NewsBite

RBA alarm over banks’ plans to shut key payments system

James Eyers

The Reserve Bank of Australia has issued a scathing report card on banks’ planning for switching off the economy’s most critical payment system – the one that processes almost $18 trillion in company payroll, superannuation and government welfare – and demanded better co-ordination on the project to migrate to a new system by 2030.

RBA assistant governor Brad Jones said any serious disruption to debit payments made from one bank account to another “has the potential to undermine confidence in the financial system”.

Loading...
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au

Read More

Latest In Financial services

Fetching latest articles

Most Viewed In Companies

    Original URL: https://www.afr.com/companies/financial-services/rba-alarm-over-banks-plans-to-shut-key-payments-system-20250310-p5lihq