Real time payments overhaul coming in 2017 for Aus banks

Discussion in 'Markets & Economies' started by aleks, Feb 1, 2017.

  1. aleks

    aleks Well-Known Member Silver Stacker

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    Real time payments overhaul coming in 2017

    http://www.smh.com.au/business/bank...-overhaul-coming-in-2017-20161206-gt50sv.html
     
  2. Bit Baron

    Bit Baron Member

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    About time as the current system is archaic.

    To highlight this point banks didn't process any transactions on Australia day so scheduled payments were delayed for at least a day.

    Due to Australia Day being on Thursday, this meant that some institutions didn't receive funds until Tuesday.
     
  3. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Oh common on, I like crypto but it is so far behind eftpos it's not funny. Maybe in the future but for now it is only accepted by .0001 of the businesses you can't compare it. Chances are more places in Australia would accept Mexicans peso than bitcoins.
     
  4. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    I think he means from a technical perspective, not a market adoption perspective.
     
  5. JulieW

    JulieW Well-Known Member Silver Stacker

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    Lining up the ducks to outlaw cash.

    Real time!
     
    lowtech likes this.
  6. projack

    projack Well-Known Member Silver Stacker

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    Exactly! This is the real reason, and happening everywhere in EU as well this year.
     
  7. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Point taken :) about immediate transfer but that in itself carries a risk most people wont like, ie if your hacked and someone takes all your money or you lose your passwrod, the banks are likely fix it or refund your money, Cryto by design you are toast.
     
  8. alor

    alor Well-Known Member Silver Stacker

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    2 layers password work ok so far.
     
  9. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    About time, though most of my online banking hits the recipient's account on the same day anyway, would be nice to be instantaneous.

    Mind you a lot of my online transactions are done by paypal so I assume the banks would be trying to get more competitive with this company.
     
  10. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    They're demoting BSB numbers as part of this, so we'll be able to use phone numbers or email addresses as the identifier.

    Woo! BSBs suck.
     
  11. aleks

    aleks Well-Known Member Silver Stacker

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  12. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    From what I understand from some of the briefings I've been given, there's the core New Payments Platform and then there's "Overlay Services" which are basically plugins to provided additional functionality. If you're using a facility that only runs the core platform, you'll still need the account and BSB numbers, but if you're using a facility that has Overlay Services attached, you'll be able to use things like email addresses and phone numbers.

    The Overlay Service would be where an email address or phone number would be translated into account and BSB numbers.

    I have to add the dash when making a payment. My bank's interface is set up so the BSB is split into two fields, as in [xxx]-[xxx]

    It's completely useless now because the first three numbers identifies the institution and the send three numbers identifies the branch where the account is based. Accounts aren't based at particular branches any more, so the last three numbers (and the dash) are redundant.
     
  13. SpacePete

    SpacePete Well-Known Member Silver Stacker

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  14. Midnight Man

    Midnight Man Member Silver Stacker

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    Used to be, back in the day (and I'm not sure if it's changed since I was involved), as you say the last three digits are the branch number. First two are the institution number, and third digit is the state number (and that used to be based mostly on the significant digit of the old STD codes - i.e. 3 for Vic, 2 for NSW etc.).
     
  15. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    Yes, it stands for Bank-State-Branch.

    It was originally set up to process cheques, where the physical cheque had to be sent to the drawer's physical bank branch where their account was established.
     
  16. Gullintanni

    Gullintanni Well-Known Member

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    It is about time the whole planet picked up on this.
    I make regular moves of MY money from the UK to NZ with exactly the same accounts each time.
    As it works now i transfer the money from the UK and it disappears from my account immediately yet is lost in the ether for upto 36 hours before it shows in my NZ account and then when it shows in my NZ account i am left to wait for at least 48 hours as some stupid international rule says the country of origin my have made a mistake and needs this time in case a correction is necessary.
    So around 4 days from original transfer until i can actually use MY MONEY>
     
  17. windmill2

    windmill2 Member Silver Stacker

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    I've always thought that the reality of three days to cash a cheque would be that the banks have your money to invest for three days in their pool of $$$$$$$$???

    It doesn't take three days to leave your account ????
     
  18. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    In reality that is not correct, as it is only looking at half the transaction.

    Because on average the amount of money a bank earns from interest that they "delayed" is about the amount of money that they "hold" before sending it to the other institution.
     
  19. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Don't get me wrong, the amount of BTC I hold, I wish it became $20000. Being in IT all my life BTC was a fun little thing to get involved for fun in competition with other nerds and when we did it instead of boinc for a while. The days when you could mine BTC with pentium 4 lol.

    What I am trying to say is, unlike all the other currency, there was an institution that advocated it be it the first gold coin, the first paper note, the first credit card all had powerful vested interest and more importantly had authority ie monarch or people or institutions with deep pockets.
     
  20. SilverDJ

    SilverDJ Well-Known Member

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    This.

    As a business I have to deal with shuffling payments all around the place. It's insane that it doesn't work instantly, and hasn't even worked instantly with two accounts at the same bank. Crazy.
     

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