Central Banking

Payment systems need more competition: RBA

The Reserve Bank of Australia remains concerned about the competitiveness of the country's payments system, despite improvements, said Philip Lowe, the assistant governor responsible for the financial system at the central bank.

Lowe said the concerns "largely stem from the structure of the incentives facing merchants and are compounded by the current governance arrangements in the ETFPOS [Electronic Funds Transfer at Point of Sale] system."

Lowe said the Reserve Bank's payments systems board was

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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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