Changes to banking

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Changes to banking

Postby HBS Guy » 03 Oct 2017, 12:19

A new payments systems is "on track" to be able to deliver real time bank transfers and the ability to ditch BSB numbers from Australia Day.

While most people take a break over summer, banks will be putting the finishing touches on the biggest overhaul in the payments system in years.


BSB numbers ditched—sounds good, fewer numbers to worry about.

The new payments platform or NPP is a $1 billion project to deliver real-time payments between customers of different banks, and the company to run the system says it will be rolled out to the public after Australia Day next year.



Realtime—does that mean the bank doesn’t hold onto our money for 2-3 days?

The $1 billion project, triggered by a 2012 review of Australia's payment infrastructure, will mean customers of different banks will be able to make and receive real-time payments, 24 hours a day and seven days a week.

It will also allow consumers to arrange payments using their "PayID," such as a mobile phone number, instead of an account number or BSB. Customers will also be able to include 280 characters of text with a payment, up from 18 now.


OK, looks good I suppose, and this has been rolled out overseas so not breaking new ground. As a small business person I HATED the way banks operated, the “wait three days for cheques to clear” in particular. I did get thrown out of one bank for steadily, courteously asking for money (for a wage for someone) and the bank saying “cheques not clear yet” tho I wanted less than half of the amount in my account. In 25 years of business I would have had maybe 5 or 6 customers’ cheques bounce. Banks!

[url]http://www.smh.com.au/business/banking-and-finance/realtime-payments-to-be-launched-after-australia-day-20171002-gysjby.html[url][/url][/url]
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Re: Changes to banking

Postby johnsmith » 03 Oct 2017, 13:58

about fucken time. It's ridiculous that they make you wait 3 days to clear a transfer ....

I've even had to wait 3 days to clear a bank fucken cheque. pathetic.
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Re: Changes to banking

Postby HBS Guy » 03 Oct 2017, 14:07

One of my real estate agent customers said he had to wait three days for a cheque to clear going from his general account to his trust account.

Can be a real problem at times, not oodles of cash lying around small businesses. Now making a payment using credit on my debit card means the payment doesn’t show up for a couple days. If I did EFTPOS using Savings—get slugged a fee. Looking forward to real time banking!
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Re: Changes to banking

Postby johnsmith » 03 Oct 2017, 14:31

HBS Guy wrote:One of my real estate agent customers said he had to wait three days for a cheque to clear going from his general account to his trust account.


there shouldn't be a delay with transfers from general to trust unless the accounts are held with separate banks. I transfer from my general to trust all the time, and it clears immediately.
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Re: Changes to banking

Postby HBS Guy » 03 Oct 2017, 14:32

Oh well, is what he said.
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Re: Changes to banking

Postby HBS Guy » 04 Oct 2017, 07:40

Little YouTube about it:

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