The Reserve Bank of Australia has set up a project team to explore the creation of a central payments hub for real-time bank account transfers.
What the Reserve Bank of Australia (RBA) wants to provide for all Australians is noncash banking that is not only in real-time, but open 24 hours a day, 7 days a week. The RBA is to be commended for examining how all cashless digital payments should be
made in real-time or instantaneously. Having read the business press recently in Australia, the RBA is asking all banks, credit unions, and similar financial institutions to upgrade their technical systems in order to provide the public with instantaneous
real-time transactions, on a 24 hour basis, seven days a week.
I forgot to mention that the Reserve Bank of Australia (RBA)
has asked all banks, credit unions, and building societies to update their
computer hardware to accommodate instantaneous or real-time transactions, by 2016.
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