Australia's banks have brought in KPMG to manage a programme to build an industry-wide real-time payments platform by 2016.
Last June, following a two year review, the Reserve Bank of Australia called for real-time retail payments by 2016, adding that it believes that this "would best be delivered by the establishment of a real-time payments hub, rather than a web of bilateral links".
With the Australian Payments Clearing Association (APCA), the banks - including ANZ, Bendigo and Adelaide Bank, Citi, CBA, Cuscal, NAB, and Westpac - submitted their plans to make this happen in February.
Last month representatives from these banks met at their first steering committee meeting for the New Payments Platform (NPP), agreeing to participate in, and fund, the initial design and plan phase of the programme.
With KPMG winning a competitive tender to become programme manager, the plan now is to put out a request for tender next year for, and selection of, the key elements of the operating system.
VocaLink, First Data and Accenture have already made their interest known, signing an "exclusive teaming agreement" in November and making a public pitch to build a system based on the Vocalink-built UK Faster Payments service.
Chris Hamilton, CEO, APCA, says: "From a standing start last June, key industry players have debated and agreed a world-leading business architecture, enlisted the support of the Reserve Bank for the approach, secured initial funding and hired globally recognised expertise to make it happen...We are all now looking forward to working together to improve the Australian payments system."