Moneytree, the business that has been able to create a permission-based, data sharing platform, is bringing its platform to Australia.
Moneytree’s alliances with Japanese banks has positioned it to provide an open-API regime, which is in line with some the PSD-2 goals in Europe, and the Australian government’s wish for open banking in the Australian marketplace.
See the AB+F interview with Paul Chapman, Founder, Moneytree here.
Swift has announced that it has implementation plans in place with four of Australia’s major banks to implement is gpi service.
The four banks named, being Commonwealth Bank, Westpac Bank, ANZ Bank and National Australia Bank have all been reportedly signed up to go live or planning the implementation phases.
SWIFT gpi seeks to improve the customer experience in cross-border payments by increasing the speed, transparency and end-to-end tracking of cross-border payments.
Over 110 transaction banks from Europe, Asia Pacific, Africa and the Americas are already signed up to use the service and more are expected to join. Thousands of cross-border payments are today being sent using this new standard, bringing immediate benefits to gpi banks and their corporate customers.
Now live, the first phase of SWIFT gpi focuses on business-to-business payments, helping corporates grow their international business, improve supplier relationships, and achieve greater treasury efficiencies. Thanks to SWIFT gpi, corporates can today receive an enhanced payments service from their banks, with following key features:
Faster, same day use of funds*
Transparency of fees
End-to-end payments tracking
Remittance information transferred unaltered
The second phase of SWIFT gpi will enable the digital transformation of cross-border payments, by allowing banks to:
Transfer rich payment data along with the payment, including additional line item details necessary for compliance checks, in an effort to enhance the reconciliation of a payment with multiple invoices.
TransferWise, the UK-based payments money transfer company, is launching a new service allows customers to make cross-border payments in a wide range of currencies.
TransferWise has implemented a “borderless scheme” to improve the efficiency of sending money around the globe. The service will initially only be available for small businesses and freelancers in the UK and Europe, and will be available to those in the US next month.
This type of function will allow businesses who are challenged with moving money from one country to another an alternative to a normal bank transfer process or even PayPal. Normally global financial institutions such as Citibank and HSBC for example, offer such schemes to their customers.