Katrina Stuart News Today

A priority for the payments industry in 2024 will be getting started on the transition of all domestic direct entry electronic payments from the Bulk Electronic Clearing System to the New Payments Platform, which may prove to be a very challenging project.

Discover some innovative Aussie tech innovations that are making things a little bit easier.

The government has slowed the rollout of the Consumer Data Right while it works on flaws in the system, but in the meantime CDR participants are pushing ahead with their own developments.

PayTo is expected to become a digital alternative to periodic payments and other similar arrangements.

Australia’s first payment service providers have commenced offering PayTo to their merchant and business customers, as the financial services sector prepares to use PayTo to vastly improve account-to-account payments.

CBA will be among the first financial institutions to adopt the new service. The New Payments Platform (NPP) has confirmed that a small group of payment service providers have now begun offering PayT

CBA and Bendigo Bank among first banks to offer it.

An improved system for managing direct debits is going live. CBA and Bendigo Bank will be among the first to offer it to customers in the coming months.

Rollout accelerated.

The PayTo service has been hit with delays. Merchants will have to wait for lower payment costs, as customer control over direct debits is also pushed back.