Fast Retail Payment Systems

Stephanie Bolt, David Emery and Paul Harrigan
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Stephanie Bolt: Reserve Bank of Australia
David Emery: Reserve Bank of Australia
Paul Harrigan: Reserve Bank of Australia

RBA Bulletin (Print copy discontinued), 2014, 43-52

Abstract: In December 2014, a group of Australian financial institutions announced that funding had been secured for the next phase of the New Payments Platform (NPP), which will provide the capability for Australian consumers and businesses to make and receive payments in near to real time. The NPP is one example of a fast retail payment system, a number of which have been implemented in other countries in recent years. This article provides an overview of some of the features of fast payment systems and discusses the approach taken in the design of the NPP.

Keywords: Fast retail payment systems; fast payments; New Payments Platform (NPP); Payments System Board; Strategic Review of Innovation in the Payments System (Strategic Review); Fast Settlement Service; Real Time Payments Committee (RTPC); ISO 20022 (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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