Australia lags behind world on speed of banking
The Reserve Bank of Australia is looking to speed up the nation’s payments system so that real-time banking can occur.
The move follows an admission by the Payments System Board (PSB) that it was difficult to get banks and retailers together on important industry issues.
The job of the PSB is to promote efficiency and competition within the payments system to ensure payments occur faster and more regularly.
Australia lags behind other nations in terms of the speed of payments. A lack of coordination has been blamed for stifling innovation and the RBA was reportedly frustrated with a lack of agreement by industry players.
The RBA has set a target for all banks to make real-time payments by December 2016.
It wants to establish a senior body called the Australian Payments Council to get backs and merchants to work together collaboratively.