Westpac

Swift Sets Industry Up for Seamless Introduction of CBDCs for Cross-Border Transactions as Interlinking Solution Finds More Use Cases

Retrieved on: 
Monday, March 25, 2024
Carriers and Services, Technology, Professional Services, Payments, Electronic Commerce, Blockchain, Security, Networks, Internet, Fintech, Mobile, Wireless, Deutsche Bank, CLS Group, Automation, Savings bank, Standard Bank, Growth, United Overseas Bank, DVP, Tokenization, ANZ, Westpac, Risk, Sumitomo Mitsui Banking Corporation, Digital asset, Public policy, Intesa Sanpaolo, CBDC, Community business development corporation, Commercial, DTCC, Standard Chartered, DLT, NatWest Group, Ecosystem, HSBC, FX, CLS, DBS, Commercial bank, Cryptocurrency

Swift’s solution has already been shown to enable cross-border transfers and connect CBDCs on different networks with each other, as well as with fiat currencies.

Key Points: 
  • Swift’s solution has already been shown to enable cross-border transfers and connect CBDCs on different networks with each other, as well as with fiat currencies.
  • The second phase of sandbox testing went further, exploring more complex use cases, using Swift’s solution to connect and orchestrate transactions across simulated digital trade and tokenised asset and FX networks, alongside CBDCs for payments.
  • Swift now plans to extend its solution to support a wider range of emerging digital networks in addition to CBDCs, such as platforms for tokenised deposits.
  • This will help to facilitate access and usage of CBDCs in the new complex world of digital payments.

AM Best Affirms Credit Ratings of Fidelity Life Assurance Company Limited

Retrieved on: 
Thursday, March 14, 2024
Banking, Professional Services, Insurance, Finance, Risk management, Communication, ALL, Trauma, News, Acquisition, Credit, AM Best, Westpac

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Fidelity Life Assurance Company Limited (Fidelity Life Assurance) (New Zealand).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Fidelity Life Assurance Company Limited (Fidelity Life Assurance) (New Zealand).
  • AM Best also views Fidelity Life Assurance as having good financial flexibility, supported by its two largest shareholders, NZ Superannuation Fund and Ngāi Tahu Holdings Corporation Limited.
  • AM Best assesses Fidelity Life Assurance’s operating performance as adequate, with a five-year average return-on-equity ratio of 1.0% (fiscal years 2019-2023).
  • Fidelity Life Assurance ranks among the largest life insurance companies in New Zealand, recording significant premium growth following the acquisition of Fidelity Insurance in fiscal year 2022.

ISG Announces 2024 ISG Paragon Awards™ ANZ Winners

Retrieved on: 
Thursday, February 29, 2024
Professional Services, Data Management, Security, Technology, Software, Networks, Consulting, Paragon, Infosys, Automation, Digital technology, ANZ, ISG, Westpac, Research, Transurban

Information Services Group ( ISG ) (Nasdaq: III ), a leading global technology research and advisory firm, has announced the winners of the 2024 ISG Paragon Awards™ ANZ , which celebrate the ongoing transformation of sourcing industry partnerships with new solutions and technologies.

Key Points: 
  • Information Services Group ( ISG ) (Nasdaq: III ), a leading global technology research and advisory firm, has announced the winners of the 2024 ISG Paragon Awards™ ANZ , which celebrate the ongoing transformation of sourcing industry partnerships with new solutions and technologies.
  • A total of 50 nominations were submitted for the annual ANZ program.
  • Winners in each category were selected by an experienced independent expert and announced at a gala awards dinner on Wednesday, February 28, 2024, at the Fullerton Hotel Sydney.
  • “We are honored to recognize the winners of the 2024 ISG Paragon Awards ANZ for finding powerful new ways to support their clients’ IT goals and achieve outstanding results.”
    The 2024 ISG ANZ Paragon Awards celebrate the evolution of the sourcing industry through the application of new sourcing approaches, automation and digital technology.

Pepper Advantage Appoints Aaron Milburn UK Managing Director

Retrieved on: 
Tuesday, February 20, 2024
Finance, Asset Management, Banking, Data Management, Professional Services, Technology, Fintech, Digital Cash Management, Digital Assets, Citigroup, Growth, Clay, State, Westpac, St.George Bank, Bank

Pepper Advantage, a global credit intelligence company, announces the appointment of Aaron Milburn as UK Managing Director.

Key Points: 
  • Pepper Advantage, a global credit intelligence company, announces the appointment of Aaron Milburn as UK Managing Director.
  • Aaron will lead Pepper Advantage’s UK business, which manages a portfolio of £20 billion in assets under management, effective immediately.
  • He is a member of Pepper Advantage’s global leadership team and is joining the UK business from Jakarta, where he currently serves as Managing Director of Pepper Advantage Indonesia.
  • “I’m excited to be joining Pepper Advantage’s UK business at this pivotal moment for credit markets,” said Aaron Milburn.

Leading AI decisioning platform Rich Data Co successfully raises $17.5 million in Series B round to accelerate North America expansion

Retrieved on: 
Wednesday, November 29, 2023
MIT Blackjack Team, NCino, Investment, RDC, Intelligence, ASX, EVP, Partnership, AI, WBC, Bank, Retail, Ecosystem, Westpac

SYDNEY, Nov. 29, 2023 /PRNewswire/ -- Rich Data Co (RDC) – a leading AI decisioning platform that helps banks make high-quality lending decisions efficiently and safely – has successfully raised US$17.5m in its Series B round.

Key Points: 
  • SYDNEY, Nov. 29, 2023 /PRNewswire/ -- Rich Data Co (RDC) – a leading AI decisioning platform that helps banks make high-quality lending decisions efficiently and safely – has successfully raised US$17.5m in its Series B round.
  • The funds raised will be used to help accelerate RDC's expansion into North America and grow its industry-leading position as an AI decisioning platform in the global banking sector.
  • Founded in Australia in 2016, RDC uses explainable AI to provide banks with deeper insight into borrower behaviour, enabling more accurate and efficient lending decisions to businesses.
  • Securing such a significant amount of investment within challenging fundraising conditions, speaks to the opportunity that Rich Data Co's AI Decisioning Platform offers the industry, which is pleasingly being recognised by our investors.

What's to stop Philip Lowe moving to a private bank after he leaves the RBA? It's what his predecessors did

Retrieved on: 
Tuesday, September 5, 2023
NAB, Australian Super Touring Championship, National university, Employment, Industry, The arts, National Australia Bank, Sydney, Perception, ME Bank, Reserve Bank of Australia, Head, Age, Reserve, H. C. Coombs, Ministry of Aboriginal Affairs, Treasury, Retirement, Macquarie Group, Reserve Bank, Council, ANZ, Knowledge, Commonwealth, RBA, Australian National University, Nursing, Pension fund, Westpac

Surely Reserve Bank Governor Philip Lowe won’t move to a private bank after his term as governor ends next week.

Key Points: 
  • Surely Reserve Bank Governor Philip Lowe won’t move to a private bank after his term as governor ends next week.
  • Banks such as Westpac, NAB, the ANZ and Macquarie Bank deal with the Reserve Bank all the time.
  • Every one of the four banks I just mentioned has employed either a former Reserve Bank Governor or Treasury Secretary.

Perceptions matter when a Governor moves on

    • Read more:
      The RBA has kept interest rates on hold.
    • Philip Lowe’s predecessor, the man to whom he was deputy, Glenn Stevens, finished up as Reserve Bank Governor in September 2016 and joined the board of the Macquarie Bank and Macquarie Group in December 2017.
    • Stevens’ predecessor as governor, Ian Macfarlane, finished as head of the Reserve Bank in September 2006 and joined the board of the ANZ bank in February 2007.
    • In 2021–22 Philip Lowe was on a package of $1.037 million including superannuation and a salary of $890,252.
    • On retiring from the Reserve Bank in 1968, its first governor HC Coombs, chaired the Council for the Arts and the Council for Aboriginal Affairs.

Fenics Market Data Launches AUD Interest Rate Swaps Service

Retrieved on: 
Wednesday, August 23, 2023
BGC, IDB, IRS, Interest, Interest rate swap, Bioinformatics, AUD, The Company, Risk, Cryptocurrency, Westpac, Bloomberg

LONDON, Aug. 23, 2023 /PRNewswire/ -- Fenics Market Data, a division within BGC Group, Inc. (Nasdaq: BGC) ("BGC Group" or "BGC" or the "Company"), today announced the launch of a new and unique data service for Australian Dollar ("AUD") Interest Rate Swaps ("IRS").

Key Points: 
  • LONDON, Aug. 23, 2023 /PRNewswire/ -- Fenics Market Data, a division within BGC Group, Inc. (Nasdaq: BGC) ("BGC Group" or "BGC" or the "Company"), today announced the launch of a new and unique data service for Australian Dollar ("AUD") Interest Rate Swaps ("IRS").
  • Working with market participants, Fenics Market Data created a unique service that is now the only composite screen available for AUD IRS, compiled from live, executable inputs from multiple market participants.
  • The new Fenics Market Data AUS IRS service will deliver a complete market view, direct from market participants, comprised of tradeable prices.
  • Rich Winter, Global Head, Fenics Market Data and kACE Information Analytics, said: "This is a transformative new service.

Fenics Market Data Launches AUD Interest Rate Swaps Service

Retrieved on: 
Wednesday, August 23, 2023
BGC, IDB, IRS, Interest, Interest rate swap, Bioinformatics, AUD, The Company, Risk, Cryptocurrency, Westpac, Bloomberg

LONDON, Aug. 23, 2023 /PRNewswire/ -- Fenics Market Data, a division within BGC Group, Inc. (Nasdaq: BGC) ("BGC Group" or "BGC" or the "Company"), today announced the launch of a new and unique data service for Australian Dollar ("AUD") Interest Rate Swaps ("IRS").

Key Points: 
  • LONDON, Aug. 23, 2023 /PRNewswire/ -- Fenics Market Data, a division within BGC Group, Inc. (Nasdaq: BGC) ("BGC Group" or "BGC" or the "Company"), today announced the launch of a new and unique data service for Australian Dollar ("AUD") Interest Rate Swaps ("IRS").
  • Working with market participants, Fenics Market Data created a unique service that is now the only composite screen available for AUD IRS, compiled from live, executable inputs from multiple market participants.
  • The new Fenics Market Data AUS IRS service will deliver a complete market view, direct from market participants, comprised of tradeable prices.
  • Rich Winter, Global Head, Fenics Market Data and kACE Information Analytics, said: "This is a transformative new service.

Chief Audit Executives Battling Uncertain Conditions to Achieve Relevance, According to Protiviti's "Internal Auditing Around the World®" Report

Retrieved on: 
Monday, July 10, 2023
GSK, Communication, VUMC, Westpac, Bayer, PNC, Vanderbilt University Medical Center, Organization, PCA, Machine learning, CAES, HEMA, Artificial intelligence, Zebra Technologies, Packaging Corporation of America, Internal, Automation, Audit, Protiviti

MENLO PARK, Calif., July 10, 2023 /PRNewswire/ -- In the 19th edition of its Internal Auditing Around the World® profile series, global consulting firm Protiviti has published insights from its interviews with chief audit executives (CAEs) from some of the world's best-known companies. Amid economic unrest, quickly evolving regulations, a fast-moving risk landscape and rising stakeholder expectations, the report highlights how internal audit teams are organizing to deliver higher levels of relevance and strategic value for stakeholders.

Key Points: 
  • Amid economic unrest, quickly evolving regulations, a fast-moving risk landscape and rising stakeholder expectations, the report highlights how internal audit teams are organizing to deliver higher levels of relevance and strategic value for stakeholders.
  • The 2023 edition is titled "Relevance: One Goal, Multiple Paths" and represent a wide cross-section of countries and industries.
  • The experiences of 14 internal audit leaders are presented as case studies in Protiviti's report.
  • To access a complimentary copy of Internal Auditing Around the World®, please visit here .

Banks put family violence perpetrators on notice. Stop using accounts to commit abuse or risk being 'debanked'

Retrieved on: 
Tuesday, July 4, 2023
Adoption, Unemployment, Industry, Commonwealth Bank, National Australia Bank, Violence, Shuichi Shigeno, Solution, Psychological abuse, Policy, Westpac, Woman, Center, Research, Finance, Terrorism, Economic abuse, Man, Income, Council, Knowledge, Drug, Bank, Financial services, Risk management, Cryptocurrency

It happened when she was shopping for groceries with her kids, or refuelling the car.

Key Points: 
  • It happened when she was shopping for groceries with her kids, or refuelling the car.
  • That’s when she would discover her partner had cancelled the card or lowered the limit so she couldn’t buy essentials.
  • Ella* (not her real name) is one of about 1.6 million Australian women and 745,000 men who have experienced economic or financial abuse.

The highly disruptive tactics used by abusers

    • Perpetrators use a range of tactics, some of which are inadvertently enabled by bank products and services.
    • However, it may be possible to eliminate or reduce the need for these interventions with improved product design to prevent and disrupt abusers.

Taking action against perpetrators

    • It outlines steps banks can take to prevent their products being used as a weapon in domestic and family violence.
    • In banking, this means spelling out the bank’s rules and its expectations of customer behaviour in its terms and conditions.
    • These rules are the foundation of the contractual relationship with the customer and are relied on where there is a dispute.

Banks taking the lead

    • They will be the first Australian banks to signal to millions of bank customers they have a choice: abuse other customers and potentially lose access to their bank account, or behave with respect.
    • Implementation will be complex and the banks will need to proceed with caution.

Consequences for abusers who fail to stop

    • In this instance, there is the option of “de-banking” the customer which is not only a major inconvenience but also denies them access to an essential service.
    • It is instructive to examine the collective approach the banks have already taken to disrupt technology-facilitated abuse through payment descriptions.
    • It could also be informed by the Council of Financial Regulators’ de-banking policy recommendations on transparency and fairness measures.

Getting the public on board

    • Airlines make it clear jokes about terrorism are not okay, and patrons are ejected from sporting events for violence.
    • The widespread adoption of financial abuse terms and conditions and broad public communication will send a strong message to everyone with a bank account that financial abuse is unacceptable and has consequences.