Turning briefly to other areas of the Bank’s responsibilities, in June last year the Payments System Board released the Conclusions from its Strategic Review of Innovation in the Payments System. The review identified areas in which innovation in the Australian payments system could be improved through more effective cooperation between stakeholders and regulators.
One of the gaps identified in the review was the inability of businesses and consumers to make payments through the banking system that are received immediately, including when the payer and receiver have their accounts with different institutions.