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Australia’s new real-time banking payments platform

itnews.com.au

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Re: Australia’s new real-time banking payments platform

#41

Post by alkonaut »

wowca wrote: post #23
sandos wrote: post #12

This sounds like the swedish product "swish" which is immensely popular. Nobody does bank transfers between people, everybody transfers to your mobile number. So far I think there are no fees for personal use, either, although they said it would come later a few years ago. Transfers are of course instant and you can see the recipients name before you send the money, which is a great pro compared to a bank transfer to…

Do people really transfer that much money between them on a regular basis? Everyone was touting this as the selling point for some of the crypto currencies, but I've always thought this is a non-issue. It's anecdotal but I can count on the fingers of one hand the number of times I needed to transfer money to a person and not to a company.

ALL the time. It's the replacement for cash. Looking at the past 6 months in my history: Split numerous restaurant bills. Paid someone who bought me a concert ticket. Bought some crap in a flea market. Bought a set of used wheels for my car. Bought a hotdog at the son's hockey game cafeteria. Bet the office sports tournament pool. Bought food in a hospital ward. Bought soda in a vending machine. Of these many happened multiple times and the clear majority were to individuals. During these 6 months I have not touched cash.

Re: Australia’s new real-time banking payments platform

#43

Post by MattPearce »

madeofpalk wrote: post #38
MattPearce wrote: post #6

Earlier quoted context omitted.

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.

AND, my understanding, is richer data to go along with transactions. A shop could, theoretically, attach a receipt to payments so you can view that in your internet banking.

Yes, this is also true :)

Re: Australia’s new real-time banking payments platform

#44

Post by zaphirplane »

incompatible wrote: post #24
qzervaas wrote: post #10

The 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…

I suppose you either create multiple email addresses and assign one to each bank, or select a single bank to receive all your incoming payments and transfer to others as required (hopefully instantly). I hope there'll be a way to delete a phone number or email address from the lookup system once it's added, so that you can move it to a different bank.

With all the spam emails pretending to be Apple or PayPal I get, that pass the Hotmail / Gmail spam detector, you definitely want a special email address, with its own password and you’d forget name and password when you actually want to use it ;)

Re: Australia’s new real-time banking payments platform

#45

Post by zaphirplane »

threeseed wrote: post #9
jaequery wrote: post #4

Did 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.

Google what is bpay ;)

Re: Australia’s new real-time banking payments platform

#46

Post by kevin_thibedeau »

theBobBob wrote: post #30
wowca wrote: post #23

Earlier quoted context omitted.

Do people really transfer that much money between them on a regular basis? Everyone was touting this as the selling point for some of the crypto currencies, but I've always thought this is a non-issue. It's anecdotal but I can count on the fingers of one hand the number of times I needed to transfer money to a person and not to a company.

I do it all the time. Split a bill in a restaurant, repay someone for tickets that they bought for me, getting my flatmates to pay their share of the electric bill, paying a flatmate back for stuff that they picked up in the shops for me, loan someone money, get a loan to someone repaid, settling up after losing some money at poker. That's all within the last few weeks.

Too much of that and it becomes taxable "income" in less advanced Democracies.

Re: Australia’s new real-time banking payments platform

#47

Post by TekMol »

They spent one billion Australian Dollars to implement a national system for instant payments and have yet to convince banks to adopt it? And it forces users to hand out their phone number or email to strangers?

Given that, Bitcoins $140B market cap does not seem too unreasonable. As it is international and gives users better privacy controls.

Re: Australia’s new real-time banking payments platform

#48

Post by incompatible »

zaphirplane wrote: post #44
incompatible wrote: post #24

Earlier quoted context omitted.

I suppose you either create multiple email addresses and assign one to each bank, or select a single bank to receive all your incoming payments and transfer to others as required (hopefully instantly). I hope there'll be a way to delete a phone number or email address from the lookup system once it's added, so that you can move it to a different bank.

With all the spam emails pretending to be Apple or PayPal I get, that pass the Hotmail / Gmail spam detector, you definitely want a special email address, with its own password and you’d forget name and password when you actually want to use it ;)

Why, are you worried spammers will start sending you money?

Re: Australia’s new real-time banking payments platform

#49

Post by dorian-graph »

mstibbard wrote: post #39
dorian-graph wrote: post #11

Earlier quoted context omitted.

> Banking in ANZ is light years ahead of the US. And light years behind some other countries.

Out of curiosity, who is the world leader in banking? Going from Australia to the UK felt like going back in time 20 odd years.

I'm not sure about world leader, but in Norway/Sweden, they've had things like PayID (Vipps and Swish), MFA, etc. for a bit.

Re: Australia’s new real-time banking payments platform

#50

Post by xioxox »

therealmarv wrote: post #42

Meanwhile in the EU: Wait more than 48 hours between countries and in the same country wait up to 24 hours. And let's not think about weekends in between ;)

Except in the UK, when it's normally transferred within a few seconds, or a maximum of two hours ("Faster Payments").
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