Australia’s new real-time banking payments platform
itnews.com.au
Australia’s new real-time banking payments platform
1–10 of 238 posts
Re: Australia’s new real-time banking payments platform
#2Does this just boil down to faster BSB/account number transfers between banks?
I feel they're a little to late to the party for PayPal-like payments to a email or number.
Re: Australia’s new real-time banking payments platform
#3How is it different from UPI?
Re: Australia’s new real-time banking payments platform
#4Did I just read that they spent a billion dollars on it?
Re: Australia’s new real-time banking payments platform
#5Does this just boil down to faster BSB/account number transfers between banks? I feel they're a little to late to the party for PayPal-like payments to a email or number.
Banking in ANZ is light years ahead of the US. Why on Earth would you want to use a potentially malicious rent-seeking third-party when you could send it directly bank to bank account for free?
Looks like this is adding a convenience numbers/mapping to addresses and speeding the transfer time, which is welcome. Though I appreciated the nightly clearance because on a few occasions it gave me a chance to change the amount.
Re: Australia’s new real-time banking payments platform
#6Does this just boil down to faster BSB/account number transfers between banks? I feel they're a little to late to the party for PayPal-like payments to a email or number.
Yeah, the basic idea of it is faster payments + the ability to transfer to an email address/phone number/ABN. The value is in it being supported by all the various banks and being instant, so you can just log into your banking app and instantly transfer to someone's account using only their email address, for example.
Source: I work on the account resolution service that is part of this.
Re: Australia’s new real-time banking payments platform
#7Does this just boil down to faster BSB/account number transfers between banks? I feel they're a little to late to the party for PayPal-like payments to a email or number.
No it's more like PayPal in that your PayID can be email/mobile.
But that said I would rather trust my bank than PayPal and to be fair I run into people all the time without an account.
Re: Australia’s new real-time banking payments platform
#8Did I just read that they spent a billion dollars on it?
In the middle of the crypto currency bubble no less. The irony is string with this one.
Re: Australia’s new real-time banking payments platform
#9Did I just read that they spent a billion dollars on it?
Probably collectively.
And has someone who has worked for Australian banks it is probably on the cheap side.
Many of the core systems that needed upgrading are old and there isn't necessarily the people around who worked on them. And so there are a lot of costs that go into upgrading.
Re: Australia’s new real-time banking payments platform
#10The two banks I’ve checked only allow you to use your mobile phone number or email address as your PayID (CBA and ING).
When paying somebody, when you enter a recipient’s PayID, the bank confirms by showing the recipient account holder name.
So in effect, they’ve just implemented a nationwide number-to-name lookup system.
Separate to this, these two banks are pushing it hard. It feels like a land grab, since a single phone number can only be assigned to a single bank.