Real time payments overhaul coming in 2017
http://www.smh.com.au/business/bank...-overhaul-coming-in-2017-20161206-gt50sv.html
http://www.smh.com.au/business/bank...-overhaul-coming-in-2017-20161206-gt50sv.html
Real time payments overhaul coming in 2017 for Aus banks
- Thread starter aleks
- Start date
Bit Baron
Member
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.
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.
willrocks said:
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.
BuggedOut said:
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.
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.
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.
http://www.apca.com.au/about-payments/future-of-payments/new-payments-platform-phases-3-4
Says that it's now in the final phase of building and testing so it might not be too long before we find out how the phone number and email address payments work.
Also says they have some contract with Swift, faster and cheaper international transfers would be nice.
Says that it's now in the final phase of building and testing so it might not be too long before we find out how the phone number and email address payments work.
Also says they have some contract with Swift, faster and cheaper international transfers would be nice.
Bullion Baron said:
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.
Indeed! This AFR article specifically mentions the new payments platform in its call to eliminate cash by 2020:JulieW said:
http://forums.silverstackers.com/message-992620.html#p992620
Big A.D. said:
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.).
Gullintanni
Well-Known Member
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>
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>
windmill2 said:
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.
willrocks said:
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.
