Banks are working on getting the balance right between supporting real-time transactions and stopping cybercrime, as the financial services sector hurtles towards deadlines to support real-time payments across the banking system.
Australia’s primary system for transferring funds between two accounts, the Bulk Electronic Clearing System, is slated for retirement by June 2030. This system handles superannuation payments, salaries and dividends. Many payments already go through the New Payments Platform, which was designed to support instant transactions.
![“We’re having a birthday party for [daughter] Rada in a few weeks and we’re going to get the truck to come, which is a real flex,” O’Neill says.](https://static.ffx.io/images/$zoom_0.7012%2C$multiply_2%2C$ratio_1.777778%2C$width_1059%2C$x_732%2C$y_641/t_crop_custom/c_scale%2Cw_600%2Cq_52%2Cf_auto/b5e4395344f07ccd1e3a348af02af77c8eeb8d1b)
