Central Banking

RBA highlights ‘unique’ design of Australian faster payments

payment-terminal-electronic-epayment

Australia’s newly launched real-time payment system has various “innovative” design features, said assistant governor Michele Bullock today (March 13).

The system has a “unique” architecture, she told a conference in Sydney. First, the structure is decentralised, rather than being based around a central hub. Payment institutions create “gateways”, which then exchange messages with other gateways. This means there is no central point of failure.

Second, Bullock noted the underlying architecture

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