ANZ is pulling out of the invoice discounting market in Australia, and migrating the customers who make use of the product to other alternatives over the next 12 months.
The decision follows an internal review in which the bank considered customer demand and current penetration across their customer base.
According to a spokeswoman at ANZ, less than 1% of its commercial customers use invoice discounting. She adds that some customers are likely to find a more suitable and less administratively burdensome banking product as a result of the move.
“We are notifying our commercial customers of the changes with individual phone calls and we will visit each customer to establish alternative providers or options, which may include commercial bills, overdrafts or term loans,” says the bank’s spokeswoman.
The bank believes that customers may experience a reduction in the time and costs associated with the regular administration that the invoice finance product requires.
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