BUSINESS FINANCE NEWS – OCT 30, 2020

A brief summary of news you probably missed.


ANZ Outrage|Fintech Heaven|Buzz Words

Bosses slam ANZ for I.T. Stuff Up

Outrage At ANZ

The ANZ Bank copped a pounding on social media when an I.T. outage deprived thousands of customers of their pay.

Business owners complained that employees with non-ANZ bank accounts hadn’t received their wages for up to three days and ANZ was forced to redirect the payments through other banks until the problem was sorted.

A blizzard of outrage swamped Downdetector – a website that monitors technology outages.

Not a great look from the behemoth, particularly in the current climate.

Filling the Coffers,

SME funder, Marketlend, has won a $100 million financing pot from New York based private credit manager, Crayhill Capital Management LP.

The company specializes in working capital and cash flow loans and boasts of trade credit facilities of more than $333 million dollars.  Earlier this year the company raised $8.5 million in equity for marketing and advertising.

More Than Just A Buzz Word

Open banking may sound like the latest buzz phrase in the finance world, but Carolyn Breeze writes in Dynamic Business that it will change the way financial institutions support and deliver solutions to their customers.

Open Banking means the big four banks must share their product, customer, account and transaction data with other accredited lenders and financial institutions.

Breeze argues that this will put customers in control of their financial data.

“For financial institutions, it also means gaining access to deeper insights about customers, which can help banks enrich the customer experience by delivering better value.” 

Fintech Heaven

The future for Australia’s fast growing army of Fintechs looks promising, according to the EY Fintech Australia Census.

The fifth issue of this annual survey reports that industry participants are earning sustainable revenues and attracting more paying customers despite the pandemic.

High on the agendas of most companies is an intention to expand overseas.

Balancing the optimism are regulatory concerns, competitive pressures and tighter access to capital.

EY surveyed just over 80 Fintech companies with the top segments being: Payments, Supply Chain Lending and Data & Analytics.