The platform will cost USD 1 billion and is scheduled to start when people return from their summer holidays. In the meantime, it will be tested by bank staff, who will be able to make real-time payments between each other and their bank.
Customers will be able to set their own more memorable identifier that is attached to their bank account, thus avoiding the problem of payments going astray due to a mistyped account number. Longer messages with transfers will be included since currently they are limited to 18 characters.
It is anticipated most Australian bank accounts will have access to the new system as soon as the platform launches. The project was triggered by the Reserve Bank’s 2012 review of Australia’s payment infrastructure.
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