Briefs: BNK out of pocket over lost ATM cash, CML Group rebrands

BNK Bank is out of pocket A$860,000 following settlement of an insurance claim it made after two companies handling the bank’s ATM bailment went broke in 2019. The bank reported that it had lost $2.9 million and the liquidator was unable to locate the cash. BNK received indemnification of $1.2 million of its claim in July and a final payout of $860,000. The outstanding amount will be recognised as an abnormal expense.
Receivables finance company CML Group will change its name to Earlypay, which is the name of a working capital product the company has offered since 2012. The company said the name is a reflection of its recent digital transformation, which has allowed it to reduce client onboarding from two weeks to 24 hours and also allowed it to expand its target market.