The question for the review will be whether this is likely to represent a significant shortcoming in our payments system in the years ahead? And if it is, what is the best means of addressing it and how should that be achieved? Timeliness and ease of addressing payments There are times when we really need payments to be made quickly.
The classic example is government emergency payments. Most government payments to individuals can be made perfectly adequately by the direct entry system. But in an emergency, the availability of funds the next day might not be sufficient. In recent times many such payments have been made using the RTGS system, even though this is a long way away from that system’s intended use.