A weeks-long “misuse” of the simplified payment address system used by Australia’s major payment providers has been branded as a vulnerability at the heart of the country’s instant payments platform, but experts are divided on how serious the flaw is.
Customers of banks connected to Australia’s instant payments system, the New Payments Platform, can sign up for a PayID using an identifier such as their phone number, email address or business registration number, which then replace account and branch numbers as the payment address.
Others can then find payees by typing in their identifier, which then shows the person’s name.
To continue reading...
Our Key Benefits
PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.
We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.
We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.