In other payments related work, the Bank is continuing to look for ways to encourage faster development of the New Payments Platform, which allows Australians to move money between bank accounts in real time 24/7. We have not been satisfied with the progress to date by the major banks and want to see a faster pace of innovation that benefits individuals and small businesses.
The Bank’s Payments System Board, in conjunction with the Council of Financial Regulators, is also reviewing the regulatory framework for money held in stored-value facilities and digital wallets.