Aussie Faster Payments Platform To Fine Sluggish Banks

Australia’s faster payments operator has responded to demands from the central bank to force members to up their services to consumers and businesses, with possible fines for those who drag their feet. 

The New Payments Platform Australia (NPPA) has introduced a “mandatory compliance framework” under which participating institutions can be fined if they are too slow to implement new functions that are developed by the operator.

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