Global Payments & Mint Payments sign strategic partnership agreement
Mint Payments Limited (ASX: MNW) (Mint or the Company) and Global Payments Asia Pacific Limited, a subsidiary company of Global Payments Inc. (NYSE: GPN), a leading worldwide provider of payment technology and merchant acquiring services, today announced a partnership agreement that will equip Mint and its licensed distribution partners with the ability to provide the Company’s integrated payment technology solutions with Global Payments as the acquirer, in the territories of Malaysia and Singapore with additional territories to follow. As part of the Agreement, Global Payments will also refer its merchants to adopt Mint’s range of integrated payment solutions in these two markets. In the Asia Pacific region, Global Payments Asia […]
How automation is shaping fintech plans
Digital innovation and partner collaboration are key. A new industry report calls for investment banks to take advantage of technological innovations by optimising outdated operating models, improving automation and undertaking a digital transformation. Australian consultants EY’s Capital Markets: building the investment bank of the future report reveals that, despite continued efforts to reduce costs, investment banks are becoming less efficient. These institutions remain reliant upon maintaining decades-old, complex and inflexible IT infrastructure. The report suggests banks can do more to enhance their business by harnessing fintech innovations. For example, over the short-term investment banks can develop robotic process automation (RPA) and advanced analytics to sort through large amounts of data. […]
A great fintech border invasion
If ever there were a banking niche ripe for disruption, it would be cross-border payments. It almost defies comprehension that Amazon can deliver physical goods faster than a bank can make a credit entry. The reason, of course, is that remittances still meander through the 600 year-old correspondent banking system, which requires six players to link up to achieve the final outcome — the payer, the payer’s bank, the payer’s bank’s correspondent, the beneficiary’s bank’s correspondent, the beneficiary’s bank and the beneficiary. The system is clunky, opaque and extremely costly for users. Fintech was always going to find a better solution, and the machinery is now in place for far-reaching […]
Australia needs to foster FinTech with level playing field
The recent Presidential election in the US and the Brexit vote in the UK clearly show that the public in liberal democracies like Australia are tired of failure by governments to ensure social justice is being served on all levels. Political and corporate leaders appear to the public to act with impunity and social policies are not addressing the increasing inequality of wealth. These leaders seem to be out of touch with their constituents, illustrated by the surprise results in US and UK. Leaders in Australia should be warned — they ignore, at their peril, social justice issues such as the behaviour of the ‘Big Four’ banks, who operate in […]
Blockchain is here to stay
Blockchain, the technology that underpins Bitcoin, is the talk of the town at the moment. The financial services industry can’t get enough of it. The enthusiasm essentially boils down to the technology’s potential to reduce the financial transaction costs while ensuring robust security. While Bitcoin is unlikely to be make traditional currency extinct, blockchain has provided the impetus needed for new and innovative research into how the slow and often expensive centralised financial transaction systems that dominate banking, so what is this blockchain? Put simply, blockchain is a data structure that can be used to create digital ledgers of transactions shared among a distributed network of participating organisations. Financial institutions […]
A quarter of bank revenue may be lost to disrupters: PwC
Incumbent banks throughout the world are bracing for the loss of almost a quarter of their revenue to financial technology disrupters during the next five years, a global survey by PwC has found. PwC’s global fintech report, published on Tuesday, finds 95 per cent of bankers believe at least some of their business will be given up to fintech players in the coming years. PwC’s Asia Fintech leader, John Shipman, said he was surprised the number wasn’t 100 per cent. “Almost all of the financial services clients I’ve spoken to acknowledge that fintechs either now or very shortly will have the ability to disrupt the majority of their business,” Mr […]
Fiserv and Alpha Payments Cloud Partner on Cost Effective Solution to Connect to Real-Time Payments in Australia – Press Release
Alpha Payments Cloud, a global leader in providing third party payment, risk and commerce solution access to international banks and merchants, has today announced a partnership with Fiserv, Inc., a leading global provider of financial services technology solutions. The partnership will provide Australian banks with a simpler and faster way to process payments in Australia while also generating significantly more value through the addition of overlay services through the AlphaHub Payments as a Service platform. The AlphaHub introduces Australian banks to an entirely new middleware layer that provides frictionless access to overlay services instantly, significantly speeding up the introduction of new functionalities. Accessing these new functionalities through the AlphaHub’s considerable […]
