ANALYSIS: Cashless Transition Steamrolls Ahead After Major Bank Closes All Branches

Published on March 8, 2024

A new all-in-one mobile app will offer what its developers claim is Australia’s first end-to-end digital banking platform for the country’s 2.4 million businesses with fewer than 10 employees. The announcement comes a day after Bankwest announced that it is closing 45 of its branches and transitioning the remaining 15 to Commonwealth Bank of Australia (CBA) branches, going digital-only by October 2024. Bankwest is a subsidiary of the Commonwealth Bank, which trades on the Australian Stock Exchange. The new app, called Business+, was built by Sydney-based banking software company Constantinople, a startup founded by two ex-Westpac executives. Last year it raised $32 million from investors to develop a “bank-in-a-box” platform aimed at traditional financial institutions....

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