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AU Financial Review

Banks help businesses gain early-mover payments advantage

The shift to real-time payments is gaining pace as larger corporations seek competitive advantage and look for ways to close the gap on regulatory requirements by adopting faster, more secure transactions. Driven by the planned shift away from the Bulk Electronic Clearing System (BECS), real-time payments are being funnelled through the New Payments Platform as the financial system phases out cheques and direct debits as customers favour digital payment methods.