Australian banks launch real-time payments

Picture: PAUL ROVERE/FAIRFAX MEDIA

Picture: PAUL ROVERE/FAIRFAX MEDIA

WIMMERA residents are now able to access real-time banking.

The Commonwealth Bank, Westpac, National Australia Bank and Bendigo Bank announced this week they would give customers the ability to transfer money and have it in a nominated account within a minute.

The current system means transfers can take up to three days to complete.

The Commonwealth Bank introduced the new system on Tuesday, with Bendigo Bank also opening its system then to staff and selected participants.

It will start real-time payments for other customers within the next month.

National Australia Bank customers will also be able to access the system within the next month.

Bendigo Bank’s chief customer officer Marnie Baker said the New Payments Platform used world-leading technology to help customers make immediate secure payments.

“Having to wait to receive payments, sometimes a few days, is an unnecessary inconvenience for Australian consumers,” she said.

“We’re pleased to offer the New Payments Platform to Australian consumers, giving them a simple, fast and secure way to manage their finances with confidence.

“We look forward to offering this new technology to our customers, and proudly join the financial services industry in rolling out this payment capability.”​

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