Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
1st November 2011
CBA offers merchants same day access to funds
Commonwealth Bank of Australia is to offer merchants access to funds from their merchant terminals same day, 365 days a year. This will apply to transactions processed up until 22:00 AEST time on any day.
This will be of special benefit at weekends as currently merchants are not able to access weekend funds until Tuesday following. The same day service is to be rolled out throughout Australia 'in the coming months'.
It would seem likely that the CBA move will trigger a rush to catch up from the other major banks. In addition to the convenience factor, with simpler reconciliation, CBA will be seen as operating in a 'fairer' manner and the cashflow benefit for larger merchants would be a reason to move in itself.