PAYDAY NEWS’ Post

There has never been more banking outages in a year than in 2023. Here's what we know 👇 Qi has compiled this data from each of the providers, and it is available on the Qi payments dashboard. Caveat; payment providers only started providing data in 2021; there may have been more outages before then! 2023 saw over 60 days of outages across 180 services from 34 different providers. In 2022, that number was 49 days. That's around 8 hours each over the course of 2023. While that is small when it is spread out over the year; the outages aren't spread out! 3 Providers managed 0 outages across their products for the entire 2023: - Tyro Payments - Adyen - ANZ Worldline Payment Solutions Here we are focussing on internally caused outages; ANZ Worldline experience a fairly significant external outage this quarter. Averaging it out per service provided, only one Big Four bank makes the top 10 for least outages in 2023. NAB had just 112 minutes of outages per service provided for the entirety of 2023. They ranked seventh, the top provider when it comes to providing all 7 services. After the top 3 came Macquarie Group, Adelaide Bank, and Bank Australia - the latter having no outages in the latest quarter. Special mention to Beyond Bank Australia, which for the first quarter ever saw zero outages. The analysis can now be found in a seperate tab on the website; and that's because we are expanding the analysis in the upcoming weeks - stay tuned. #data #payments Reserve Bank of Australia

Banks and other payment service providers must be pulling their hair out. In the September 2024 quarter outages almost doubled! There was almost double the number of services with significant outages than Q2. But, providers weren't at fault for the increase, and providers have actually improving! The results are now live on Qi's Payments Dashboard. (Great Southern Bank and MyState Bank aside, they still haven't provided the data correctly, 5 days on) Q3 saw the least outage minutes ever from significant events with an internal cause. But the most ever outages from external causes. Most of the internal outages that did happen came in Online Banking and Fast Payments. Next Day Payments and ATMs were much improved. Of the majors, only Commonwealth Bank saw no internal outages. A first for them for over a year! #data #payments

New Zealand is picking up the pace in #OpenBanking! The four big banks - ANZ, ASB, BNZ and Westpac NZ - last week confirmed their readiness to partner using the Account Information API standard, which means the 30 November 2024 deadline for the second implementation milestone has been met. This now opens the doors for banks, fintechs and third parties to offer a wider range of open banking products and services. Payments NZ Chief Strategy and Innovation Officer Jane-Renee Retimana said the achievement of the second milestone this year shows the momentum behind open banking in Aotearoa. “Being able to securely share the information they want with trusted third parties is going to directly benefit consumers, with things like digital budgeting and personal financial management tools, easier loan applications, savings advice and more,” she said. Examples of local and international services using account information APIs were previewed at the API Centre’s second Open Banking Showcase on 20 November, held during The Point 2024 conference in Tāmaki Makaurau Auckland. ➡️ Read more here: https://lnkd.in/gTkAJBFi #OpenFinance #OpenData #FinTech

Some KiwiSaver managers are enthusing over prospect of helping fund a Disruptor KiwiBank (to give NZ bank customers a better deal), but it doesn't quite compute for me (so enlightenment is welcome). KiwiSaver funds are already invested in the Big-4, and those that are keen to (also) invest into a disruptor presumably expect to be able to generate similar or better returns on investment for their members (otherwise why would you). Can an always-smaller, customer-first disruptor bank even be as or more profitable than the incumbent four...and if it can, then why hasn't KiwiBank or others (whether already here or from overseas) already done so? And if it is not going to be (or can't be) as profitable, will KiwiSaver members be happy with lower returns in order to assist the mandate to disrupt to benefit NZ bank customers? If a pumped-up, effective, and efficient Disruptor-KiwiBank is the solution to more competition in banking (is it?), then why should KiwiSaver members pay the price for that intervention rather than taxpayers? #Kiwibank #Kiwisaver #Competition

April 16th was budget day which included much-anticipated details on Canada's Consumer Driven Banking framework. While the budget stopped short of providing specific dates for policy implementation there are some solid details on how open banking will take shape in Canada and what this will mean for Canadians. Consumer-Driven Banking in Budget 2024 https://lnkd.in/gHcQDFzq I've reposted some recent research from Environics Research highlighting how quickly Canadian perceptions are shifting on financial data portability and the perceived benefits of an open banking ecosystem. I interpret many of these insights as evidence of a broader societal shift in consumers' expectations around competition, transparency, and ensuring they are not getting ripped off by the companies they patronize. This bodes well for firms like EQ Bank | Equitable Bank, Wealthsimple, Borrowell, Questrade Financial Group and Neo Financial Lastly, here's a link to insights from a recent survey we conducted with the Canadian Lenders Association taking the pulse amongst a spectrum of lenders and fintechs. These organizations are ready to compete and win in an open banking economy and it's very exciting to work with them to drive these initiatives forward in anticipation of the government timelines outlined in the budget. https://lnkd.in/gk6QBAKN Lots of work to be done!

As a fully-regulated bank, we prioritize accuracy and transparency.    Our user-friendly interface and fast implementation ensure seamless operations for our partners. We provide specific error codes for every invalid transaction—like blocked accounts, timeouts, or exceeded limits—so you always know what’s happening. We know you are ready to elevate your financial operations. Reach out to us at [email protected]   and take that next step. Netbank (A Rural Bank) Inc. is regulated by the Bangko Sentral ng Pilipinas (BSP) For any concerns, you may contact them directly at (02) 8708-7087 or email at [email protected]. Contact Netbank Customer Support - [email protected] Netbank Mobile Customer Support - [email protected] #Netbank #TransactionManagement #FintechInnovation #BankingSolutions

Learn about the latest insights on current acceptance rates of #OpenBanking among Canadians from Bernice Cheung, MBA, CAIP here 🔗 https://lnkd.in/dmwnynT5

Australia is taking a major step forward in combating fraud with the upcoming roll-out of the Confirmation of Payee service. This initiative, designed by Australian Payments Plus (AP+) and the Australian Banking Association (ABA), introduces a new layer of protection for consumers. Great news don’t you think Daisy F.! Highlights 🔍 👉 Service Design: Completed by AP+ and ABA, to be built by Swift. 👉 Central Matching Database: Ensures the account name matches the account data provided by the payee’s Financial Institution (FI). 👉 Community Input: Over 50 community groups consulted to ensure broad-based support. Integration into banking channels is expected by early 2025. This new service will empower customers with confidence, ensuring their money is transferred to the right person and not to scammers. #Finance #Banking #Innovation #ScamPrevention #Australia

🚀 Exciting times in the digital banking sector! Brazil's C6 Bank, backed by JPMorgan, just reported its first-ever quarterly profit of R$13.7 million ($2.5 million) for Q1 2023. 🎉 Since its inception in 2017 and commencement in 2019, C6 Bank has illustrated incredible growth, reaching over 12 million customers. Their success largely attributes to their sophisticated digital offerings like mobile banking, diverse loan options, and potent investment services, not to mention the strategic backing of JPMorgan Chase holding a notable 20% stake. In the competitive environment of Brazil's digital banking market, where over 100 institutions vie for dominance, 🏦 C6 stands out not only for posting a profit but also by signaling the robust potential for digital banking in Brazil. As traditional banks face the heat, C6's rise underpins the transformative shift towards digital banking, where convenience and innovation lead the charge. 💡 In light of their positive trajectory, C6 Bank is keen on further expanding its services and plans to harness its partnership with JPMorgan to tap into international markets. 🌐 💭 What do you think drives the success of digital banks like C6? Are traditional banks at risk of becoming obsolete? Would love to hear your views on the evolving landscape of banking! 📈 #DigitalBanking #Innovation #Banking #Finance #Brazil #JPMorgan #C6Bank #FinancialServices #MarketTrends #BusinessGrowth

Open Banking and the Consumer Data Right promises to give customers more control over their data. While adoption in Australia since its introduction several years ago has been modest, it is growing as more banks participate and more consumers are made aware of the benefits. ANZ's managing director of ANZ Plus & Digital Mohamed Khalil says Australians can use #OpenBanking as a safe and secure way to access tools to better manage their #financialwellbeing. “We want ANZ Plus to be the best place for customers who want to make the most of their money and improve their financial wellbeing.” Read the full article: https://lnkd.in/gPiQSmQx