For instance, if a business wishes to make timely use of the proceeds from a large shipment, or an individual is in need of emergency assistance from a government agency, options are very limited. This is because the infrastructure that underpins retail payments assumes that making funds available the  BIS central bankers’ speeches  3  next business day is sufficient.
This has served acceptably well to date, but, with systems for real-time transfers available in countries ranging from the United Kingdom to Mexico, Australia’s approach is starting to look a bit dated. It is our belief that availability of real-time transfers would fill some important existing gaps, but would also open up enormous potential for innovation on top of that system.