The New Payments Platform is designed for real-time, single payments. While it excels in speed and efficiency for individual transactions, it doesn’t handle bulk payments like BECS does. Banks, credit unions and fintechs processing bulk transactions face challenges such as: breaking down bulk payments for NPP processing managing the volume of individual payments without overloading […]
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The Government is releasing its Strategic Plan for the future of Australia’s payments system which sets out its policy objectives and priorities for the payments system. The Strategic Plan was developed through a consultation process in collaboration with regulators, industry, consumer and business representatives. The Strategic Plan provides businesses with certainty and clarity on the […]
Read More… from A Strategic Plan for Australia’s Payments System
Government’s Strategic Plan for Payments has been much anticipated since its consultation late last year. Similarly, it was excellent to see today’s announcements of the consultations on the Payment Systems (Regulation) Act and on the new payments licensing regime. Why? Well, collectively they will, in two ways, ensure that Australia’s payments system is fit for […]
