When you send money from your bank to another bank it goes through the Reserve Bank. We also operate a central part of Australia's 24/7 real-time payments system. I hope that you all have a PayID, so that you can take best advantage of this technology. If you don't have one, I encourage you to go get one.
It is vital that this process gains momentum and extends its reach across institutions and countries. And it is equally important that the steps taken are not just a passing fashion but become a permanent element of a new business culture. *  *  *  The upshot of this analysis is straightforward.