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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.