SWIFT has plans to start testing a new multi-bank standard for cross-border payments, ahead of a wider start date "in the next few months". Built in conjunction with ten multinational companies and 12 large banks, the standard is intended to streamline the process for corporate treasurers to initiate and track "global payment innovation" transfers to and from multiple banks in a single format and integrate these gpi flows into ERP and treasury management systems. Banks involved in the pilot phase include, Bank of America Merrill Lynch, BBVA, BNP Paribas, Citi, Deutsche Bank, JP Morgan, National Australia Bank, Société Générale, and Standard Chartered. Corporates participating in the pilot include Airbus, Booking.com, General Electric, IATA, Microsoft and Roche. The Reserve Bank of New Zealand (Monetary Policy) Amendment Bill passed its first reading last night despite opposition from the National Party. The legislation proposes to change the mandate of the RBNZ, creating an official decision-making committee within the Bank to decide on areas such as the OCR. At the moment this is, officially, the responsibility of the Governor alone. The legislation also proposes to include a requirement for the RBNZ to consider employment effects alongside the maintaining of price stability when making decisions. It is this to which the Opposition National Party objects, saying no case has been made for a dual mandate and little explanation from the Government as to how it would work in situations where employment and inflation conditions call for differing responses. After an ASIC investigation, following a notification of misconduct by Westpac, the regulator has permanently banned Marten Pudun of Glenwood, NSW, from engaging in credit activities, effective from 24 July 2018. ASIC found that, while employed as a relationship manager in Westpac's premium banking section, Pudun knowingly or recklessly gave false documents and information to Westpac to help his clients obtain home loans. ASIC found that Pudun was repeatedly dishonest in his dealings with his customers, Westpac and external third parties, concluding "he is not a fit and proper person to engage in credit activities". ASIC's investigation is continuing.