Bankingday.com view all online bank

Commonwealth Bank results at a glance

Details: The bank’s liquidity coverage ratio is 129 per cent and its net stable funding ratio is also 129 per cent. Customer remediation: Remediation expenses rose in 2020/21 – up from $461 million in 2019/20 to $575 million in the year to June. The cumulative remediation cost is now up to $3.2 billion, with $960 million of refunds paid, $1 billion

› Verified 2 days ago

› Url: https://www.bankingday.com/commonwealth-bank-results Go Now

• Get more: Days banks are closed 2021Go Now

Banks rush TFF funding as deadline looms

Details: The Bank of China’s Australian subsidiary is one foreign-owned player that has already exhausted its TFF allowance after reactivating an internal securitisation program last year. BoC’s local arm reported in its 2020 financial accounts that it had fully drawn its TFF entitlement of $77.6 million.

› Verified 9 days ago

› Url: https://www.bankingday.com/banks-rush-as-tff-deadline-looms Go Now

• Get more: National food bank day 2021Go Now

Banks back away from provisions hack

Details: Banks back away from provisions hack. 28 June 2021 6:18AM Ian Rogers. Major Banks, Finance regulation, Consumer lending, Business lending, Arrears/performance/credit quality. A fragmented and reactionary response by banks to the Covid wildfire in greater Sydney is preparing the industry to reverse the reversal of provisioning that was the

› Verified 3 days ago

› Url: https://www.bankingday.com/banks-back-away-from-provisions-hack Go Now

• Get more: Days banks are closed 2020Go Now

Banks’ credit card balances dive 20 per cent

Details: Bank Australia’s credit card book has lost 35 per cent of its value over that period, although it has picked up a little over the past 12 months. Australian Military Bank’s credit card book is down 34 per cent. Among the big banks, Westpac has had the biggest decline, with its credit card balance down 29 per cent over two years.

› Verified 8 days ago

› Url: https://www.bankingday.com/banks-credit-card-balances-down Go Now

• Get more: What is bank holidayGo Now

RACQ bogged by banking

Details: RACQ bogged by banking. 26 October 2020 6:33AM Ian Rogers. Mutual bank, M&A. With footings growth of around 15 per cent RACQ Bank continues to chew through capital, exacerbating the demands on the parent (also a mutual) from a heavy program of investment in renewing and growing the business of the former QT Mutual Bank.

› Verified 9 days ago

› Url: https://www.bankingday.com/racq-bogged-by-banking Go Now

• Get more: Us bank in the newsGo Now

Virgin Money offers transaction banking with rewards

Details: Canstar said the only other bank with rewards attached to a transaction account is Bankwest, which offers Qantas points on transactions. The Virgin Money Boost savings account has a competitive rate of 1.2 per cent (a base rate of 10 basis points plus a bonus rate of 1.1 per cent).

› Verified 9 days ago

› Url: https://www.bankingday.com/virgin-money-offers-transaction-banking-with-rewards Go Now

• Get more: Is columbus day bank holidayGo Now

BRED baking Pacific banking

Details: The bank opened its first Fiji branch in 2012 and after two years has more than 20,000 customers. Reynaud said the bank has plans to expand by opening two more branches in two months' time and another towards the end of the year. "The group is …

› Verified 2 days ago

› Url: https://www.bankingday.com/article/bred-baking-pacific-banking Go Now

• Get more: Veterans day bank holiday 2020Go Now

Banks set to rein in Victorian branch services

Details: The opening hours of some Commonwealth Bank branches have been affected by staff shortages this week, but a CBA spokesman said the bank planned to keep its network operating. CBA, which currently has 215 branches in Victoria, could reduce the opening hours of some outlets if there is a significant drop off in demand at certain locations.

› Verified 3 days ago

› Url: https://www.bankingday.com/banks-set-to-rein-in-victorian-branch-services Go Now

› Get more:  BankGo Now

NAB bankers go back to school

Details: NAB bankers go back to school. 11 June 2020 6:09AM John Kavanagh. Work & career, NAB. Declaring “it’s time to raise the bar in banking professionalism” NAB chief executive Ross McEwan plans to provide education and accreditation for all 34,000 of the bank’s staff. Claiming an industry first, McEwan said in a statement that NAB would

› Verified 3 days ago

› Url: https://www.bankingday.com/nab-bankers-back-to-school Go Now

› Get more:  BankGo Now

More than 100 fintechs de-banked

Details: At least 150 of FinTech Australia’s members have found themselves stranded and de-banked at some stage – a number a few times, and one crypto outfit 90 times! The fintech set, however, baulk at the idea of ‘more rigorous regulation’, with the industry advocating for greater weight on conforming with Austrac protocols, and ‘an appeal process’ to redress de-banking.

› Verified 9 days ago

› Url: https://www.bankingday.com/more-than-100-fintechs-de-banked Go Now

› Get more:  BankGo Now

CBA sued by workplace regulator for wage theft

Details: Commonwealth Bank’s standing in the Australian community has taken another hit following a decision by the Fair Work Ombudsman to institute civil penalty proceedings against the company for underpaying more than 7,000 staff. The ombudsman filed a statement of claim against the scandal-prone bank

› Verified Just Now

› Url: https://www.bankingday.com/cba-sued-for-wage-theft Go Now

› Get more:  BankGo Now

How Automated Redaction Technology Helps Banks Maintain Trust

Details: Benefits for bank and customer. The adoption of automated redaction technology has benefits for both banks and their customers. Primarily, it ensures the privacy and security of customer data and documents so no sensitive information is exposed in the public space or accidentally shared internally. This is also critical for maintaining your

› Verified 6 days ago

› Url: https://www.bankingday.com/article/how-automated-redaction-technology-helps-banks-maintain-trust Go Now

› Get more:  BankGo Now

Citi spotlights BNPL

Details: The bank will market the BNPL product – branded as “Spot” – through its Diners Club subsidiary, but using Mastercard’s payments network. Citi is the second local bank to signal a proprietary move into the BNPL market after Commonwealth Bank announced in March it was also partnering with Mastercard to take on Afterpay and Zip in the

› Verified Just Now

› Url: https://www.bankingday.com/citi-new-bnpl Go Now

› Get more:  BankGo Now

RBA red and blue in 2021

Details: RBA red and blue in 2021. The Reserve Bank of Australia recorded an 'accounting loss' of A$4.3 billion, its first in years, as unrealised valuation losses exceeded the sum of other components of profit, the RBA’s 2021 annual report shows. Despite the accounting loss, earnings of $3.9 billion were still available for distribution.

› Verified 4 days ago

› Url: https://www.bankingday.com/rba-annual-report Go Now

› Get more:  AccountingGo Now

Banks tell ACCC that payments merger will strengthen

Details: Banks tell ACCC that payments merger will strengthen competition. The industry committee advancing the case for combining Australia’s three domestic payments schemes has urged the ACCC to approve the proposed merger because it will improve competition. The committee, which includes representatives from the four major banks, Cuscal and

› Verified Just Now

› Url: https://www.bankingday.com/banks-say-payments-merger-will-strengthen-competition Go Now

› Get more:  BankGo Now

Banks must do better on climate disclosure

Details: The Reserve Bank has called on Australian financial institutions to improve their climate related disclosures and climate risk assessments, as the threat of divestment from Australia because of climate risks grows. Reserve Bank deputy governor Guy Debelle said: “Most Australian financial

› Verified 9 days ago

› Url: https://www.bankingday.com/banks-must-do-better-on-climate-disclosure Go Now

› Get more:  BankGo Now

Lowe: Banks ‘scared’ of AML mistakes

Details: In candid terms, Reserve Bank governor Philip Lowe has told parliament that “the banks are very scared of making mistakes on the AML front.” The context, in a regular appearance with the House Economics Committee on Friday, was the sustainability of critical banking services to many Pacific island economies, but there can be little doubt Lowe had in mind the history of whopping fines for

› Verified 3 days ago

› Url: https://www.bankingday.com/lowe-banks-scared-over-aml Go Now

› Get more:  BankGo Now

Great Southern continues to haunt Bendigo and Adelaide

Details: The bank has been involved in a number of court cases, with mixed results. An audit of the Great Southern lending unit, ordered by the BCCC, found that it was largely segregated from the bank’s broader operations and had inadequate systems, processes and resources to cope with its collections activity.

› Verified 1 days ago

› Url: https://www.bankingday.com/great-southern-continues-to-haunt-bendigo-and-adelaide Go Now

› Get more:  BankGo Now

Comment: Green ticks for the banks while Crown awaits its fate

Details: Comment: Green ticks for the banks while Crown awaits its fate. Crown Limited engaged in money laundering, tax evasion, and other governance practices that have spawned headlines across multiple media platforms. The failure of the gaming giant to keep its nose clean in a world where corporate governance is coming under greater scrutiny has

› Verified 6 days ago

› Url: https://www.bankingday.com/comment-crown-awaits-its-fate Go Now

› Get more:  BankGo Now

Banking cartel case proceeds to trial

Details: Three banks and six bank executives were committed for trial yesterday on criminal charges of alleged cartel conduct. Facing committal proceedings in the NSW Local Court were: ANZ; Citigroup Global Markets Australia; Deutsche Bank; and executives Rick Moscati (former ANZ treasurer and still in an executive role at the bank), Michael Ormaechea and Michael Richardson (Deutsche), …

› Verified 4 days ago

› Url: https://www.bankingday.com/banking-cartel-case-proceeds-to-trial Go Now

› Get more:  BankGo Now

St George BOM breaks Westpac

Details: St George BOM breaks Westpac. At John Macfarlane’s Westpac, the clearance sale seems to be on. But the real question is why the bank took 10 years to wake up to the twin follies of rebooting Bank of Melbourne in 2011, and even saving St George Bank to begin with in 2008. The padlocking of the doors on another 48 Westpac group branches in

› Verified 3 days ago

› Url: https://www.bankingday.com/st-george-bom-hits-westpac Go Now

› Get more:  BankGo Now

LCR failings come back to bite the banks in payments

Details: The Reserve Bank has, in the past, criticised the banks for their handling of LCR, although its tone has softened in recent communications. In a speech to the Australian Payments Network last December, RBA governor Philip Lowe said: “While progress has been slower than we would have liked, the slow progress by the major banks did create

› Verified 2 days ago

› Url: https://www.bankingday.com/lcr-failings-back-to-bite Go Now

› Get more:  BankGo Now

Bank branch closures begets another inquiry

Details: 13 hours ago · Bank branch closures begets another inquiry. A Regional Banking Taskforce has been established by the Morrison Government “to assess the impact of bank branch closures on regional communities,” Michael Sukkar, the assistant treasurer announced on Friday. The taskforce’s mission will be to “bring together banks and other key stakeholders

› Verified 4 days ago

› Url: https://www.bankingday.com/bank-branch-closure-inquiry Go Now

› Get more:  BankGo Now

Big banks earn points for COVID performance

Details: Customers have put their concerns over bank misconduct aside and rated the big banks highly for their performance during the worst of COVID. According to the latest Roy Morgan Research banking customer satisfaction report, Australia’s big banks have enjoyed strong increases in their customer satisfaction and net promoter scores over the past year.

› Verified Just Now

› Url: https://www.bankingday.com/big-banks-earn-points-for-covid-performance Go Now

› Get more:  BankGo Now

Dupe calls time on mutual banking career

Details: Regional Australia Bank is on the hunt for a new CEO for the Armidale-based champion of the mutual banking sector. Kevin Dupe, now 65, will retire from the bank at the end of September, after 21 years at the helm of the former New England Credit Union, Graham Olrich, the chair of RAB announced on Friday.

› Verified 7 days ago

› Url: https://www.bankingday.com/dupe-calls-time-on-mutual-banking-career Go Now

› Get more:  BankGo Now

May days a banking mess

Details: Rarely singled-out as the tell-all indicator that it is, the value of Real-time Gross Settlements whizzing through the Reserve Bank’s systems are at red-alert readings. The value of payments handled in May slumped to A$203 billion, 73 per cent of the value processed in March and 75 per cent of the value, in each case looking at the monthly

› Verified Just Now

› Url: https://www.bankingday.com/may-days-a-banking-mess Go Now

› Get more:  BankGo Now

RBA’s TFF delivers mortgages to major banks

Details: RBA’s TFF delivers mortgages to major banks. Small lenders have hit out at the Reserve Bank’s access rules for its Term Funding Facility, arguing that it is delivering a big funding “free kick” to the major banks at the expense of competition in the home loan market. Under the A$200 billion funding program set up in March to help banks

› Verified 4 days ago

› Url: https://www.bankingday.com/rbas-tff-delivers-mortgages-to-majors Go Now

› Get more:  BankGo Now

St George adds fries and burgers to banking offer

Details: The bank has teamed up with McDonalds Australia to reward NSW customers who purchase fast food using Visa cards issued by St George. Under the offer, St George customers are eligible for discounts on cheeseburgers and french fries until the end of October so long as they use a Visa account to pay for in-app purchases using the McDonald’s app

› Verified 5 days ago

› Url: https://www.bankingday.com/st-george-adds-fries-burgers Go Now

› Get more:  BankGo Now

Bin Aweidha confirms to Banking Day that World Investments

Details: As CEO of World Investments, a Dubai-based boutique investment bank that has committed to take a 40 per cent stake in Australian neobank, Xinja Bank, he knows that he is an object of curiosity to the Australian market, but cannot understand why, as Xinja is a privately owned financial institution yet to be listed on any exchange.

› Verified 3 days ago

› Url: https://www.bankingday.com/bin-aweidha-confirms-plans Go Now

› Get more:  BankGo Now

Faster payments need increased digital banking security in

Details: The Reserve Bank of Australia (RBA) is another regulator that has been pushing the financial services sector to do better on payment fraud. The Bank has long encouraged the industry to build an addressing service into the New Payments Platform (NPP), as far back as its 2012 Strategic Review of Innovation.

› Verified 3 days ago

› Url: https://www.bankingday.com/article/faster-payments-need-increased-digital-banking-security-in-australia Go Now

› Get more:  BankGo Now

Judo plans hefty TFF drawdown

Details: Judo plans hefty TFF drawdown. Judo Bank is set to make a large drawdown on the Reserve Bank’s Term Funding Facility after more than doubling the size of its business lending book in the 12 months to the end of January 2021. While the access criteria for the TFF have disadvantaged start-up retail banks such 86 400 and Volt Bank in the last

› Verified 6 days ago

› Url: https://www.bankingday.com/judo-plans-hefty-tff-drawdown Go Now

› Get more:  BusinessGo Now

Faltering digital banking platforms test CBA

Details: The Reserve Bank signalled last year that it would begin publishing official data on the frequency and duration of online banking outages at Australian banks. Since the pandemic hit Australia in March 2020, the central bank has not clarified when publication of the information would commence.

› Verified 6 days ago

› Url: https://www.bankingday.com/cba-faltering-digital-banking-platforms Go Now

› Get more:  BankGo Now

‘Deliberate’ Macquarie clarify mortgage growth mashup

Details: Unfairly blending a couple of mortgage metrics on Friday qualifies the tone of our lead article that day around of Macquarie Bank’s arguably high-risk appetite for a fast growing, record-growing mortgage book. By soon after noon, Banking Day appended a response from Macquarie. It …

› Verified 7 days ago

› Url: https://www.bankingday.com/macquarie-clarify-mortgage-growth-mashup Go Now

› Get more:  BankGo Now

ASIC reins in ‘bank’ debenture claptrap years too late

Details: The most odious – the Bank Term Deposit Representations – breached section 12DB(1)(a) of the ASIC Act and section 12DB(1)(e) of the Act. One of these is; “in connection with the supply or possible supply of financial services, Mayfair made a false or misleading representation that the Mayfair Products had performance characteristics or benefits”.

› Verified 9 days ago

› Url: https://www.bankingday.com/asic-reins-in-debenture-claptrap Go Now

› Get more:  BankGo Now

The TFF rate change is the one to watch

Details: “The TFF rate is the rate that matters the most. Before COVID, around 55 per cent of bank funding came from domestic deposits, with the remaining 45 per cent from markets in one form or another. Now we have the RBA providing the TFF as a low-cost source of funds to the banking system.”

› Verified 2 days ago

› Url: https://www.bankingday.com/the-tff-rate-change-is-one-to-watch Go Now

› Get more:  BankGo Now

Bendigo set to retire Delphi as a product brand

Details: Bendigo set to retire Delphi as a product brand. 20 October 2021 5:58AM George Lekakis. Bendigo and Adelaide Bank, M&A. Bendigo and Adelaide Bank is stepping up a program to rationalise its stable of banking brands, after notifying customers of its Delphi Bank subsidiary that they would be migrated to Bendigo branded products and services over

› Verified 5 days ago

› Url: https://www.bankingday.com/bendigo-set-to-retire-delphi Go Now

› Get more:  BankGo Now

Macquarie tightens broker accreditation rules

Details: Macquarie tightens broker accreditation rules. Macquarie Bank might be courting a backlash from mortgage brokers after revealing changes that will govern the types of people who can market its mortgage products. Under a new policy that takes effect on 14 September Macquarie will be asking brokers to furnish details about their criminal records

› Verified 2 days ago

› Url: https://www.bankingday.com/macquarie-tightens-broker-accreditation-rules Go Now

› Get more:  BankGo Now

Armaguard seals ATM deals with Suncorp and mutual banks

Details: Armaguard seals ATM deals with Suncorp and mutual banks. 23 September 2021 6:51AM George Lekakis. Payment facility provider, Suncorp-Metway, Mutual bank. Linfox Armaguard has struck agreements with Suncorp and three customer-owned banks that will give more than 1 million customers fee-free access to the company’s automated teller network.

› Verified 2 days ago

› Url: https://www.bankingday.com/armaguard-atm-deals-suncorp-mutuals Go Now

› Get more:  BankGo Now

Xinja founder departs amid uncertainty over 2020 share

Details: Xinja founder departs amid uncertainty over 2020 share conversion. Eric Wilson, the founder of the company formerly known as Xinja Bank, has resigned from the board. Xinja, which now trades under the name A.C.N. 618 937 054 notified ASIC last week that Wilson was no longer a director of the company. Wilson relinquished the executive reins of

› Verified 8 days ago

› Url: https://www.bankingday.com/xinja-founder-departs Go Now

› Get more:  BankGo Now

ANZ, NAB mull sale of non-branch ATMs

Details: That acquisition gave Armaguard control over about 700 machines that directly service customers of Suncorp, Bank of Queensland and 25 mutual banks. Armaguard is the main cash logistics provider to most of the major banks and holds service contracts for maintaining ATM fleets operated by CBA, NAB and ANZ.

› Verified 3 days ago

› Url: https://www.bankingday.com/anz-nab-mull-sale-of-non-branch-atms Go Now

› Get more:  BankGo Now

Suncorp abandons banking system upgrade

Details: Suncorp abandons banking system upgrade. 12 May 2020 6:16AM John Kavanagh. Suncorp-Metway, Authorised deposit-taking institutions, Australian-owned Bank, IT systems, Professional services, Appointments. Suncorp has called a halt to the implementation of its new core banking system and will write off $90 million of the carrying value of its IT

› Verified 1 days ago

› Url: https://www.bankingday.com/suncorp-abandons-upgrade Go Now

› Get more:  BankGo Now

CBA, NAB and big retailers join Eftpos’ new eQR platform

Details: The CBA partnership is a critical one for Eftpos because it is the bank with the largest merchant network across the country. “We’ve seen our business customers become increasingly familiar using QR codes and we’re working with eftpos to support the roll out of eQR,” said CBA’s head of merchant solutions, Karen Last.

› Verified 2 days ago

› Url: https://www.bankingday.com/banks-big-retailers-join-eftpos-eqr Go Now

› Get more:  BusinessGo Now

Retail groups turn up the heat on RBA

Details: Retail groups turn up the heat on RBA. 02 September 2021 5:34AM George Lekakis. RBA, New Payments Platform, Payments system & regulation, Eftpos, Payments, mobile & wallets, Bank fees. National retail and small business groups have vowed to intensify pressure on the Reserve Bank to mandate all banks to provide least cost routing on debit

› Verified Just Now

› Url: https://www.bankingday.com/retail-groups-turn-up-heat-on-rba Go Now

› Get more:  BusinessGo Now

Investors pour millions into Tic:Toc as loan volumes surge

Details: Investors pour millions into Tic:Toc as loan volumes surge. 14 July 2021 6:01AM George Lekakis. Fintech, Non-bank lender. Bruce Carter. The word seems to be filtering through the well-heeled circles of Adelaide and other parts of Australia that online home lender Tic:Toc might be preparing to launch an IPO of its business.

› Verified 3 days ago

› Url: https://www.bankingday.com/investors-pour-millions-into-tic-toc Go Now

› Get more:  BusinessGo Now

No discount on new Xinja shares

Details: No discount on new Xinja shares. 23 September 2020 6:21AM George Lekakis. ASX, Authorised deposit-taking institutions, ASIC. Shareholders in Xinja Bank are continuing to pay more than A$4 dollars a share to acquire new equity in the business, according to the company’s latest filing to the Australian Securities and Investments Commission.

› Verified 8 days ago

› Url: https://www.bankingday.com/no-discount-on-new-xinja-shares Go Now

› Get more:  BusinessGo Now

Related topics