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CBA tussles with NFC security

Launching Kaching on Android in six weeks

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The Commonwealth Bank’s four-year, AUD$1.1 billion technology upgrade is starting to yield results, but the bank claims NFC tech industry standardisation is holding back progress.

On the back of the bank’s latest celebrity-styled marketing push, the CBA unveiled the latest features for its NetBanking platform and mobile banking offering Kaching.

The Kaching platform , which is currently offered for the iPhone, will gain an Android incarnation in the next six week, albeit without NFC capability due to security concerns.

CBA CIO Michael Harte said at a briefing yesterday that Australia needed “ubiquitous availability and standardisation of near-field to ensure that every customer in Australia and hopefully beyond can enjoy this low cost and convenient capability.”

A CBA spokesperson added that the security issue with NFC was not just limited to one technology provider but an industry wide standards problem which the CBA is calling on being resolved ASAP.

The Kaching service, which launched in October has had 300,000 downloads. The latest version of Kaching features simplified balance information and speed improvements to make tap-and-go peer-to-peer payments faster.

The bank has also partnered with Google to launch FX Google Chrome, a foreign currency management tool and NetBank for Google Chrome, the first Bank to have an App in the Australian Google Chrome App Store. ®

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