Central Banking

Australian banks propose ‘layered' high-speed payments system

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The Reserve Bank of Australia (RBA) has welcomed proposals for a fast payments system that would allow "close to immediate funds availability" using a layered design.

The Real-Time Payments Committee (RTPC), a group of Australian banks and clearing houses under the auspices of the Australian Payments Clearing Association, published a report on February 20 detailing proposals for the new system.

According to these plans, a new payments system would be built on core infrastructure comprising a

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