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Payments squeeze

This Month

Guess who’s unhappy about the surcharge ban? Cafes and retailers

Small business says it will be the “piggy in the middle” as banks and credit card providers won’t lower fees enough to cover the loss of revenue.

May

Real-time payments.

Race to real-time payments: big business ditches legacy systems

Two-thirds of big businesses say real-time payments will affect their market position. A new survey shows who’s moving now, and who risks getting left behind.

December 2024

Square argues a debit card surcharge ban will play into the hands of the major banks.

Debit surcharge ban unfairly favours major banks, claims Square

The Block subsidiary introduced “blended” card payment fees which include using its software. They have become a flashpoint in the RBA’s payment cost review.

October 2024

Being savvy with your money and points can snag you some excellent travel deals in your later years.

Businesses pass on higher fees to customers for Qantas points

Consumers are being hit with far higher debit and credit card surcharges than needed, while small businesses rack up frequent flyer points.

January 2023

Lex Greensill’s firm Greensill Capital has collapsed, but supply chain finance continues to thrive

Citi claims supply chain finance ‘more important than ever’

Almost two years after Greensill Capital collapsed, Citigroup is pitching supply chain finance schemes as a tool for tackling rising inflation and interest rates.

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October 2022

RBA restores payment system after major outage

A failure after a software update involving its virtual servers had frozen money transfers worth almost a billion dollars at big banks across the country.

September 2022

Sanjeev Gupta was the biggest customer of Lex’s Greensill Capital, while former UK prime minister David Cameron went to work for the firm as a lobbyist.

Inside the rise and spectacular fall of Lex Greensill

A new book about the business exploits of the boy from Bundaberg is flying off the shelves in his home town as court battles continue over Greensill Capital’s implosion.

July 2022

UK construction group Carillion was among the collapsed companies that used supply chain finance schemes.

US leads on forcing companies to disclose supply chain finance

Regulators around the world have been considering whether to require companies to explain whether they are using supply chain finance to manage cash flows.

March 2022

IAG is sticking with guidance that it has no net exposure to insurance linked to Greensill entities.

IAG diligence in spotlight in Greensill healthcare case

Just nine months before a Middle East healthcare outfit was accused of fraud, IAG’s half-owned agency signed up to insure its bills.

November 2021

Companies owned by billionaire Anthony Pratt pay their bills late.

Visy, Cleanaway, Coles liquor exposed as late bill payers

The Commonwealth’s Payment Times Reports Register became public on Tuesday, allowing small businesses to find out about payment practices before signing contracts.

October 2021

CIMIC is building some of Australia’s biggest infrastructure projects, including Sydney toll road WestConnex.

Cimic pays up on Greensill Capital debts

CIMIC, Australia’s biggest construction group, said it had fully repaid all money owed on supply chain finance schemes as it delivered a 36 per cent drop in nine-month net profits.

September 2021

Greensill Capital founder Lex Greensill has been sent a list of questions to answer.

Australian policymakers demand answers from Lex Greensill

The Greensill Capital founder has been sent a list of questions from a parliamentary committee over the collapse of his supply chain finance firm.

August 2021

Taulia makes fresh pitch to Australian businesses

Fintech group Taulia, which used to partner with Greensill Capital to provide supply chain finance schemes, is making a new marketing push in Australia.

An Australian parliamentary committee will discuss this week whether to continue hearings into supply chain finance following Greensill Capital’s collapse.

Auditors ‘too busy’ to discuss supply chain finance

Few are willing to publicly discuss supply chain finance and the collapse of Greensill Capital as a parliamentary committee weighs the need for a full inquiry.

July 2021

Liberal National MP Andrew Wallace is under pressure to hold a full inquiry into supply chain finance and compel Greensill Capital to appear.

Greensill Capital ‘flew too close to the sun’

Preliminary parliamentary hearings into supply chain finance heard that some of Greensill Capital’s lending schemes were “risky”.

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Octet CEO Clive Isenberg, who will appear before a parliamentary committee on Wednesday, says some of Greensill Capital’s business practices were “unacceptable.”

Greensill Capital schemes likened to ‘financing vapour’

Liberal National MP Andrew Wallace says there is a ‘concerning reluctance’ among people to appear at this week’s parliamentary hearings on supply chain finance.

Greensill Capital’s Australian parent likely became insolvent on or around March 2, a week before it filed for administration, liquidators Grant Thornton believe.

Greensill Capital parent was possibly insolvent on March 2

Greensill Capital’s Australian parent probably became insolvent on or around March 2, a week before it filed for administration, liquidators Grant Thornton believe.

CIMIC is trying to finish Sydney’s WestConnex motorway.

CIMIC ‘bouncing back’ from 2020, says CEO

Construction group does not believe the current two-week halt on work in NSW will have a serious financial impact but will worry if the shutdowns are extended.

GFG boss Sanjeev Gupta has confirmed that his companies secured financing from Greensill Capital based on potential future business contracts.

Sanjeev Gupta confirms financing of ‘prospective’ invoices

GFG Alliance boss Sanjeev Gupta has told a UK inquiry that his financing arrangements with Greensill Capital included some based on invoices expected to be generated in the future.

Greensill Capital founder Lex Greensill has been sent a long list of questions on his firm’s relationship with GFG Alliance.

Lex Greensill avoids UK appearance but pressed for answers

Greensill Capital’s Lex Greensill is under pressure to provide details of supply chain finance contracts with GFG Alliance businesses and to answer other questions.

Original URL: https://www.afr.com/topic/payments-squeeze-1ne6