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The recently forged New Payments Platform, with 12 financial institutions signed up to take part, will change the way Australia does business. With the ability to receive real time payment confirmation, businesses and individuals will have greater confidence to exchange.
However, the investment required is significant, and it’s clear that institutions unable to keep up will quickly lose favour with their customers. Phil Chronican talks to BlueNotes about the NPP and what it will mean for the Australian financial system.
"It’s that instantaneous speed and confirmation that a payment has been made that’s going to change the way business is done."
The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.
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The new payments platform will change the way Australia does business
2014-12-09