Central Banking

Loyalty not on RBA cards

FEATURE - Ian Macfarlane and his Reserve Bank appear set on making their proposed changes to the open card schemes, Bankcard, Mastercard and Visa, by the end of the year, regardless of the growing belief the "reforms" will harm the people the central bank is seeking to help, consumers writes Mark Westfield in The Australian newspaper on Thursday.

Its main objective is to reduce the interchange fee banks charge each other for use of the eftpos system. If a Westpac card holder uses a Commonwealth

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FedNow – at last

The instant payment system might help fix the US’s rusty payment rails, but it also faces competition, says Dave Birch

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