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PayPal Australia is undertaking “extensive” remedial work on its reporting of international funds transfers, in response to AUSTRAC concerns about the company’s systems, controls and governance in thi.. read more

Australia’s High Value Clearing System has adopted the ISO 20022 messaging standard, completing a four-year migration. read more

Australians’ financial wellbeing has fallen as households struggle with the higher cost of living, according to a new report, prompting a call for a review of the country’s financial literacy strategy.. read more

Commercial finance broker and lender COG Financial Services has added a twist to its relentless takeover program, acquiring a new business and partially divesting it at the same time. read more

The major banks’ implied lending spread narrowed over 2022, when average funding costs increased by around 30 basis points more than average lending rates, the Reserve Bank reported in a review of ban.. read more

Bank fees paid by households declined in the 2021/22 financial year but an increase in fees paid by business and government customers meant that total bank fee income rose for the first time in six ye.. read more

ATM terminal numbers fell 2.5 per cent to 25,025 over the 12 months to December, according to the latest Australian Payments Network figures. read more

The security coverage and asset quality of ADIs’ mortgage portfolios improved in the December quarter, with big falls in high loan-to-valuation and high debt-to-income loans, APRA reported in its late.. read more

Credit reporting agency and information services company Experian has applied for accreditation as a data recipient under the Consumer Data Right and announced plans to offer a credit assessment servi.. read more

Mortgage payments as a percentage of household disposable income will hit a record high when the latest increase in the cash rate flows through to home loan rates. read more