Mar 25, 2025 (The Australian Financial Review - ABIX via COMTEX) --
The banking sector is in charge of the transition from the so-called Bulk Electronic Clearing System (BECS) to a new payments platform (NPP) by 2030, with the BECS responsible for processing almost $18 trillion in company payroll, superannuation and government welfare payments each year. Reserve Bank deputy governor Brad Jones has accused the banks of putting profit before Australia's national interest when it comes to the transition to the NPP, with Jones saying on Tuesday that government and corporate users are worried they will have to pay more for batch-style payments on the NPP, in order to enable the banks to recoup more than $1 billion in investment in the real-time infrastructure..
Publication Date: 26 March 2025
RESERVE BANK OF AUSTRALIA
COMTEX_463935064/2229/2025-03-25T18:31:46
By James Eyers
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