Basiq White Paper: Visualising An Open Finance Ecosystem

‘Open Finance’ is a term used to describe the accessibility of core financial services made available through APIs. This allows for the sharing of data across multiple financial institutions driven by consumer consent, as well as being able to do something with that data once shared, such as a payment.

Open Finance is typically referred to as the ‘next step’ following Open Banking, with the latter predicated solely on the sharing of Banking data. Open Finance is also more sophisticated than simply the sharing of consumer-consented data, as not only does it cover the whole financial services landscape – from crypto wallets to payments – but also allows for a suite of actions to be performed upon this data. All the while, a business can derive insight from a consumer’s financial position having received the consent.

The following white paper visualises what a truly Open Finance ecosystem looks like, with references drawn to Australia where necessary to add additional context.


The paper ‘Visualising An Open Finance Ecosytem‘ is a deep-dive into:

  1. Defining the core components of an Open Finance economy
  2. Mapping out the interconnected layers within Open Finance
  3. Revealing how Open Banking is one small part of the broader picture
  4. A use case for Open Finance that touches on point (1)

Download your copy here

Annual WeMoney Financial Wellness Survey 2021 – 2022

60% of Aussies worry about debt – 30% live paycheck to paycheck 

Australia’s leading social financial wellness platform WeMoney has surveyed 1,046 Australians to uncover their thoughts about money and gauge their overall sense of financial wellness. 

The survey found many Australians are anxious about their financial future. 

Over half aren’t confident about their current financial situation. 

Almost a third are living payday to payday. 

Heading into 2022, the cost of living and rising property prices are the top two financial fears for Aussies. 

WeMoney’s Financial Wellness Survey also found that:

  • 29.7 percent live paycheck to paycheck with more than 1 in 3 ‘just surviving’.
  • 55 percent don’t feel confident with their current financial situation.
  • 6 out of 10 worry about debt, with 46 percent doing so on a weekly basis
  • More than 7 in 10 have used a Buy Now Pay Later product.
  • Cryptocurrencies and NFTs, at 42.6 percent, are more popular than traditional stocks, at 36.7 percent. 
  • More than 4 in 10 don’t have an emergency fund with close to 3 out of 10 not planning for large expenses. 
  • Over 40 percent want their next major purchase to be a property. 
  • More than 51 percent are spending more on Christmas in 2021 compared to 2020.
  • 66.5 percent expect their largest line item at Christmas to be gifts.

“Some of our members’ attitudes towards their financial health make for concerning reading. Clearly the pandemic has impacted many people’s finances, and this was born out in a high percentage of people who were anxious about their current and future financial positions” said WeMoney’s Founder & CEO, Dan Jovevski

“On a positive note, while property prices are still a concern, the great Aussie dream of home ownership remains strong and saving is on the agenda for almost 60 percent of respondents in 2022. The survey also confirmed how far crypto has come in the common consciousness of Aussies. We believe this trend is only going to get more popular.” said Mr Jovevski. 

For the full breakdown of data and the report please visit 

www.wemoney.com.au/financial-wellness-survey 

Based on survey of 1,046 WeMoney members aged between 18-70 between November 29th 2021 and 1st December 2021. 


Media Contact
John Solvander
john@mediastable.com.au
+ 61 419 342 192


WeMoney
Dan Jovevski dan@we.money
+61 410 067 079

Monoova and the NPP. Reimagining the real-time reconciliation of Accounts Payable and Accounts Receivable

Payment-automation specialist Monoova is helping businesses benefit from the instant, always-on and data-rich capabilities of the New Payments Platform (NPP), driving the digital transformation of large, ongoing transaction flows to make managing business payments easy.

As one of a very small group of payment service providers to be enabled on the NPP, Monoova recognised the potential of this transformative piece of payments infrastructure early, innovating on top of Cuscal’s NPP solution and leveraging the platform’s capabilities to help businesses manage their payment workflows more effectively. Fully automating how business receive, make and reconcile payments in real-time.

Find out more – Reimaging real-time payments & reconciliations with Cuscal

New Economist Intelligence Unit Report: Capturing Value In The Cloud

The Economist Intelligence Unit (EIU), supported by Temenos, surveyed over 200 global banking IT executives, to understand their experiences with cloud. Download the report today for insights on the state of cloud-based banking and its future.

Cloud adoption by banks has accelerated since the start of the pandemic, as banks seek to cut costs and ramp up digital transformation projects. But challenges around security, governance and skills remain. What is the state of cloud-based banking in 2021? What are banks’ drivers and strategy for cloud adoption and what barriers do they still need to overcome?

Temenos and the Economist Intelligence Unit have sought the answers to these questions and more in a new report: Capturing Value in the Cloud, incorporating data from over 200 global banking IT executives.

Key Findings

 

  1. 72% of IT executives at banks report that incorporating the cloud into their organisation’s products and services will help them to achieve their business priorities, with nearly half (47% saying it will do so “to a great extent”).
  2. Business agility, elasticity and scalability are together cited by 40% of respondents as top drivers of cloud adoption.
  3. 82% of IT executives say they have a clear strategy for adopting cloud technology
  4. 81% of respondents agreed that a multi-cloud strategy will become a regulatory prerequisite by 2025

Read full report here

Whitepaper: Write Access and the Future of Third Party Payment Initiation in Australia

Basiq and Ernst and Young have collaborated to write a comprehensive white paper looking at the future of write access in Australia (download link at end of page)

Overview

It compares and contrasts two implementations of ‘write access’ for payment initiation – one falling under the Consumer Data Right (CDR) and the other under the New Payments Platform (NPP’s) PayTo. It suggests the extensibility of ‘actions’ outside of payments has been an important policy development by Treasury.

Description

The paper ‘Write Access & The Future of Third Party Payment Initiation in Australia’ is a deep-dive into:

✅ An overview of Open Banking’s development in Australia and its ‘metamorphosis’ moment into the Consumer Data Right (CDR)

✅ A comparison of two forms of Write Access for third party payment initiation – including the New Payments Platform’s (NPP) ‘PayTo’ and CDR’s ‘Action Initiation’

✅ A discussion on the extensibility of Action Initiation outside of solely payments, hinting at unlocking new economy-wide use cases

✅ An investigation into lessons learnt from the United Kingdom and Europe for both Read and Write Access

✅ A proposal for future research into the potential for global cross-border data sharing

Audience

The paper is a useful resource for other countries who are currently emulating, and building upon, the CDR policy in their own geography – such as Canada and New Zealand.

Download Now

You can download the white paper using the link below

https://basiq.ac-page.com/ey-basiq-future-of-write-access

New CreditorWatch research: fintechs driving change in financial services

Sydney, 29 September 2021 – Leading commercial credit reporting agency CreditorWatch is today launching its Future of Fintech 2021 thought leadership paper, which is a comprehensive overview of the state-of-play across Australia’s vibrant fintech sector.

This year has been a watershed for the local fintech sector, with a number of pivotal transactions, including US digital payments leader Square’s $39 billion acquisition of buy-now-pay later pioneers Afterpay and, more recently, global fintech platform, Airwallex’s highly successful $275 million Series E capital raising, which valued the business at more than $5 billion.

“These are just two of a slew of deals that have been completed in the local fintech sector this year, which has been buoyed by the strong uptake of digital technologies as a result of COVID lockdowns, among other trends,” said CreditorWatch CEO Patrick Coghlan.

“The local fintech sector has never been hotter, and our Future of Fintech 2021 thought leadership paper outlines exactly why this is. The paper is part of our commitment to bring new thinking to the market through thought leadership,” he said.

This research explores how fintechs are defining the future for financial services, examining new technologies such as artificial intelligence and machine learning, new business models and new regulatory and market structures, such as open banking.

The paper was developed following an extensive research process, as well as exclusive interviews with leading members of Australia’s fintech sector, including global payments platform Adyen, global payments leader Airwallex, business loan disrupter Prospa and industry body FinTech Australia.

The report’s highlights include: 

  • Consumer confidence in digital technologies is supporting demand for fintech products and services.
  • Cross-border partnerships such as Westpac’s tie up with fintech 10x will become more commonplace in the future, improving consumer choice for banking products and services.
  • Consolidation is a key trend. Fintechs are banding together to create multifaceted solutions for consumers and businesses.
  • Big banks see fintechs as partners that can help them tap into a new wave of consumer demand.
  • Australian Payments Plus, a merger of the National Payments Platform, BPAY and EFTPOS, will support faster payments and new payment mechanisms, such as an industry standard for making payments with QR codes.
  • Open banking is at a critical juncture. Draft rules for intermediaries have recently been published, supporting a similar model to the UK’s, through which affiliates are sponsored into the system.

The challenge for fintechs is to work out how to survive and thrive in an increasingly competitive market, while navigating new regulations and an ever-changing global marketplace.

— 

Media Contacts:
Hayley Schubert
Sling & Stone
hayleyschubert@slingstone.com
0431 651 418

Mitchy Koper
GM Communications and Marketing, CreditorWatch
mitchy.koper@creditorwatch.com.au
0417 771 778

About CreditorWatch

CreditorWatch is a leading commercial credit reporting agency, headquartered in Sydney. From sole traders through to ASX listed companies, more than 50,000 Australian businesses now use CreditorWatch to make affordable, informed credit decisions, avoid high-risk customers and ensure they get paid on time. CreditorWatch customers can easily search for and monitor the credit history, court actions, payment defaults and insolvency notices associated with any business entity in Australia (including sole traders, trusts and partnerships) giving them an incredibly accurate picture of the risk posed to their business.

The company was founded in 2011 and has offices in Sydney, Melbourne and Brisbane. Find out more at www.creditorwatch.com.au.

Investor Study Report 2020-2021

BTC Markets recently ran a survey with over 1,800 participants to find out more about what the average Australian cryptocurrency investor looks like. Far from the stereotypes perpetuated by pop culture, what we found is that Australian investors are as diverse in their motivations and reasons for investing as their counterparts in traditional markets.

With crypto hitting the mainstream in 2021, this timely report sheds light on the current state of play in Australia’s crypto industry, why investors are increasingly choosing this digital asset class, and what the industry in this country needs to do in order to become a leader in the global crypto scene.

Download the Investor Study Report 2020-2021

Banking Transformation Case Studies (Ultimate Guide by Backbase)

Inside the eBook

10 case studies. 7 chapters.

Leading banks from around the world with actionable lessons on their transformation journey.

This ebook includes everything we’ve learned about banking transformation with 150+ banks around the
world, broken down into brief chapters to guide you on your own journey:

  • Chapter 1 — Launch a digital bank from scratch
  • Chapter 2 — Modernizing banks for a digital generation
  • Chapter 3 — Small vs big: compete with giant & new players
  • Chapter 4 — How to acquire new banking customers, FAST
  • Chapter 5 — Retail banking: 5 star experiences & ratings
  • Chapter 6 — Digitization of business banking
  • Chapter 7 — The VIP treatment in private banking

Download eBook

SWYFTX/YOUGOV NATIONAL SURVEY ON CRYPTO

Key findings:

  • 76% of Aussie cryptocurrency owners say they made a profit from their crypto investments over the last 12 months.
  • The average profit made by Aussie crypto users over the last 12 months was $10,662.
  • Men were more likely than women to report a profit from their crypto investments (80% compared to 67%)
  • Aussie parents with children under 18 at home were the most likely to make money from their crypto holdings (86%)
  • Men achieved an average $11,357 profit on their crypto over the last 12 months, while women achieved an average of $9,176.
  • More than one in five Aussie cryptocurrency holders said they made profits of over $30,000 (12%).
  • A total of 25% of Australians currently hold, or have held cryptocurrency in the past.

More than three-quarters of Aussie cryptocurrency holders made a profit from their crypto investments over the last year, a survey shows.

The average profit made by Australians buying and selling cryptocurrencies like Bitcoin was more than $10.5k, according to the YouGov survey. Equivalent to nearly two months of the average Aussie salary.

The YouGov survey was commissioned by Swyftx, an Australian cryptocurrency exchange with 350,000 customers. It is the largest survey ever conducted on cryptocurrency in Australia.

Aussie parents with children under 18 at home were the most likely to make money from their cryptocurrency trading, with 86pc reporting a profit. On average, they made $12,428.

“The crypto market ran hot over the last year,” said Swyftx Head of Strategic Partnerships, Tommy Honan. “So even though we’ve just come out of a dip in the market we’re still seeing a lot of Aussies reporting profits on their trades over the last 12 months.”

“Aussie Millennials and Gen Xers saw especially big returns, with around one in five (19%) saying they made more than $20,000 over the last year from cryptocurrency. Aussie mums and dads appear to have been especially successful, as well as men in general and crypto users who report a strong or some understanding of the market.”

“A lot of Aussie crypto users are buying and selling relatively small amounts of digital assets, but accumulating pretty significant returns in the process. At the top end of the performance range, we saw around 12% of people make over $30,000 over the last 12 months.”

In terms of location, crypto users in Brisbane were the most likely to report a profit (83%), followed by Sydney and Melbourne (both 76%) and then Perth (68%).

The value of cryptocurrencies like Bitcoin, Ethereum and Cardano have surged over the last 12 months, with the total market capitalisation of all coins rising from USD $366bn (August 10, 2020) to $1.9tn (August 11) this year.

Honan said he expected to see further improvements in the market this year following a market fall in May and June.

“Experienced investors have been buying the dip in the expectation that Bitcoin could hit the USD $100k price by the end of the year,” he said.

“If you are a new to crypto, or want to build your confidence, my main message would be to do your homework on the market before you buy.

“The group who were least likely to report a profit on their crypto holdings over the last year were people who said they had little or no understanding of the market.

“At the moment, this is a relatively small proportion of crypto users in the country, just 16% report having little or no understanding. But for this group and anyone who wants to grow their confidence, it really is essential to do your research.”

“Pro tips are to research the team behind any digital assets you are thinking of buying, and also look at indicators like the size of a coin’s market and its liquidity.”

Notes

  • The survey was commissioned by Swyftx and carried out by YouGov between 19 – 24 July, 2021.
  • In total, 2,768 adults were surveyed, including 513 current holders of cryptocurrency.
  • The figures were weighted using ABS estimates and are representative of all Australian adults (aged 18+) nationally.

Deepening Financial Services Adoption: Whitepaper by FSS Tech

The White Paper explores Financial Inclusion initiatives in the Pacific Islands, supported and funded by the Central Banks of the Pacific Island nations, the Australian and New Zealand Governments, the European Union, the United Nations and the Asian Development Bank.

It studies global best practices in Financial Inclusion, including the world’s largest Financial Inclusion program – the India Post Payments Bank and the South Africa Post Office initiatives, supported by FSS Technologies’ Digital Payment Solutions. The use of Biometric and Smart ID based authentications, Mobile Payments and Card Payments have had a strong impact, and enabled the deepening of financial access to the underserved.

Globally, Financial Inclusion initiatives have gained importance, as the focus on reducing income distribution disparities increases. The emphasis on enabling a larger percentage of the world population to be educated on financial services, and providing them access to basic and mainstream services such as accounts, payments, affordable finance and more, has spurred innovation, with technology emerging as a key enabler for Financial Inclusion. And the outcomes have not been disappointing. According to the World Bank Financial Inclusion Database (Global Findex Database 2017) , a study of financial access in low income economies demonstrates the quantum leap that certain economies have taken in providing access to individuals to basic financial services such as accounts. At a regionally aggregated level, the percentage of the population over 15 years having access to a bank account, increased from approximately 32% in 2011 to almost 70% in 2017 in South Asia, from 20% in 2011 to <40% in 2017 in Sub-Saharan Africa and from 40% in 2011 to <65% in Europe and Central Asia, the largest gainers of financial inclusion in this period.

FULL WHITEPAPER CAN BE DOWNLOADED HERE.

Upcoming Events
  1. Intersekt 2022

    September 7 - September 8
Videos

Ep 2: Fintechs Acceleration of Growth Since COVID

Ep 1: The Evolution of Payments

Scaling Product Globally

Podcasts

Lee Hatton – Afterpay: FinTech Australia Podcast

Anthony Jones – Visa AUS/NZ

Tim Cameron – TransferWise