Fintechs in Australia hope the country’s central bank will make sweeping changes to a new instant payments system that they view as expensive and dominated by an “exclusive club” of incumbent financial institutions.
The New Payments Platform (NPP) was rolled out just over a year ago, but only months later was described by the influential Productivity Commission, a statutory economic advisory body, as in need of stronger regulatory oversight and a formal access regime.
FinTech Australia, an industry advocacy group, has blamed the low take-up rate by non-bank players on the structure and governance of the system.
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