Briefs: Sandstone rebuilds, ASIC's $1bn giveaway, UnionPay expands coverage of NZ, and more
The board of Sandstone Technology has confirmed the appointment of Julian Blackley (pictured, right) as the firm's CEO following what it said was his "highly successful eight months" in the role of acting CEO. The firm has been involved in internet banking and loan origination automation over the last 20 years and has built a product range along the front-end banking services value chain. Sandstone has more than 270 employees in three continents. Blackley joined Sandstone as the company's CFO in November 2015 and subsequently assumed the additional responsibility of acting CEO in June 2016. The Australian Securities and Investments Commission has launched its annual reminder, urging Australians to search on ASIC's MoneySmart website and check whether they have a share of A$1.1 billion in unclaimed money. There are more than a million records of unclaimed money from dormant bank accounts, life insurance, shares and other investments waiting to be claimed. ASIC holds money from bank, credit union and building society accounts that have not been used in seven years and contain a balance of $500 or more. On 31 December 2015 this changed from three years. Bank accounts created for children and those held in a foreign currency are exempt. Ultimately, the unclaimed money managed by ASIC is always claimable by the rightful owner with no time limit on claims. UnionPay International said it has "cooperated" with Westpac to enable all the ATMs and about 1,300 online merchants subordinate to Westpac in New Zealand to accept UnionPay cards. UnionPay International had concluded a comprehensive cooperation agreement with Westpac. Since then, Westpac had enabled all of its ATMs and POS terminals in Australia and the seven island countries to accept UnionPay cards. Now, the two sides are promoting the UnionPay business in New Zealand. Westpac will enable its merchants in New Zealand to accept UnionPay cards in this June, and some of the merchants will also support mobile QuickPass. A ramp up in the use of the US "banking" platform of ASX-listed fintech ChimpChange put deposits at US$12 million at March 2017, up from US$5 million three months before. The US "tax refund season" proved a winner for ChimpChange, Australia's only listed digital banking platform, as the fintech saw all its metrics skyrocket in either quarter-on-quarter growth or in comparison to the previous comparable period. For example, total transaction volume, which represents the movement of gross customer funds within our banking environment, grew by 127 per cent quarter-on-quarter to US$23.9 million.