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Mortgage Business Westpac admits to dumping fintech customers By Sarah Simpkins 15 July 2021 The big four banks have explained why they may choose to debank businesses, while Westpac has confessed to cutting off banking services to around eight fintechs. In submissions to the Senate Select Committee on Australia as a Technology and Financial Centre, the big four banks have discussed the practice of debanking – when a bank decides to stop providing services to customers. Committee chair and Liberal senator Andrew Bragg previously flagged debanking as part of a “major concern for the fintech sector”, amid other allegations of anti-competitive conduct. The senator also noted the practice could also threaten fintechs’ access to the New Payments Platform, the infrastructure allowing real-time payments across banks that was

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