New research reveals business value is driving real-time transition

Jeff Byrne

May 28, 2025 – 9.04am

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A new Nielsen survey commissioned by Westpac has shown an almost universal awareness of the requirement to transition to real-time payments – 99 per cent of Australia’s large organisations are now aware of the need to change.

Value is the primary driver for change, according to decision-makers surveyed. More than 70 per cent of Australia’s largest organisations (with revenues above $150 million) believe real-time payments will improve their market position by enabling business growth and enhancing competitiveness.

While many organisations want to stay ahead of industry mandates, the shift to faster payments in real-time 24/7 is recognised as a strategic enabler and source of competitive advantage.

Managing director, global transaction services, Westpac institutional bank Jeff Byrne.

Business leaders surveyed cite cash flow visibility, enhanced operational efficiencies – including cost-savings and risk – and customer value as the highest-ranking drivers for making the change.

The new research report, The state of real-time payments in Australia: early mover opportunities for competitive advantage, reveals the readiness of large Australian organisations for the biggest shift to the nation’s payment system in almost 40 years, with cheques being phased out by 2029 and BECS, the Bulk Electronic Clearing System that processes $17 trillion in batch payments annually, winding down by 2030.

As a leading financial institution – and the country’s oldest bank – Westpac has long believed real-time payments will drive a faster and more equitable transformation across the Australian economy.

We’ve been working towards this game-changing shift for more than half a decade and commissioned the Nielsen research to learn what’s on the minds of Australia’s corporate decision-makers as they approach this catalytic juncture. Precisely, how are they tracking on real-time transition?

Corporations are eyeing the competition

The research findings, from a survey of 113 organisations with revenues of $150+ million and a series of in-depth qualitative interviews, prove highly encouraging.

Four in 10 organisations have already started the process of transitioning to real-time or are readying their businesses to make the move.

A standout motivator is customer-centricity, because consumers almost universally value the convenience of real-time. What’s also clear is that real-time is not a consumer-only proposition – 48 per cent of large business-to-business organisations surveyed believe that their customers are active in the transition.

The survey results reveal many decision-makers are keeping a watchful eye on competitors, with plans to transition in synchrony with their industry. Three in 10 believe their competition is already actively transitioning.

Vital questions for many in 2025 are: How real-time ready are you? What about your competitors? How do customers want to pay?

The priorities’ perfect match

It’s not news that many businesses in key sectors – like energy, manufacturing, utilities, energy and resources, insurance and finance – are juggling priorities as they manage significant external uncertainties, and numerous industry-specific changes.

Curious ironies also have emerged.

Here’s the rub. The new Nielsen research shows transition timelines are complicated by competing short-term priorities in organisations. So, what’s keeping corporate leaders awake at night?

Among their long list of concerns are bringing on new customers to grow market share, automation and cost reductions to drive those operational efficiencies, and the perennial cash flow management. Coincidentally, these are also key motivators for the real-time shift.

So, there’s clear alignment – evidence that prioritising transition to real-time can fast-track an uplift in business value. It’s not a trade-off.

We’ve invested to embed real-time capabilities within our payables and receivables channels, in parallel with all traditional payment methods, creating optionality for clients.

As our fully integrated payables and receivables platforms are ready for the real-time era, Westpac has a unique vantage point when it comes to helping organisations unlock real-time advantage. We know it’s about more than just speed. We’re ahead of the game and working with organisations at all stages of the transition.

Embracing the advantage

What’s apparent is the critical importance of timing. Most leaders (57 per cent) told Nielsen they expect their organisation will complete the transition to real-time in the next three years, while 43 per cent estimate it may take them four years or more.

Notably, a number of decision-makers surveyed expressed concerns about being left behind. They worry about the cost of running legacy systems and the risk of competitive disadvantage, or having to rush real-time changes for their business, suppliers and customers.

We know there are many entry points to a real-time transition. Our seasoned experts have developed an abundance of real-time ready resources, from roadmaps and technical guides to real-time maturity assessments to help navigate the transition and smooth the complexity of change.

Opportunities in joining the early movers in finding the value in real-time payments are now more than clear, they’re compelling.

For more insights, read the full report.

Jeff Byrne is managing director, global transaction services, Westpac institutional bank.