While there are some payment service providers that are running behind, most of these will have least-cost routing for online transactions up and running in the first half of 2023. As for in-person transactions, the RBA will give public visibility to how individual institutions are performing. The next frontier for LCR is in-store mobile wallet transactions.
In other words, it means that IT Governance provides tools to manage IT structures and processes in order to appropriately support business strategy. Implementing IT Governance in banks can be very challenging. For addressing the structural inadequacies in the areas of IT governance – information, data, information security – there is an imperative need to have synergy among these areas.