank@Post deal meet a sceptical response
Announcements by the big banks and Federal Government last week for a moratorium on big bank closures in regional Australia and a boosting Bank@Post services have been met with scepticism by unions, regional banks and other critics.