For instance, floating rate notes (FRNs) issued by governments, non-financial corporations and securitisation trusts, which are currently priced at a spread to BBSW, could instead tie their coupon payments to the cash rate. However, for other products, it makes sense to continue referencing a credit-based benchmark that measures banks' short-term wholesale funding costs.
Rather than seeking to obstruct the new payment systems (an ultimately fruitless endeavour), banks should seize the chance to provide an extra service that their customers value. For all that technology has changed the methods of delivery, one of the constants in securing long-term viability for a service provider is keeping its customers happy.