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Briefs: Banks must tell APRA of plans, BIS to meet in Sydney, Visa Europe on the block

21 March 2013 5:41PM
Banks and other authorised deposit-taking institutions must provide the industry regulator with an outline of their plans to ensure they can provide a single customer view by early next year. The Australian Prudential Regulation Authority said it wants the outline by April 15. Prudential standards now require locally incorporated ADIs to establish a single customer view for accounts protected under the Financial Claims Scheme. ADIs must create the systems needed to ensure they can generate and transmit payment instructions to a "paying agent" appointed by APRA.The Bank for International Settlements will hold a meeting of central bank governors in Sydney, from 21 to 23 February 2014. At the same time, Group of 20 finance ministers will also meet in Sydney. Later in the year, Cairns will host the second meeting of the finance ministers and central bank governors, the Treasurer, Wayne Swan, said in a media release.The Wall Street Journal reports that a group of European banks that owns Visa Europe is considering cutting its ties with Visa and plans to set up their own payments business. Visa would be forced to buy the European business at an estimated cost of more than US$3 billion. A positive for Visa would be that it could expand in fast-growing markets, such as Turkey and Poland. The Visa Europe board is meeting next month and the issue is expected to be on the table.

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