Submissions on Strategic Review of Innovation in the Payments System: Conclusions

The Reserve Bank published the conclusions to its Strategic Review of Innovation in June. As part of the conclusions, the Payments System Board of the Reserve Bank undertook to set out high-level strategic objectives that it believes the payments system should be able to meet by a specified time. The first set of strategic objectives include:

  • same-day settlement of all Direct Entry payments (end 2013)
  • the ability to make real-time retail payments (end 2016)
  • the ability to make and receive low-value payments outside normal banking hours (end 2016)
  • the ability to send more complete remittance information with payments (end 2016)
  • the ability to address payments in a relatively simple way (end 2017).

The Bank sought input on the strategic objectives and timelines, and in particular on the approach to the provision of real-time retail payments. Responses were requested by the end of August 2012.

In addition to the 16 submissions listed below, the Bank received 15 confidential submissions.

Received by 31 August 2012

Received after 31 August 2012