Banks still stalling real time payments: RBA

Big banks clinging to their legacy payments and IT platforms are continuing to stymie tangible benefits to consumers and business that should already be flowing from transactions running across the New Payments Platform, and the Reserve Bank of Australia is fed up with it.

As has become customary after unwanted periods of institutional slackness, the payments regulator’s cattle prod was once more applied through a public shaming at the ASIC Annual Forum in Sydney.

Major institutions were again warned on Thursday the sharp pressure won’t relent over their progress – or the lack of it – in relation to plugging into the NPP bank customers to both receive and send money in real time.

Despite going live in February 2018, the RBA’s head of financial system, Assistant Governor Michele Bullock revealed the central bank and payments system regulator was still “underwhelmed by the progress of some of the major banks.”

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Source: Banks still stalling real time payments: RBA – Finance – Strategy – Networking – Software – iTnews