Banks focus on single-bank systems post AusMarkets

TECHNOLOGY NEWS

SYDNEY -- Australian banks are redirecting e-commerce investment towards their proprietary FX trading platforms, following the shelving of planned regional multi-bank trading portal AusMarkets last year.

The portal, which ANZ, National Australia Bank, Commonwealth Bank of Australia and Westpac Banking Corp originally planned to launch last year, is still legally intact. But it is "unlikely to go ahead", according to former chief executive Simon Narroway, last week.

"Practically, there are no