Central Banking

RBA outlines payments system development plan

A woman making a credit card payment

The Reserve Bank of Australia (RBA) today (June 7) released the conclusions from its two-year strategic review of innovation in the payments system in the country.

The 29-page document offers a comprehensive insight into the current system and possible gaps in it, as well as laying out the next steps necessary to improve the situation.

The initial strategic objectives to come out of the review were to develop the current system to allow "same-day settlement of direct entry payments; early

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