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Westpac Banking to quit $425bn global remittance business

Australia's Westpac Banking has agreed to quit from the $425bn global remittance business and close remitters' accounts after 31 March 2015.

Westpac Sydney

In November, over 20 remittance firms are said to have sued the bank to prevent it from closing down the business and argued that its decision may trouble them, reports Reuters.

According to the banks, it is difficult to support remittance firms as the regulatory compliance costs are on rise.

Westpac said that prior to quitting the remittance business it will give time to money transfer operators to make alternative banking arrangements.

In order to assess viable solutions, the company is working with the government, regulators as well as its customers to help make such payments henceforth.

Recently, Westpac has announced the launch of smartphones fingerprint access for online banking beginning January 2015.

Called Touch ID, the biometric log-in will enable customers to use their regular online access codes, a four digit PIN or a fingerprint.

Customers with smartphones can avail the fingerprint recognition that is available on the iPhone 5S, iPhone 6 and 6 Plus, as well as Samsung’s S5 and Note 4 in order to access their bank accounts.

Image: Westpac Sydney headquarters. Photo: courtesy of Merbabu