The simmering dispute between Apple and four of Australia's leading banks over terms of access to Apple Pay has erupted into a fresh slanging match as the banking collective presses home its campaign to secure collective bargaining rights for NFC access to iPhones.
As Swift gears up for its annual Sibos jamboree in Geneva next week, the interbank messaging network is facing up to a growing threat from Ripple, which has signed up several major banks to a steering group on the use of distributed financial technology for global payments.
Westpac has made a $16.5 million investment in digital mortgage startup uno, which provides consumers with direct access to the typical loan search and settlement technology that traditional mortgage brokers use.
The war of words between Apple and some of Australia's biggest banks is growing increasingly heated as the financial collective accuses the consumer electronics group of acting against the interests of customers in the ongoing row over collective bargaining rights for NFC access to iPhones.
Westpac is leveraging its investment in data sharing startup Data Republic with the launch of a service that enables corporate clients to store and exchange anonymised data with a view to gaining deeper insights into customer behaviour.
Australia's retailers have thrown their weight behind an effort by the country's banks to win the right to collective bargaining with Apple over NFC access to iPhones.
Australia's banks will have to sweat it out over their application for a collective bargaining agreement with Apple over NFC access to the consumer group's iPhones after the country's competition watchdog said that it needed more time to ponder the submissions made by the warring factions.
Apple has accused Australian banks of using "innuendo and misstatements" to support their attempts to overcome restrictions imposed by the consumer electronics firm on the use of iPhones for mobile payments.
Westpac is doubling down on its investment in the fintech startup scene, pumping another $50 million into a second fund to be managed by Reinventure Group.
The founder of an Australian robo-advisor has accused the country's banks of hypocrisy over their cries of anti-competitive behaviour from Apple Pay
© Finextra Research 2016