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Westpac Confirms Abuse of New Payments Platform PayID

Westpac has confirmed that the bank “detected mis-use” of the New Payments Platform’s PayID feature and “took additional preventative actions which did not include a system shutdown.” Via Computerworld. Fairfax Media yesterday revealed details of the incident, citing a confidential Westpac memo that said around 60,000 NPP PayID lookups were made from seven compromised Westpac … Continue reading “Westpac Confirms Abuse of New Payments Platform PayID”

Macquarie Securities pays $300,000 infringement notice

ASIC says that : Macquarie Securities (Australia) Limited (‘Macquarie’) has paid a penalty totalling $300,000 to comply with an infringement notice given by the Markets Disciplinary Panel (‘the MDP’). The MDP had reasonable grounds to believe that Macquarie contravened the market integrity rules that deal with the provision of regulatory data to ASX and Chi-X. Over … Continue reading “Macquarie Securities pays $300,000 infringement notice”

June cash rate: three possible outcomes

From Australian Broker. An “overwhelming majority” of economists are forecasting that the Reserve Bank of Australia will alter the cash rate tomorrow for the first time since August 2016. Below, two analysts explain the ripple effects likely to spread across the economy as a result.     The good news Martin North, principal of Digital Finance … Continue reading “June cash rate: three possible outcomes”

Germany Increases Banks’ Countercyclical Buffer

On 27 May, Germany’s bank supervisor Bundesamt für Finanzdienstleistungsaufsicht (BaFin) published a recommendation of the national financial stability committee that would require banks to hold an additional 0.25% capital cushion against their domestic riskweighted assets (RWAs). At the same time, BaFin indicated its intention to follow this recommendation, which would become binding after a 12-month … Continue reading “Germany Increases Banks’ Countercyclical Buffer”