The NSW Government is encouraging the big four banks as well as its smaller competitors and fintechs to make a run at its banking contract, one of the largest in Australia, which processes around $200 billion in payments every year.
Transport payments - including transit and tolls - is the largest category of payments made to the state, following by payments received by Service NSW and Revenue NSW, which collects taxes, fines, fees and duties. Treasury has put out three separate tenders for the NSW government banking contract, which was last negotiated in 2018. The first is core services, including liquidity management, transaction banking, merchant acquiring, cross border payments, cards and transit payments.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: