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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

#81

Post by NKCSS »

incompatible wrote: post #52
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…

Showing the name is interesting. So now if you have a random email address or phone number and you don't know who it belongs to, you may be able to get a name from this system.

In The Netherlands, this was a privacy issue for banks. One bank showed the account holder details when you entered a correct IBAN.

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

#82

Post by rorykoehler »

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.

New technologies change behaviour. People are offended now when I offer cash to split the bill in Singapore. They immediate retort with "PayLah!" the name of the local version of this service.

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

#83

Post by darrenf »

angled wrote: post #78
noneeeed wrote: post #64

Earlier quoted context omitted.

When was that? I'm in the UK and I'm curious what I'm missing out on. I have mobile banking for everything, I can do almost instant (sub 30s) transfers between banks, we have contactless payment cards and Apple/Android pay support is ubiquitous, and we can do person to person transfers using a phone number (the horribly named "PayM"). What are we missing out on here that we should be pushing our banks for? I do see t…

How quickly do credit card transactions appear in your account? In Australia (CBA at least) it is instantaneous, in Hong Kong, it is at least 3 days. CBA has also automated most of the account management through its netbanking - whereas in Hong Kong I need to visit a branch to create or delete an account.

I'm curious about the "20 year" difference between the UK and Australia too. My brother moved down under in 1999 (so, y'know, almost 20 years ago) and I've visited for 1-4 weeks every year since 2006. Never in that whole time have I noticed any radical difference in the personal finance experience, nor had any "ah man, you lot back home are so backward!" anecdata from him.

> How quickly do credit card transactions appear in your account?

On this note, I just checked, and the £9.75 I spent on breakfast 90 minutes ago is on my account right now. I don't know exactly when it appeared but I expect it was near enough instantaneous. Is there a reason it wouldn't be?

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

#84

Post by dav43 »

jaequery wrote: post #4

Did I just read that they spent a billion dollars on it?

A big reason for this system is tax.

The thought being if all payments in Australia are seamless and instant AND recorded, there will be no need for cash. Business will no longer be able to hide revenue.

They will make up this spend very quickly.

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

#85

Post by ClassyJacket »

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.

Multiple times a week. Like if you go out with friends and have them pay for something for you.

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

#86

Post by hocuspocus »

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 ;)

Old-school SEPA transfers take only a few hours between modern banks, even across borders.

SCT inst is gradually coming. Bear in mind the SEPA area covers some 500 million people, it's no small feat compared to much smaller domestic markets (Nordic European countries have been ahead of Australia in this regard).

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

#87

Post by drodgers »

TekMol wrote: post #47

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.

Bitcoin: a bargain at $40 per transaction in fees!

Edit: And several hours to clear

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

#88

Post by danielmg »

Spare_account wrote: post #56
xioxox wrote: post #50

Earlier quoted context omitted.

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

The Faster Payment system always tells me that I may have to wait two hours, and then it is instant. Have you ever had one take longer than zero time?

It's for agency banks that aren't full FPS members. They have to rely on the full member banks to clear for them - the maximum allowed time for this is 2 hours.

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

#89

Post by kuschku »

theBobBob wrote: post #57
baxtr wrote: post #13

Instant payments, aka “instant SEPA” will be available soon also in the EU https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta...

I couldn't find details on it, but will this system allow for transfers based on phone number or email or will it still be based on IBAN?

The backend is still IBAN/BIC, but some banks also use this to offer phone number transfers.

So if you use the phone number transfers from the Sparkassen, the transfers themselves will run over SEPA ICT

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

#90

Post by kuschku »

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 ;)

There's so much wrong in this statement, it's a wonder how this was possible.

Inter-country and intra-country transfers are all identical (all running via SEPA) and should make no difference.

SEPA transfers are legally limited to 24 hours already.

SEPA ICT is being rolled out right now, from summer on most banks should support it, which transfers up to €15'000 in 10 seconds.

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