The Payments System Board believes that Australia should develop such capability over the medium term, and proposed a target for the payments industry to achieve that goal by the end of 2016. The Board met last week and reviewed an industry proposal for real-time payments that was submitted to the Bank in late 2012.
The Board considers that the industry has made good progress and endorsed the proposal in an announcement earlier this week. There are many details to be resolved that will require the Bank and industry to work closely together over the next few years, within a governance framework that gives appropriate voice to the various stakeholders.