‘Real Time’ Payments By 2016: Reserve

X

SYDNEY – Australians will be able to make real-time payments outside of normal banking hours by the end of 2016, according to the Reserve Bank.
The Strategic Review of Innovation in the Payment System report released by RBA was initially flagged in 2010.In its findings the RBA said that it was now clear that market failures could hold back innovation.

A key area of reforms involves Direct Entry (DE) payments that use BSB and account numbers to route money between people and businesses.

Because DE payments are traditionally processed the business day after the payments are made, banks are often left crediting the payments without actually getting money, which increases counterparty risk.

On the other hand, payees usually don’t get the money until one or two days after payments have been made.

By the end of 2013, the RBA wants all banks to settle DE payments on the same day that they are first processed.

DCS 8300LHV2 728x90 smarthouse 1 Real Time Payments By 2016: Reserve
728x90 Real Time Payments By 2016: Reserve
2231 NEXUS 4SQM Digital Banner Ads Leaderboard 728x90 Real Time Payments By 2016: Reserve
LG HE FN Series Banners 4SQM LB 728x90 Real Time Payments By 2016: Reserve
728x90 7 Real Time Payments By 2016: Reserve
Versa3 Leaderboard 728x90 Real Time Payments By 2016: Reserve
JBHIFI Pre order Ampere 728 x 90 media Real Time Payments By 2016: Reserve
720 x 97 1 Real Time Payments By 2016: Reserve
LB 728x90 Real Time Payments By 2016: Reserve
%name Real Time Payments By 2016: Reserve


YOU MAY ALSO LIKE