Skip to main content

12 months on, PayID still not completely implemented by Australia's big four banks

posted onJanuary 15, 2019
by l33tdawg
Wikipedia
Credit: Wikipedia

Australia's New Payments Platform (NPP) went live in February last year; the platform allows for the transfer of money from one person to another in near real-time, using an email address or phone number rather than the traditional BSB or account number process.

The NPP infrastructure was built by the Reserve Bank of Australia (RBA), in consultation with the Commonwealth Bank of Australia (CBA), the National Australia Bank (NAB), the Australia and New Zealand Banking Group (ANZ), and Westpac, which hold around 95 percent market share of the entire Australian finance industry between them.

The new platform was in the works for years; the RBA had originally announced its plans as far back as 2012, inviting input from industry to determine the most effective way of delivering on its plan to make real-time payments, among other objectives. The banks faced parliamentary scrutiny in October last year as part of the House of Representatives Standing Committee on Economics review of the four major banks.

Source

Tags

Industry News

You May Also Like

Recent News

Wednesday, May 15th

Friday, May 10th

Saturday, May 4th

Friday, May 3rd

Monday, April 29th

Tuesday, April 23rd

Wednesday, April 17th

Tuesday, April 16th

Thursday, April 11th