Australian Authorities Review Payment System Access Regime

Australia’s central bank has launched a consultation on whether there are competition issues inherent within its recently introduced real-time payments system.

The New Payments Platform (NPP) was launched in February this year as a round-the-clock instant fund transfer system, with a small group of banks and payment aggregators acting as direct and indirect participants.

However, the government’s advisory body, the Productivity Commission, has already questioned whether the relatively small number of firms involved in the platform is slowing the development of overlay services that sit on top of the NPP.

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