Central Banking

RBA governor criticises ‘dated’ payments systems

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The governor of the Reserve Bank of Australia (RBA), Glenn Stevens, today (May 28) called the electronic transfer system in place in the country "dated".

Stevens said the current timing of delivering payments by the next business day had served "acceptably well" to date, but that Australia had now fallen behind several countries, including the UK and Mexico, where real-time transfers are possible.

"Availability of real-time transfers would fill some important existing gaps, but would also open

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