This is a major piece of national infrastructure, which will benefit households and businesses. Its development is the result of a very complex collaborative industry effort over many years. This new payment system will allow Australians to make faster, simpler and smarter payments on a 24/7 basis.
But, I stress, these are principles, not rules, and require further specification. The Basel Committee considers that many of these Principles would also be appropriate for nonbank financial institutions that offer deposit and lending services similar to those provided by banks.