Major Australian banks have made mobile payments a priority tech initiative and are in various stages of rolling out technology that lets customers pay with smartphones. Commonwealth Bank and Westpac are so far leading the pack, but ANZ Bank and National Australia Bank (NAB) say they are planning to make their own moves soon.
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Suncorp Bank has revealed it will soon support contactless mobile payments on Apple iOS and Google Android devices.
St George Bank, viewed as the 'innovation hub' of Westpac, has adopted a 'mobile only' strategy, according to CIO Dhiren Kulkarni.
Leading on technology is a “life-and-death matter” for Commonwealth Bank, according to CEO Ian Narev.
Security concerns have delayed the release of Commonwealth Bank’s Android-based EFTPOS terminal, CBA executives have revealed.
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Outsourcing has become a critical component of management of financial institution operations. Consequently, the Office of the Controller of the Currency (OCC) and the Federal Reserve Board (FRB) recently issued guidance on how financial institutions should manage third-party risks. • Institutions are outsourcing increasingly complex and sensitive banking and financial operations to third parties • The guidance issued by each agency has particular relevance to outsourcing transactions and provides companies with a roadmap of the key areas of concern to regulators • Many of the suggestions in the OCC and FRB guidance concern provisions of outsourcing agreements where vendors often push back
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