Central Banking

New payments platform helped transfers during Australian bushfires

Australian bushfire

Australia’s new payments architecture has helped people transfer funds more efficiently during the bushfires, according to Reserve Bank of Australia governor, Philip Lowe.

Speaking to the government’s economic committee today (February 7), Lowe said the new system allowed the central bank to get money “immediately” to those who had been affected by the fires.

“Most people in Australia are now able to move money between bank accounts in a matter of seconds,” he said.

Rain has swept across the

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