The result is that we now have a first-rate payments system infrastructure that will be a platform for ongoing innovation. In many respects, Australia's fast payments system is at the cutting edge of such systems. We were not the first to have a fast payments system.
But we have been able to learn from experience overseas and improve the model with features such as ISO 20022 message formats, real-time settlement and the addressing service. And the design of the system, which allows for competitive ‘overlay’ services to use the infrastructure, gives the system flexibility to meet the future needs of users of the Australian payments system.