Oracle’s reported interest in bidding for TikTok might not be as crazy as it sounds. There is a case to be made that the deal could be as much of a fit for Oracle as it would for Microsoft.
While Oracle is best-known for its database software and business applications, it also sells a range of products that help marketers organize data and track the effectiveness of their digital advertising efforts. With TikTok, and the 160 million daily average users we estimated it had as of earlier this year, Oracle would gain a trove of additional data to fuel this side of its business.
New eftpos API program goes live with Verrency enabled loyalty offering
eftpos partners with fintech Verrency, going live with a card-linked loyalty solution that provides meaningful value for millions of eftpos cardholders.
eftpos today announced the first offering to be launched under the new eftpos public API program, in partnership with Australian fintech Verrency, going live with a card-linked offers loyalty solution that provides meaningful value for millions of eftpos enabled cardholders.
The Verrency solution enables loyalty program providers to give cardholders rewards and discounts for making eftpos transactions on around 51 million Australian eftpos-enabled proprietary, multi-network debit and multi-network credit cards at participating merchants.
Loyalty Now is the first loyalty program provider to take up the eftpos and Verrency offering for their loyalty members, with more loyalty programs set to join in the coming weeks and months. With Loyalty Now, eftpos cardholders will have access to over three thousand attractive merchant offers with many more valuable offers to be added.
eftpos CEO Stephen Benton said the eftpos public API program represents a great opportunity for Australian fintechs to innovate on the eftpos network, with access to hundreds of thousands of merchants across the country.
“It’s wonderful to see Verrency leading the way by using eftpos APIs to offer great solutions to millions of Australian eftpos cardholders,’ Mr Benton said.
“We are currently working with about a dozen Australian fintechs to bring innovative solutions to the market quickly, using our public API program over the coming months.
“eftpos APIs differ from others in the market as they enable direct connection into the eftpos network and access to multiple banks and merchants.”
Verrency Chief Commercial Officer Jeroen van Son said, “As an Australian fintech success story, Verrency is proud to support eftpos as Australia’s own payments network, to enable payments innovation at speed and at scale for the benefit of Australian eftpos cardholders”.
ACCC to be stripped of oversight of consumer data right
The government will strip the ACCC of oversight of its flagship competition policy, known as the consumer data right and transfer it to Treasury.
The government will strip the Australian Competition and Consumer Commission of oversight of its flagship competition policy, known as the consumer data right and transfer it to Treasury, which will consider how to safely widen access to the first industry application – open banking.The shift of the rule-making powers and overall responsibility for the consumer data right to Treasury – set out in draft legislation which has quietly been put out for consultation – could be a precursor to the government creating a new data regulator to manage the emerging data economy.It also points to the growing desire in Canberra for policy decisions to be made by the government instead of being outsourced to regulators.
Companies already accredited by the ACCC, which is expected to retain a role enforcing consumer data right, are frustrated they have not been able to bring more participants into the regime due to restrictive rules. The ACCC has accredited five parties to be data recipients since the regime was launched on July 1.
Submissions on improving access via “tiered” levels of accreditation are due with the ACCC on Thursday. Treasury, which will also take over accreditation of participants, is also consulting on new rules for “intermediaries” as part of the draft legislation.
Treasury is keen to lift participation in, and awareness of, open banking, while also ensuring appropriate checks and balances are in place to protect privacy and ensure data moves securely.
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All the tech firms reporting September quarter results on Thursday showed better-than-expected revenue growth. Alphabet’s Google, which suffered its first revenue decline as a public company in the June period, reported revenue growth of 14%. Notably, Google’s growth was driven by YouTube, where ad revenue rose 32%.
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