Latest news with #NewPaymentsPlatform
AU Financial Review
27-05-2025
- Business
- AU Financial Review
How banks can fight fraud in an instant-payments world
Banks are working on getting the balance right between supporting real-time transactions and stopping cybercrime, as the financial services sector hurtles towards deadlines to support real-time payments across the banking system. Australia's primary system for transferring funds between two accounts, the Bulk Electronic Clearing System, is slated for retirement by June 2030. This system handles superannuation payments, salaries and dividends. Many payments already go through the New Payments Platform, which was designed to support instant transactions.
AU Financial Review
27-05-2025
- Business
- 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.
