Australian Central Bank Gives Non-Banks Faster Payments Leg-Up

Australia’s payments regulator has proposed an overhaul of the country’s real-time payments system, including direct access for non-banks, after it was attacked by payment service providers and other fintechs for being difficult and pricey to access.

The Reserve Bank of Australia (RBA) on Thursday made a slew of recommendations to improve access to and functionality of the New Payments Platform (NPP).

The regulator laid much of the blame for poor perceptions of the scheme at the feet of banks, which it said have made lacklustre progress in rolling out full functionality in their roles as conduits for non-bank providers.

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